BUSINESS DIGEST ||Hess dividend declared
The board of directors of Hess Corp. on Wednesday declared a regular quarterly dividend of 25 cents per share payable on the common stock of the corporation Sept. 30 to holders of record at the close of business Sept. 16.
Hess is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.
Foundry expansion will add 500 jobs
A Columbus foundry that makes parts for rail cars is expanding and adding about 500 jobs.
The Columbus Dispatch reports that the expansion was announced Wednesday by Columbus Castings on the city’s south side.
Government officials tell the newspaper that the expansion will take place over three years with a focus on attracting workers who live in the neighborhood.
The company is adding employees to serve an anticipated growth in demand for steel parts needed to make rail cars and because of growing sales of repair parts. The company is spending $16 million on machinery and other upgrades related to the expansion.
The company’s chairman says new workers will be paid $13 to $26 an hour plus benefits. The company currently employs about 600.
Workers productive but making less
A new report says Ohio workers are more productive and better educated, but they aren’t necessarily making more money as a result.
Ohio productivity grew by nearly 67 percent between 1979 and 2013, while median hourly wages fell by 1.1 percent when adjusted for inflation. That’s according to a recent analysis of jobs data from Policy Matters Ohio, a Cleveland-based economic think tank.
Ohio’s median wage was $15.81 last year, slightly above 2012 but well below the highs of $17.11 and $17.12 in 1999 and 1979. The report says Ohio’s median wage is now nearly 90 cents less per hour than the national median.
Economists tell the Dayton Daily News that much of the productivity improvement in recent years has been driven by technology, which requires fewer workers.