Business in Toledo
Toledo serves as the economic hub for northwest Ohio, an 11-county region of more than 980,000 people. With an economy grounded in manufacturing, wholesale, retail trade, and agriculture, as well as government, education, and health care, Toledo offers diverse business and employment opportunities.
Northwest Ohio has built a strong manufacturing base in glass, plastic, primary and fabricated metal products, and automotive assembly and parts production. Since 43 percent of the United States industrial market and 47 percent of the Canadian market are located within 500 miles of northwest Ohio, the region is strategically positioned for further growth in these industrial sectors.
Historically, farming, industrial production, transportation, and warehousing have supported the area. This agricultural base — fostered by surrounding farming communities that harvest corn, wheat, soybeans, and more — has promoted the growth of food production, processing, distribution, and transportation throughout the region.
What's more, as the nation's workforce has turned to service industries, Toledo's economic landscape has broadened to include engineering and construction firms, health care providers, financial institutions, transportation groups, computer software designers and consultants, and a host of other progressive, new companies.
CONVENTIONS & TOURISM
Greater Toledo Convention & Visitors Bureau
401 Jefferson Ave., 43604
419-321-6404
www.dotoledo.org
The Greater Toledo Convention & Visitors Bureau (GTCVB) works hard to attract meetings, trade shows, conventions, and other events to the area and to the SeaGate Convention Centre, in particular. Promoting regional tourism also continues to be a top priority for the GTCVB.
While tourists come from all areas of the country and abroad, the GTCVB markets the Toledo region's attractions throughout the 500-mile radius of Toledo. In 2005, more than two million people visited Northwest Ohio, generating more than $1 billion to the local economy.
Distribution
Strategically situated at the crossroads of America, northwest Ohio is the center of a premier and efficient intermodal transportation network that connects local businesses to world markets. The area is home to a diversified world cargo hub on the Great Lakes/Saint Lawrence Seaway system, a full-service regional airport, two of America's major highways, and Ohio's busiest passenger rail terminal.
Nearly 100 truck lines serve businesses around the country.
Toledo is the nation's third-largest rail hub and is within an eight-hour drive of 75 percent of the United States population.
Toledo Express Airport serves as a major airfreight transportation and distribution center, and is home to BAX Global, Inc.
The seaport at Toledo is one of the largest on the Great Lakes, providing easy access to international shipping routes.
The Port of Toledo includes a foreign trade zone, to which foreign and domestic merchandise can be brought without the requirement of formal customs entry. The zone is considered outside the customs territory of the United States and offers numerous tax advantages to businesses involved in international shipping.
Financial Institutions
People locating to northwest Ohio benefit from the competitiveness of the state's financial institutions and find attractive funding for qualified projects. The majority of banking in Toledo is handled by 12 banks and thrift institutions whose parent companies have combined assets of more than $138 billion. All meet or substantially exceed regulatory capital guidelines and all are profitable and well above industry standards.
International Trade
Toledo-Lucas County Port Authority
One Maritime Plaza, 43604
419-243-8251
www.toledoportauthority.org
The mission of the Toledo-Lucas County Port Authority is to develop more innovative and efficient ways to move people and cargo, and promote financing programs to stimulate area economic development.
Technology
Technological resources are readily available to companies in Northwest Ohio. Institutions such as the University of Toledo, Bowling Green State University, the University of Findlay, Owens Community College, and the Edison Industrial Systems Center offer a valuable resource base to all types of business and industry.
Resources available include: state-of-the-art technical and research facilities with specialized expertise in engineering technology, CAD/CAM, polymer research, plastics recycling, photochemical sciences, biology, pharmacy and health technology.
These institutions provide important competitive advantages to companies that need access to integrated academic and technological programs. They also offer opportunities for joint research projects, testing facilities, database operations, and provide a constant availability of highly skilled and educated technical personnel.
Workforce Employment
While the regional population of Northwest Ohio nears one million, its available labor pool has topped 500,000, with the working-age population predicted to grow at a faster rate than the national average through 2010. Northwest Ohio currently offers a substantial workforce of some 180,000 students who are enrolled in colleges and universities located within an hour of Toledo.
Area employers benefit from a well-trained, productive workforce. Like most Midwestern metropolitan areas, Northwest Ohio is seeing a shift from its traditional manufacturing base to service-oriented industries. Manufacturing, service, and wholesale/retail trade each attract about 25 percent of the labor pool.
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