Labor, increased costs top the list of concerns from Columbus leaders

Columbus is unique within the Fourth District. With nearly 1 million people, it’s the District’s largest and fastest-growing city.

But while the population trends may be different than in other areas, many of the economic concerns are the same.

During a roundtable discussion, central Ohio business and community leaders representing different industries spoke about the issues they’re facing.

Labor shortages, investment decisions, increased costs–and when to pass them along to consumers–topped the list of challenges those present shared with Hammack.

Columbus is also home to one of the largest public universities in the country, which is also one of the region’s largest employers, the Ohio State University (OSU).

OSU’s Wexner Medical Center alone employs nearly 24,000 people, and officials said the center serves patients from all of Ohio’s 88 counties, each of the 50 states, and 26 countries.

Dr. John Warner and Dr. David Cohn, the CEO and COO of the Wexner Medical Center, spoke with Hammack about the center’s efforts to both get medical students to stay in Ohio when they graduate and to recruit medical students who are interested in practicing in small and rural communities.

About two miles away, on a different part of campus, Hammack continued her tour by visiting OSU’s Innovation District. It was the third such district created in Ohio, following those in Cleveland and Cincinnati.

The Columbus district is a STEM-focused partnership between OSU, Nationwide Children’s Hospital, and Jobs Ohio. When complete, the planned project will be home to several medical and research facilities and is expected to include residential areas, dining, and entertainment.

Each innovation district aims to spur economic growth. Among other things, the Columbus district is projected to create 20,000 jobs and attract more STEM-focused students to the state.

About President Beth M. Hammack’s Around the District tour

President Hammack is visiting communities across the Fourth District as part of her Around the District tour to meet and connect with the people who live and work in all corners of the region and to gain a better understanding of how the economy is working in different communities. The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. Hammack will use this information to inform her policy views and better represent the Fourth District around the Federal Open Market Committee table.