The state will ask voters in the November general election to approve the borrowing of $400 million of the money. Other money will come from various state sources. This will allow those who will benefit from the state's investment to begin the benefit.
"Together, we have crafted a thoughtful approach to making the investments needed to jump start our economy," Strickland said.
The economic package is expected to result in a major investment in Ohio's work force, infrastructure, and new and emerging industries and jobs throughout the state.
The package calls for $250 million over the next five years to build a jobs pipeline for students - a resource that is expected to expand internships and co-op programs that will place Ohio at the forefront of job creation.
The proposed investment of $1.57 billion, came at a compromise. Strickland, in the State of the State address, called for a higher investment. Strickland and legislators settled on a number $700 million less than originally proposed.
The funding for the investments will come through bond sales, existing revenues and other sources.
Details of the bipartisan economic package according to the governor's office are:
Bio-based Products, $50 million - will help support and grow an industry that aims to produce polymers, plastics and other crucial modern materials out of Ohio-grown crops.
Biomedical, $100 million - will help create jobs through spurring a part of Ohio's economy that saves lives and leads to medical advances.
Advanced and Renewable Energy, $150 million - will create new jobs by making Ohio a powerhouse of renewable and advanced energy production such as wind, solar and clean coal.
Logistics and Distribution, $100 million - will help spur job creation through investing in infrastructure that can be used to expand and support businesses that move and distribute products.
Local Infrastructure, $400 million - will be used to help build important local infrastructure projects such as roads, bridges, sewers and water systems.
Clean Ohio Conservation, $200 million - will fund the preservation of farmland and greenspace.
Clean Ohio Revitalization, $200 million -will help revitalize our cities and industrial areas by brownfield clean up and transformation into new residential and business development.
Historic Preservation Tax Credit, $120 million - will revitalize historically significant buildings that expand the tax base of the local community.
Higher Education Workforce Initiative, $250 million - aims to keep more college-educated Ohioans in the state by linking them with good internships, cooperative education programs and jobs while they earn their degrees. Matched with private sector investments, this will make Ohio a leader in higher education and job creation efforts.
"This bipartisan jobs stimulus plan will create jobs, make us (Ohio) a leader in emerging industries and establish the foundation for long-term growth and prosperity in Ohio," Strickland said.