Friday, July 14, 2000

Toyota warehouse could boost economy


Study sees $200M windfall for Cincinnati area

By PATRICK CROWLEY
The Cincinnati Enquirer

        HEBRON — The new Toyota parts distribution center in Boone County will have a more than $200 million impact on Greater Cincinnati, according to an economic study of the project.

        The economic ripple effect of the $85 million, 843,000-square-foot warehouse will increase output and business sales by $186.9 million, said Tom Zinn, the economist for The Northern Kentucky Chamber of Commerce and the author of the study.

        The Toyota facility will also add $56.9 million to household earnings and create 2,035 additional jobs in the region, Mr. Zinn said.

        When fully operational in about a year the distribution center will employ 370 people.

        “Toyota's decision to build the North American Parts Center in Boone County ... will boost business activity throughout the Greater Cincinnati region,” said Mr. Zinn of Florence, a University of Cincinnati economics professor.

        “Both construction and new hiring will result in additional spending,” he said. “The subsequent ripple effects, or multipliers, will permeate the entire regional economy with substantial additions to ... business sales, household earnings and employment.

        “Increased earnings will spin over into gains in all categories of retail sales and increase the demand for housing throughout Northern Kentucky and Cincinnati,” Mr. Zinn said.

        Mr. Zinn performed the study for the Tri-County Economic Development Corp., the Fort Mitchell agency that helped recruit the Toyota facility to Boone County.

        Toyota already has a major presence in Boone County and Northern Kentucky. The Japanese automaker's North American manufacturing headquarters is in an office building on Interstate 275.

       



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