Economic Development
Payment processing company Worldpay Inc. is relocating its headquarters back to the Cincinnati area, bringing 500 new jobs and a $56 million annual payroll. The new headquarters will be established in Symmes Township, northeast of Cincinnati, where its predecessor Vantiv was located. Worldpay, formed in 2018 through a merger, is one of the world’s largest payment processors, handling $2 trillion in transactions annually. In addition to the new jobs, Worldpay will retain over 900 existing jobs with a total payroll of $93.7 million. The move is supported by Ohio Governor Mike DeWine, JobsOhio, and the Ohio Department of Development. The state has approved a 15-year, $20 million tax credit for the new headquarters, with additional assistance planned from JobsOhio. Worldpay’s CEO cited access to talent, quality of life, and educational institutions as factors in the decision to return to Greater Cincinnati.
Medpace Holdings Inc. announced in 2022 an expansion to create 1,500 new jobs in Cincinnati over six years, along with a $150 million investment in office expansion, marking its largest growth yet. The expansion includes a new building and parking garage in Cincinnati’s Madisonville neighborhood, adding 250,000 square feet of office space and 1,000 parking spots. This move aims to boost employment in Ohio by nearly 80% and enhance operations as a clinical contract research organization. The expansion is expected to generate $90 million in payroll over the next six years.
In December 2023 CyrusOne Management Services LLC – North Cincinnati LLC, foresees the creation of 10 full-time positions and the addition of $1.5 million to its annual payroll, alongside retaining the existing $1.9 million payroll through its expansion in Lebanon, Warren County. Renowned as a leading global developer and operator of data centers, CyrusOne is dedicated to offering state-of-the-art digital infrastructure solutions on a global scale. The project secured approval from the Tax Credit Authority (TCA) for a 75% Data Center Tax Exemption spanning ten years.
The Duke Energy Convention Center in Downtown Cincinnati is set for a major overhaul. However, to accomplish this, it will need to close entirely for 18 months starting in late June or early July 2024. City and county authorities, along with representatives from Cincinnati Center City Development Corp. (3CDC), have confirmed the necessity of a complete shutdown to expedite construction. 3CDC has stated that the $200 million renovation and expansion project is slated for completion in time to accommodate convention events scheduled for January 2026.
Springer School and Center in Hyde Park, Cincinnati, will open a new high school in August 2024 as part of a $19 million expansion projectSpringer School and Center has a long history dating back to its roots with the Archdiocese of Cincinnati and currently serves students with learning disabilities such as ADHD and dyslexia. With a current enrollment of around 200 students, the school aims to provide specialized support for students who struggle with reading and attention.
EdgeEnergy, a leading provider of power conversion equipment for electric vehicle (EV) fast charging solutions, plans to invest $150 million in Ohio over the next two years to expand manufacturing and create jobs. Based in Cincinnati, the investment will include engineering and skilled manufacturing positions, with opportunities for manufacturing partners to grow alongside EdgeEnergy.
