Bucking the Trend in the Buckeye State(cover) Ohio: The Crossroads of Commerce Toledo: A Microcosm of Ohio Meeting the Economic Challenges Request Information
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Toledo: A
Microcosm of Ohio If any one region mirrors the transformation taking place statewide, it is Northwestern Ohio. Anchored by the city of Toledo, this 11-county area still depends heavily upon automotive industry-related jobs, but less so than it did 10 years ago.
When DaimlerChrysler announced on Jan. 4 that it would stop making the Jeep Cherokee sport utility vehicle in Toledo in June, it was not exactly a crushing blow to the local economy. That's because the company is still pressing ahead with plans to break ground in April on a $1.2 billion expansion of its Toledo Jeep plant, where the new Liberty SUV will be built. The company also announced that it would kick in another $35 million in new equipment at the plant.
The city of Toledo anchors an 11-county region in Northwest Ohio that generated about $1.4 billion in new corporate investment and 3,800 new jobs in 2000.
That project, along with others announced in Northwestern Ohio, have made the region the statewide leader in new capital investment and job creation three years running, according to Don Jakeway, head of the Regional Growth Partnership, the 11-county economic development organization based in Toledo. For the calendar year 2000, Northwestern Ohio recorded some $1.4 billion in corporate capital investment and 3,800 new jobs created. "From that perspective," notes Jakeway, "we had a great year." The challenge, he says, is building upon that track record in the event of an economic slowdown. "I like to think that we have positioned ourselves well for the downturn in the economy," says Jakeway. "When times are good -- as they have been for the past three years here in Toledo and the surrounding markets -- that's when you prepare yourself for when the economy goes down. We have worked hard on our work force development initiatives, and we have worked hard on marketing Toledo both nationally and internationally." In addition to the Jeep project, the First Energy Corp. recently announced a $111 million investment in new technology at its steam-producing energy plant in Defiance County, and the Libbey Glass Company is embarking on a $41 million expansion project of an existing facility in Toledo. "The decade of the 1990s really allowed the city of Toledo proper to turn around that old Rust Belt image," Jakeway says. "Toledo is still very vibrant. There are still people here willing to invest a lot of money in the area. For example, we have a new stadium being built for the Toledo Mud Hens that will open in 2002 and is already breathing new life into our warehouse district. We hope to make downtown Toledo as vibrant as we can, and there is a huge project in the works for the redevelopment of the Marina District on the waterfront."
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