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Ohio aerospace industry’s global impact
Beth Hammack, president and CEO of the Federal Reserve Bank of Cleveland, traveled to Cincinnati, where she toured GE Aerospace’s Evendale facility.
Beth Hammack, president and CEO of the Federal Reserve Bank of Cleveland (right) tours the GE Aerospace facility with the company’s head of government affairs and policy, Pete Giambastiani.
Evendale, Ohio, a nearby suburb of Cincinnati, is home to the headquarters of GE Aerospace, a Fortune 500 company that designs and builds advanced commercial and military aircraft engines. Cleveland Fed president Beth Hammack toured the headquarters during her recent visit to the Greater Cincinnati area.
The Evendale complex was established in 1948 and has served as GE Aerospace’s global headquarters for more than 45 years. The plant remains one of the world’s largest jet engine manufacturers and employs around 9,000 workers in Greater Cincinnati and northern Kentucky.
Despite the company’s global footprint, Ohio remains strategically important for GE Aerospace’s operations. During her tour of its Evendale facility, officials told Hammack that nearly every GE Aerospace engine must pass through Ohio for testing before going out into the world.
During her visit, company officials also shared their concerns about a worker shortage for technical and aerospace manufacturing.
Officials also pointed to GE investments aimed at addressing this workforce shortage, including
- A donation to Cincinnati State Technical and Community College to fund two new aviation maintenance technology (AMT) instructors to support efforts to expand the AMT program’s capacity from 185 to 350 students.
- A $1 million donation to the United Way of Greater Cincinnati to launch the Future of Manufacturing Fund. The fund is a multiyear partnership to address gaps in the advanced manufacturing workforce. The goal of the fund is to help grantees increase workforce development program enrollment and completion, along with job obtainment.
Workforce development is a key part of the maximum employment side of the Federal Reserve’s dual mandate. The insights Hammack and the team gained on the visit will help inform future Cleveland Fed workforce development research.
Hammack (center) poses in front of a jet engine at the GE Aerospace facility. Also pictured, from left to right, are Karin Burns (Southwest Ohio and Northern Kentucky Business Advisory Council member) and Shannon Mann, both from GE Aerospace; Julianne Dunn of the Cleveland Fed; and Pete Giambastiani of GE Aerospace.
Hammack (right), meets with GE Aerospace leaders Shannon Mann (left), Pete Giambastiani (center left), and Michael Stransky (center right).
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.
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Workforce Development
One of the Federal Reserve’s responsibilities is to promote the highest sustainable level of employment. Workforce development is a key part of this mission.
President and CEO
Learn about the work of Beth M. Hammack, president and CEO of the Federal Reserve Bank of Cleveland.
Beth M. Hammack
Beth M. Hammack is the president and chief executive officer of the Federal Reserve Bank of Cleveland, one of 12 regional Reserve Banks in the Federal Reserve System.