Fisher: Ohio must invest in strengths; Lieutenant governor addresses I-70/75 Development Association summit

BYLINE: By Lisa A. Bernard Staff Writer

DAYTON - Ohio needs a hard lesson on how to best leverage its assets and strengths, according to the state's top economic development official.

On Thursday, Lt. Gov. and head of Ohio's Department of Development Lee Fisher spoke to local business and government leaders as part of the I-70/75 Development Association's Regional Economic Development Summit at Sinclair Community College.

Ohio's economic story is one of "prodigious resources, but too often modest results," Fisher told attendees.

"We are third among the states in manufacturing, the fourth largest producer in durable goods, fifth in the number of Fortune 500 companies, and yet our unemployment rate is over 5 percent - the eighth or ninth (highest) in the country," he said. "We have to do a better job of identifying and investing in our strengths."

Throughout the remainder of the year, Fisher said his office will be working with local governments to devise a "strategic plan" focused on investing in growing industries and nurturing emerging and innovative startups.

He added that despite the challenges facing automotive suppliers, the industry remains too large a player in Ohio's economy to abandon.

"That would be a fatal mistake to our state," he said. "The truth of the matter is, that when you see that you are the No. 1 automobile suppler in the country, the No. 2 producer and some of the largest clusters of automobile employment are right here in this particular region - then you realize we don't abandon. We deal with the challenge and work with them to get over this period, because 29,000 Ohioans employed in the industry are depending on us."

Fisher also boasted about the work being delivered by the ODOD since he took office in January. To date, he said the ODOD has initiated 111 economic development projects that are slated to generate $2.7 billion in private investment and create 9,000 jobs. More than 140 projects have been closed that will add $4 billion in capital investments and another 9,000 jobs across the state.

An additional 300 projects remain on the radar. Should they come to fruition, Fisher said, the projects could generate an additional $14 billion in investment and up to 24,000 jobs.