Ohio Third Frontier creates nearly 55,000 jobs; 600-plus companies

Since its 2002 inception, the Ohio Third Frontier program has created nearly 55,000 jobs and helped create, attract or capitalize more than 600 businesses.

Ohio Department of Development Director Lisa Patt-McDaniel announced the program’s latest performance metrics this afternoon at a Third Frontier Commission meeting in Columbus.

“We are positioning Ohio as a leader in the advanced technology field,” Patt-McDaniel said in a written statement about the metrics. “Our latest results show the program works and is making a difference in the lives of Ohioans as we continue to help bring Ohio and the rest of the country out of the clutches of one of the worst economic downturn in 70 years.”

Third Frontier proponents hit the campaign trail last month to get Ohio voters to renew the state’s largest economic development program during the May 4 primary election. Approval of Issue 1 would extend Third Frontier for four years (the program expires in fiscal 2012) by issuing $700 million in general obligation bonds.

Drawing from two 2009 reports on Third Frontier’s impact and from semi-annual surveys of grant recipients, the development department estimated the program has:

• Created nearly 55,000 direct and indirect jobs
• Created, attracted or capitalized 637 companies
• Attracted nearly $4.8 billion in investments to Ohio by making $548 million in grants, for a leverage ratio of 9-to-1

Created by former Gov. Bob Taft, Third Frontier is the $1.35 billion, 10-year effort to rekindle Ohio’s economy by investing in technology research, development, commercialization and entrepreneurship in five industry clusters, including biomedical.