While big data and IT have become synonymous with the Columbus region, it’s important to highlight the industries that help support them. In Central Ohio’s case, the finance and insurance sectors are some of IT’s biggest customers.
Companies like JPMorgan Chase & Co. and Nationwide Mutual Insurance Co. are major contributors to the region’s workforce, bringing with them more than 30,000 jobs.
Financial activities’ economic output of $23.6 billion in 2012 make it the area’s top sector, accounting for 7 percent of total regional employment and 5,200 jobs gained in the last three years.
In addition to Nationwide, the region’s insurance carriers employ more than 26,500. Both industries consistently beat out state and national metrics regarding job growth.
Trending upwards with the right infrastructure
Both the finance and insurance industries show no signs of slowing down. The infrastructure is in place to train even more potential employees for valuable careers.
For instance, Columbus State Community College’s Foundations of Insurance Certificate was created to accommodate the estimated 17,000 jobs that will open up in Ohio’s insurance industry in the next five years as a result of company growth and established employees retiring. The six-class sequence aims to prepare graduates for entry-level positions in Central Ohio’s thriving insurance industry.
The U.S. Bureau of Labor Statistics estimated that the need for personal financial advisers is expected to grow by 41 percent between 2006 and 2016.
Aligning with that demand, The Ohio State University’s Fisher Specialized Master in Business-Finance offers a nine-month program especially for finance professionals seeking the next step in their careers. Ninety percent of program participants are employed within six months of graduation.
Expanding businesses create jobs
Companies in the finance and insurance sectors continue to expand in the Columbus region.
Alliance Data, which provides private-label credit cards and customer service to retailers and other companies, announced earlier this year that it would build a new office at Easton Square Place and create 700 new, high quality jobs — adding to its 3,000-employee roster in Central Ohio.
Trickling down to other sectors
So why is all of this important?
In addition to existing jobs and planned expansions, these investments bring with them even more jobs and new capital investment — the construction industry is just one example of how the benefits trickle down.
The job training programs and the vitality of the Columbus region is enticing young professionals to put down roots, and convincing rising stars to see what the buzz is about.
Success begets success in economic development and the Columbus region is on the rise.
