Recently, the Council released its second edition, the Global Report 2014-15. This report focuses on the various aspects of urbanization, addressing the fact that the majority of the world’s economic activity, innovation and human capital are concentrated in cities like Columbus. Not all large communities are prepared for the forces of globalization, but with organizations such as the Columbus Council on World Affairs tracking current and potential international assets, the Columbus region appears to be ready.
The economic-focused section of the report outlines commercial indicators of foreign investment, trade, travel and tourism. Here are some interesting economic findings presented in the report:
The central Ohio metro area is home to 974 foreign-owned entities, employing more than 40,000 Central Ohioans. Foreign direct investment added more than 1,500 jobs to the local economy in 2013.
Port Columbus International Airport has seen an increase in the number of passengers with an international origin or destination during the past five years. Currently, 8.7% of all passengers at Port Columbus have an international origin or destination.
Total foreign direct investment (fdi) in the Columbus metro area in 2013 was $151,000,000. Japan, investing nearly $98 million in central Ohio, leads all countries, followed by Canada, Belgium and Germany. East Asia and the Pacific regions invest nearly 65% of all fdi. Manufacturing, mostly transportation equipment and pharmaceuticals, accounted for nearly 70% of fdi.
Central Ohio is home to 974 foreign-owned entities, and is responsible for employing nearly 45,000 central Ohioans.
493 central Ohio companies import or export goods. These companies employ 29,010 central Ohioans. Transportation equipment manufacturing accounts for nearly 10,000 jobs in our area.
Goods imported from East Asia and Pacific Rim countries totaled $9.3 billion, and represented nearly 60% of the total $15.7 billion worth of foreign imports in 2011.
Additional Fun Facts
Between 2011 and 2012, net international migration accounted for 25% of population growth in the central Ohio metro area.
Central Ohio pro sports franchises employ 29 international pro athletes. It’s not surprising that the Columbus Blue Jackets employ the most, with 13 Canadian athletes on their team.
Almost equal numbers of foreign-born residents of Columbus come from Sub-Saharan Africa, North and South America and East Asia and the Pacific.
The Columbus Council on World Affairs
The Columbus Council on World Affairs was founded in 1975 with a mission to increase global awareness in the Columbus Region.
The vision of The Columbus Council on World Affairs is to be a nonpartisan, globally focused organization in the Columbus region that fosters a community that is well-informed about critical international issues as they affect the world, nation and the local region, and whose citizens utilize this insight to make effective decisions in our global society.
The professionals of Schneider Downs’ SD Global Services routinely advise clients on all issues related to expanding into international markets and understanding the various accounting, tax and business rules and regulations of each jurisdiction. Please contact Mary Richter for more information on how Schneider Downs can assist your international needs.
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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.