The conclusion of 2025 was a milestone for me: five years with the Columbus-Franklin County Finance Authority. Milestones are times for reflection, and as I look back on the last five years I’m struck by the upheaval our nation and economy have experienced since I started. And how well the Columbus Region has weathered it.
As we ended 2019 and anticipated the coming year, economists and analysts from various institutions, including the Fed and private forecasting firms, generally anticipated a slight cooling from 2019 levels but no recession. Little did we know the disruption that lay ahead.
At the time, the economic outlook was positive:
- Real GDP Growth: Most forecasts projected real Gross Domestic Product (GDP) growth of around 1.9% to 2.2% for 2020, lower than 2019, at 2.3%.
- Unemployment: The unemployment rate, which was at a 50-year low of 3.5% in December 2019, was forecasted in the 3.5% to 3.7% range throughout 2020.
- Inflation: The outlook for inflation was slightly higher approaching the Federal Reserve’s 2% target.
- Interest Rates: The Federal Reserve was widely expected to keep the federal funds rate unchanged through the end of 2020, with a substantial majority of participants projecting a rate of 1.63%.
- Consumer Spending & Business Investment: Consumer spending was a primary driver of growth in 2019 and was expected to continue supporting the economy, though some expected it to soften in 2020. Business investment, which had been modest, was anticipated to improve slightly.
- Recession Risk: While some private forecasters saw a chance of a recession in the longer term, the consensus in December 2019 was that a recession was not imminent for 2020, as the record-long economic expansion continued.
Then 2020 arrived. And those predictions were quickly turned upside down.
The anticipated slight cooling, in many cases, became a cold freeze. COVID struck. The George Floyd incident divided communities and political parties continued to become further polarized. Economies were shocked by disruptions in supply chains, air travel, trade, and consumer confidence. Remote work became a necessity, a change that continues to affect ways of working and the use of office space today.
And yet, despite the chokehold of COVID, the social unrest, and the nation’s visceral economic uncertainty, the Finance Authority and our clients continued to conduct business. Against all odds, in 2020 we completed 28 transactions in support of new public infrastructure, industrial buildings, multifamily housing, and energy efficiency improvements.
While the economy gradually recovered post-pandemic, our organization experienced two major changes of our own: The retirements of Finance Authority founder and President Jean Carter Ryan and longtime Director of Operations Marcy Altomare. Together, they represented more than 30 years of institutional knowledge!
While we miss them, the processes and industry connections they established helped prepare the Finance Authority for the future. Susan Brown, Matt Lima, Leah Ferron, and Kaitlyn Geiger have added invaluable talent to our team. Likewise, Rose Roman joining as Vice President in 2023 smoothed our transition into the next generation of leadership.
By 2024, we had grown from four employees to six, experienced five clean audits, and actively served our government and private clients resulting in economic growth in the market. Since its founding 20 years ago, the Finance Authority has facilitated more than $6.6B in bond financing and total investment of nearly $9B in Central Ohio projects, ranging from small neighborhood nonprofits such as Community Development for All People, to landmark projects including Bridge Park and Grandview Yard.
Housing, Jobs, Adaptive Reuse
We’ve delivered programs that encourage housing development to meet the needs of our fast-growing region. Thanks to investments in projects by Homeport, Thrive Companies, Continental, Woda Cooper, Connect Real Estate, Daimler Group, and others, thousands of living units have been added to the market, for those seeking premium or affordable options. Industrial buildings, from large single-use to smaller flex spaces were brought to market by clients Crawford Hoying, Tenby, TPA Group, and others. And we’ve helped finance the renovation and reuse of existing buildings, including the Municipal Light Plant and Starling Middle School, and the development of an innovative, streamlined construction technique: Connect Housing Blocks. Every ribbon cutting has been a thrill for us.
Better yet, I’m happy to report that 2025 was our busiest year ever. Next month we will provide a 2025 recap with details about our clients and their projects. We can’t thank them enough for placing their trust in our organization.
Of course, I can’t end this without recognizing the efforts of our Board of Directors, who are an active and essential part of every deal we support. Their expertise and guidance prioritize projects that are sound investments and strategies most beneficial to the community.
And those measures provided at the beginning of the article? Here’s what they look like today:
- Real GDP Growth: By Q3 2025 annual real Gross Domestic Product (GDP) growth was 4.3%. The rate including Q4 2025 should be released soon.
- Unemployment: The unemployment rate was 4.4% in December 2025.
- Inflation: December 2025 Inflation was 2.7%.
- Interest Rates: The Federal Reserve federal fund was 3.64% December 2025.
- Consumer Spending & Business Investment: Consumer spending was up 4.1% December 2025.
- Recession Risk: We’ve made it another five years.
Despite the challenging times, our region has performed very well. We were pleased to assist so many of the contributing projects across the finish line. Let’s aim for even greater heights in 2026!