It is no surprise that in the years since the recession, the United States has worked very hard to improve the economy. In making these improvements, many states have dedicated their focus on job growth and development. Governor John R. Kasich of Ohio recently announced the approval of ten new projects for job growth throughout the state. The Ohio Tax Credit Authority reviewed several economic development proposals that will help create and retain thousands of jobs throughout the state. Thanks to the approval, one of Cincinnati’s largest private companies will be able expand.
West Chester business to expand
Planes Moving & Storage Inc. and Global Workplace Solutions is one of the Cincinnati area’s largest private companies, which is located in West Chester. They provide local, interstate, and international moving options for households, offices, and logistics. With the approval from the Ohio Tax Credit Authority, the company is able to expand their headquarters to add at least 30 new jobs. The company was approved for a 0.693 percent, five-year tax credit. With a $3 million investment, the company plans to allocate $1.2 million into an annual payroll and the rest for the expansion of its current warehouse. Currently, the company’s warehouse sits at 9823 Cincinnati-Dayton Rd. and is 225,00 square feet. Because of the tax credit, they will be able to make the warehouse at least 65,000 square feet bigger.
Tax credit stipulations
Because they would be able to expand greatly in the Cincinnati area, the company hopes to expand their other facility located in Indiana. The company, known simply as Planes Cos., will be required through the approval to remain at their current location and continue operations there for at least eight years. With this expansion project, the company is looking at $12 million in existing payroll and 229 workers to remain employed. Unfortunately, there is no current spokesperson available for comment about the expansion.
Other organizations in Cincinnati
This tax credit is benefiting a large private organization in Cincinnati, but it is also helping so many other businesses across the entire state. In Cincinnati, Reztark Design Studio, LLC is another company that will be able to expand their full service architectural and design firm. The Tax Credit Authority approved the company for a .838 percent, five year Job Creation Tax Credit. This will help to create at least 16 full time positions. Payroll is expected to expand to an additional $768K, while retaining $1.5 million in existing payroll. The other organizations that will benefit statewide include Kenco Logistic Services LLC, Ventech Solutions, NOX US LLC, King’s Command Foods LLC, Dealer Tire LLC, Shearer’s Foods LLC, Diamond Drugs Inc., and MedAssets Net Revenue Systems LLC.
With projects expected to results in almost $50 million in new payroll and create thousands of jobs, Ohio is more than likely going to see a great increase in positive job growth. Currently California has been a state that has one of the best numbers when it comes to job growth across the state. Ohio is not far behind, as we are sure to see numbers increasing for 2016.