The Economic Impact of Implementing the Cincinnati Public Schools' Facilities Master Plan on Greater Cincinnati
Submitted by pitzerjr on Mon, 03/09/2009 - 11:46am
Prepared for:The Greater Cincinnati Chamber of Commerce and the Cincinnati Area Board of Realtors
The construction proposed in the Cincinnati Public Schools’ Facilities Master Plan will have a significant impact on the Greater Cincinnati economy. Notable highlights include:
- The Facilities Master Plan of the Cincinnati Public Schools envisions a ten-year program with $985 million in construction spending. The funding of this program includes $211 million from the State of Ohio, which increases the purchasing power of the $774 million local funding commitment.
- The Facilities Master Plan will generate a total of $2.35 billion in economic impact, including $718 million in local household wages and salaries. This means an average annual impact of the Facilities Master Plan for the next ten years of $232 million. Household earnings totaling $71 million and 2,339 jobs will be generated for area residents each year.
- The return of $718 million in wages and salaries for $774 million in local dollars is important. It means that every $100 in local funding ultimately returns $93 in wages and salaries to the pockets of local workers.
- Business activity will especially be stimulated in the construction, business services, real estate, and retail sectors.
- Economic benefits may result from improvements in educational quality, quality of life, and physical conditions of neighborhoods, but are not measured here.