CANTON'S ECONOMY

CANTON'S ECONOMY

The Canton area's economy is primarily industrial, with significant healthcare and agricultural segments. The city is home to the TimkenSteel Corporation, a major manufacturer of specialty steel. Several other large companies operate in the Greater Canton area, including Timken Company, a maker of tapered roller bearings; Belden Brick Company, a brick and masonry producer; Diebold, a maker of ATMs, electronic voting devices and bank vaults; and Medline Industries, a manufacturer and distributor of healthcare supplies. The area is also home to several regional food producers, including Nickles Bakery (baked goods), Case Farms (poultry), and Shearer's Foods (snack foods). Poultry production and dairy farming are also important segments of the Canton area's economy.

 

In recent years, Canton has experienced a renaissance. At the heart of this transformation is the Pro Football Hall of Fame, with its multimillion-dollar "Hall of Fame Village" expansion project. This project has been complemented with significant investments by city leaders in urban redevelopment, which continued with the transformation of the Hotel Onesto into the Historic Onesto Lofts. Other urban renewal plans, including the redevelopment of the downtown Market Square area, are under way. Private investment has furthered Canton's transformation, which is illustrated by the multimillion-dollar creation of Gervasi Vineyard, which draws patrons throughout the region.

 

Canton also continues to benefit from the nations ever increasing reliance on natural energy in the form of extracting gas and oil from deep within its shale reserves. It is not uncommon to drive through the greater Canton countryside and see teams sinking new wells or existing wells working. Economists have predicted that as the shale drilling industry continues to evolve that up to 1.7 million jobs could be created annually, both blue collar and white collar, with Canton expected to be a direct beneficiary. This is a large part of why Cantons economy is expected to grow 33 percent over the next ten years.

 


 

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