GE

Ann Thompson

A petroleum company that GE bought in June is investing $4 million to build an innovation and business hub in Sharonville.

Ann Thompson / WVXU

GE's Global Operations Center at The Banks, which officially opens Tuesday, is expected to pump $1 billion into the Cincinnati economy by 2018. Cincinnati is one of four such regional centers (The others are in Mexico, Hungary, and China) where GE is attempting to simplify, speed up and become more focused for its customers worldwide by bringing together shared services.

For example new contracts that used to take many months to review and sign are finished in a matter of days or hours with digital contracts.

GE Aviation / provided

GE Aviation is laying off more than 300 engineers across the country, with a majority of the eliminated positions in the Cincinnati area. 

The Banks

Cincinnati and Hamilton County have cleared the way to bring General Electric's Global Operations Center to The Banks. 

City Council and the County Commission Monday morning approved several packages of incentives cementing the deal.  GE is expected to bring nearly 1,800 jobs with an average total payroll of $142 million per year.

The five-year lease includes five, 5-year renewal options.

GE

Cincinnati Mayor John Cranley will not confirm media reports General Electric plans to locate its U.S. Global Operations Center and 1,400 new jobs at The Banks development.  

Cranley was asked about the issue Thursday during a press conference on another topic.  Cranley said reporters should write stories once GE makes its official announcement.

GE

The Ohio Tax Credit Authority has approved an 85 percent, 15-year Job Creation Tax Credit for General Electric to locate a new regional headquarters in Southwest Ohio.

Two other local companies are also receiving tax incentives.

Here's the breakdown:

GE

The parent company of Evendale-based GE Aviation is expanding operations in Greater Cincinnati. General Electric will open its new U.S. Global Operations Center here, breaking ground sometime this summer.

GE says the shared services center will create 1,400 jobs.  GE's Joe Allen says, "When we're fully staffed and ready to go a few years from now, we could as many as 2,000 employees."

Ohio Governor John Kasich says, "This is the biggest job announcement and single job growth in a decade."

The company plans to be fully operational here by 2017.