Columbus, Ohio has an economy based on education, insurance, banking, fashion, defense, aviation, food, logistics, steel, energy, medical research, health care, hospitality, retail, and technology.
Prominent employers in the Columbus area include numerous schools (e.g., The Ohio State University) and hospitals, hi-tech research and development and information/library companies such as Battelle Memorial Institute, OCLC, and Chemical Abstracts, and retail clothing and restaurant companies (such as Limited Brands and Wendy's). Other large employers include Bread Financial, Nationwide Insurance, JP Morgan Chase, American Electric Power, Huntington Bancshares, Worthington Industries and Cardinal Health, not to mention both state and local government.
History
In 1953, GBQ Partners, a professional services firm was founded, and is the largest Columbus-owned accounting firm. During the recession beginning in late 2007, Columbus's economy was not impacted as much as the rest of the country, due to decades of diversification work by long-time corporate residents, business leaders, and political leaders. The former administration of mayor Michael B. Coleman had continued this work, although the city faced financial turmoil and had to increase taxes, due in part to alleged fiscal mismanagement."Recount Still Possible" , This Week Community Papers, Retrieved 13 Nov 2009. Retrieved 26 July 2009. As Columbus is the state capital, there is a large government presence in the city. Including city, county, state, and federal employers, government jobs provide the largest single source of employment within Columbus.
In 2010, Overall, it was ranked as one of the top 10 best big cities in the country according to Relocate America, a real estate research firm. In 2023, Realtor named it as the third-hottest housing market in the United States."Ranking: Columbus among top 10 big cities", BizJournals. Retrieved 22 Apr 2010.
In 2016, Forbes ranked Columbus the No. 7 best city for young professionals.Forbes America's 20 Best Cities For Young Professionals In 2016 Retrieved July 6, 2018 In 2018 Business.com rated Columbus one of the Top Five best cities for entrepreneurs and startups.The Top 10 US Cities for Entrepreneurs and Start-Ups in 2018 Retrieved 6 July 2018. Ohio is ranked No. 5 in the nation for headquarters of Fortune 500 companies, with Columbus home to the most in the state.States with the most Fortune 500 companies, Retrieved 6 July 2018.
In 2015 Columbus was named by the Intelligent Community Forum as one of the seven top Smart Cities in the world.World's Top 7 Smart Cities Of 2015 Are Not The Ones You'd Expect Retrieved July 6, 2018
In 2016 the Columbus metropolitan area's GDP was $130.8 billion,Total Gross Domestic Product for Columbus, OH (MSA) (NGMP18140) Retrieved July 6, 2018 ranking it 29th largest in the U.S. and second largest in Ohio, ahead of Cleveland and just behind Cincinnati.US Bureau of Economic Analysis Gross Domestic Product by Metropolitan Area, 2016 Retrieved July 6, 2018
Aviation Historically, John Glenn Columbus International Airport, now the largest passenger airport in central Ohio and second busiest in the state after Cleveland, was once home to a North American Aviation factory (later North American/Rockwell). Aircraft built in Columbus include the North American F-86 Sabre, A-5 Vigilante, OV-10 Bronco, T-2 Buckeye, and components for the B-1 bomber, as well as numerous missiles and guidance systems. Columbus was also home to Skybus Airlines, a discount carrier which began flying in May 2007.Home. Skybus Airlines. February 7, 2006. Retrieved on May 20, 2009. and ceased operations on April 5, 2008. Columbus is home to several private charter aviation companies, including Capital City Jet, located at Bolton Field, Stratos Jet Charters, Charter Logic, Pulse Aviation, New Flight Charters, NetJets and JetRide.
Vaisala is a Finnish global aviation company with operations in Columbus, originally started by pioneering innovator Vilho Väisälä. The corporation recently signed a long-term contract with the National Oceanic and Atmospheric Administration to supply next-generation GPS dropsondes for hurricane reconnaissance.Vaisala, Press Release NOAA Honeywell operates facilities in Columbus, and German-based Siemens' Midwest facility is located here. Private aircraft-leasing giant NetJets is now based in Columbus, on a campus which recently saw a $220 million expansion.Columbus Messenger, NetJets Columbus Expansion Retrieved 26 July 2009.
Banking
Huntington Bancshares Inc., a Fortune 500 company, has its headquarters in the downtown area. Bank One was headquartered in Columbus until 1998, and J.P. Morgan Chase & Co., which acquired Bank One in 2004, continues to maintain a major presence in Columbus, with a large mortgage servicing unit in the city. First Financial Bank, PNC Bank (previously National City Bank), KeyBank, Heartland Bank, Charter One Bank, U.S. Bank, Citigroup, Fifth Third Bank, and Commerce National Bank all maintain a presence in Columbus.
Defense
One of the larger processing centers of the Defense Finance and Accounting Service (DFAS) is located in Columbus. The Department of Defense also operates the Defense Supply Center, Columbus (DSCC) east of downtown, which hosts the 391st Military Police Battalion and the 375th Criminal Investigations Division of the U.S. Army Reserve, along with elements of the Ohio National Guard. Rickenbacker International Airport, located south of the city, hosts the United States Air Force's Ohio National Guard 121st Air Refueling Wing. Fort Hayes, a historic military barrack, was located downtown. The Ohio National Guard Headquarters is located on the far north side of the city. Mission Essential Personnel, the government's leading source of linguists in Afghanistan, is based in the Easton Town Center.
Fashion Limited Brands (formerly known as The Limited, Inc.), a Fortune 500 company, is located on the east side of the city and is the parent company of Victoria's Secret and Bath & Body Works, among others.
