Hiring challenges remain a concern for southwestern Ohio businesses, while nonprofit programs aim to boost economic growth

Bridging skills gaps

In southwestern Ohio, various programs are trying to combat the workforce challenges reported by business leaders. Hammack visited the facilities of one such program, the Digital Transformation Center (DTC), which is operated by the University of Dayton Research Institute.

The DTC aims to strengthen the regional economy by equipping rural and undercapitalized communities, students, and workers with skills aligned to future jobs.

Bryan Stewart, director of strategic initiatives for the DTC, shared with Hammack that one focus of the program is on younger students who want to become engineers. The DTC offers multiday courses that introduce these students to key skills such as digital design and 3D printing. By doing so, the DTC hopes to expand the pool of future workers in key industries such as aviation manufacturing.

In addition to informing her preparation for Federal Open Market Committee meetings, the insights Hammack and the team gain on visits like this will help shape future Cleveland Fed workforce development research. Workforce development is a key part of the maximum employment side of the Federal Reserve’s dual mandate.

Building economic opportunity in Dayton

While visiting the Dayton area, Hammack also toured the Dayton Arcade with Citywide Development Corporation to learn about the organization’s First Floor Fund (FFF) initiative, a program that helps start-ups and businesses in Dayton secure funding when traditional financial resources aren’t available. CityWide’s goal with the FFF is to address economic disparities and bring additional development and economic activity to the area.

The Federal Reserve’s annual Small Business Credit Survey collects data on small businesses nationwide, specifically reporting on their credit and financing needs. The FFF initiative aims to bridge the financing gap for qualified small businesses when they can’t get the financing or credit they need.

One FFF participant, a bakery owner, shared that he was able to hire 13 workers to support his small business because of the program.

By meeting directly with small-business owners, President Hammack can build a more holistic picture of the Fourth District economy.

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.