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Ohio Third Frontier Economic Impact: Leveraged Funds and Job Creation Metrics

The Ohio Third Frontier program has effectively utilized state funds to stimulate job creation and leverage private investment in technology-based economic development. As of December 11, a total of $1.13 billion in grants were awarded, yielding a leverage ratio of 3.5:1, translating to an estimated $7.3 billion in leveraged funds. The initiative has resulted in the creation of 14,568 direct jobs with an average salary significantly above the state average. The program aims to achieve 96,000 total jobs, enhancing Ohio's economy through innovation and investment.

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Ohio Third Frontier Economic Impact: Leveraged Funds and Job Creation Metrics

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  1. Ohio Third Frontier Performance Metrics * Leveraged dollars to state funds expended (does not include any cost share). ** Metric based on multiplier from 2009 SRI Report, Making an Impact: Assessing the Benefits of Ohio’s Investment in Technology-Based Economic Development Programs. *** State funds expended/ direct jobs created.

  2. Ohio Third Frontier Awards State funds awardedDec 11: $1.13B Number of grantsDec 11: 421

  3. Ohio Third Frontier Leverage Ratio 3.5 : 1 equals Biomedical Research and Technology Transfer Commission, and Ohio Public Expenditures Council estimated leverage Dollar value of leverage is $7.3B Goal = 3.5 : 1

  4. Ohio Third Frontier Funds Expended & Leverage Expenditures: Dec 11: $847M Leverage:Dec 11: $7.3B

  5. Ohio Third Frontier Direct & Indirect Jobs Goal equals value estimated by Ohio Public Expenditures Council. 14,568 direct jobs. Types of direct jobs: Prod/Mfg: 23% R&D: 50% Admin/Other: 26% Job Creation Goal = 96,000

  6. Ohio Third Frontier Leverage by Category $7.3B 6% 1% (L) $6.6B 6% 1% (L) $5.9B 28% 5% $5.3B 1% (L) 26% 5% 1% (L) $4.7B 26% 6% 1% (L) $4.1B 24% 7% 23% 1% (L) 30% $3.43B 28% 21% 8% 26% 1% (L) 28% 18% 28% 27% 7% 7% 8% 3% (S) 26% 8% 3% (S) 3% (S) 9% 3% (S) 9% 3% (S) 9% 3% (S) 3% (S) 28% 26% 31% 31% 31% 33% 36%

  7. Ohio Third Frontier Company Creation/Capitalization/Attraction Companies reported that have since ceased all operations in Ohio: 81

  8. Ohio Third Frontier Average Salary & Cost Per Direct Job Created • Average salary of direct jobs created is well above state average salary $40,128 • Average annual salary exceeds cost per direct job created

  9. Biomedical ($402) Advanced Materials ($205) Advanced Energy ($192) Funds ($179) Instruments, Controls & Electronics ($103) Advanced Propulsion ($39.9) IT awards by June 2010: $13.7M Ohio Third Frontier Funds Awarded by Sector

  10. Biomedical Advanced Energy Instruments, Controls & Electronics Advanced Materials Advanced Propulsion Funds Ohio Third Frontier Funds Awarded by Sector/Region Awards Per Region: Northeast: 189 Central: 100 West Central: 51 Northwest: 35 Southwest: 34 Southeast: 8 Total State Funds Per Region: Northeast: $494M Central: $282M West Central: $130M Southwest: $118M Northwest: $87M Southeast: $25M

  11. Grand Summary of Statistics *Expenditure for endowment is recorded once a research scholar has been hired. **Adjusted to eliminate duplication of company data by collaborating programs

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