Express and The Limited retail stores are also headquartered in Columbus and were formerly part of Limited Brands.
Abercrombie & Fitch, a Fortune 500 company and parent company of Hollister Co. (whose first store opened in Easton Town Center in 2000), and Abercrombie Kids, is based in the Columbus suburb of New Albany.
Fortune 500 company Big Lots is located in the city, as well as Schottenstein Stores Corp.
DSW Shoes are headquartered in Columbus, as well.
Restoration Hardware opened up a major customer service center just west of Downtown, in 2011.
Columbus is third, behind New York and Los Angeles, in employing fashion designers.
Food and beverages Ten restaurant chains are based in the Columbus area: Charley's Grilled Subs, Steak Escape, White Castle, Cameron Mitchell Restaurants, Bob Evans Restaurants, Max & Erma's, Damon's Grill, Donatos Pizza and Wendy's. Wendy's, a Fortune 500 company, operated its first store downtown as both a museum and a restaurant until March 2007 when the establishment was closed due to low revenue. The company is presently headquartered outside the city in nearby Dublin.
Budweiser has a major brewery located on the north side just south of I-270 and Worthington. Columbus is also home to many local-based micro breweries and pubs, including Barley's Brewing, Elevator-Draught Haus Brewing, Columbus Brewing Co., cb Beverage, Boathouse Brewery, BJ's Restaurant and Brewery, Gambrinus Brewing, and Biersch Brewing. The Brewery District, located just south of downtown, and next to the German Village, is home to many brewery pubs and restaurants.Google Map Search, Columbus Breweries Retrieved 26 July 2009. Scotland headquartered BrewDog established its Western Hemisphere headquarters in a 100,000 square foot brewery in Canal Winchester in 2017.Ohio's Fastest Growing City Is... Canal Winchester? Retrieved July 7, 2018
Asian frozen food manufacturer and ex-destination tiki restaurant Kahiki Foods is located on the East side of Columbus. Wasserstrom Company, a major supplier of equipment and supplies for restaurants, is located on the north side. Lancaster Colony Corporation, a manufacturer of candles and Marzetti food products, is headquartered in the city.
Healthcare
Columbus is home to many outstanding hospitals, which employ well over 8,000 in the city. Grant Medical Center, located downtown, is part of Ohio Health, a faith-based, non-profit organization that has been serving Columbus since 1891. In 2009, Grant was ranked by U.S. News & World Report as one of the United States' best hospitals.Press Release, Grant Retrieved 26 July 2009 Another Ohio Health-operated hospital, Riverside Methodist, located in north-central Columbus, was also named one of the country's best hospitals in 2009 by U.S. News & World Report.
Nationwide Children's Hospital is one of the country's premier children's hospitals, ranked in the top 10 of NIH-supported centers for their category, and is the fifth largest in the country. They specialize in surgical, neuroscience, rehabilitation, burn, dialysis and bone marrow areas. In 2018, U.S. News & World Report ranked this hospital No. 7 in its category.
Other local hospitals include the Ohio State University Medical Center (see Medical research), Mt. Carmel East and West facilities, Doctor's Hospital, Riverside Methodist Hospital, and University Hospital East, and there are many specialty locations throughout the city.
Hospitality Columbus's hospitality industry accounts for thousands of jobs in the area. There are 25,005 hotel rooms in the metropolitan area, and 3,280 downtown.Experience Columbus, Facts Retrieved July 26, 2009. Major hotels downtown include Westin's historic Great Southern Hotel, a uniquely designed and ultra-modern Hyatt Regency in the Arena District, an urban-themed DoubleTree Suites by Hilton Columbus Downtown, a Crowne Plaza Hotel, the Sheraton Columbus at Capitol Square, the Manhattan-styled Lofts Hotel and Suites, the cosmopolitan Renaissance Hotel, the old European-themed Ashland Springs Hotel, Drury Inn and Suites, and a new Hampton Inn and Suites designed to conform with the surroundings. The Hilton Easton, located in northeast Columbus, is a new, classically themed hotel. The Fort Rapids Water Resort is located just east of Downtown on Hilton Corporate Drive. The Concourse Hotel and Athletic Club is located at Port Columbus. University Plaza and the Blackwell Inn, a newly built, modern hotel, are in the University District, and several Marriotts, Residence Inns, Embassy Suites, Best Westerns, Red Roof Inns, Holiday Inns, Courtyards, and other franchise hotels are found throughout the city.
The architectural firm, HOK Chicago, was chosen to design the new 500+ room, $140 million convention hotel Downtown in collaboration with Hilton Hotels and the Franklin County Commissioners, breaking ground on July 13, 2010.Biz Journals, Columbus convention hotel Retrieved 26 July 2009."Hilton Columbus Downtown Breaks Ground", BusinessWire. 13 July 2010. Retrieved 13 July 2010. The 126-room Hyatt Place, located on the Ohio State University campus, opened in September 2010.
Insurance Columbus is home to five insurance companies. Nationwide Insurance, a Fortune 500 company, has its international headquarters downtown in a large, multi-building complex that dominates the northern end of the downtown area. The other insurance companies in the city are Motorists Insurance, Grange Insurance, Safe Auto Insurance, and State Auto Mutual.
Logistics CSX Norfolk operates a $67 million intermodal railyard in the city, with plans for a second $130 million facility imminent in 2008.Biz Journals, CSX Norfolk, Intermodal Railyard, Columbus Retrieved 26 July 2009.