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Prisons are a booming business

Ohio to sell prison to Corrections Corp.

1:58 pm ET 09/01/2011 – MarketWatch Pulse News Bullet
CHICAGO (MarketWatch) — Ohio will sell one of its prisons to a private company and outsource management of at least one other, the state’s Department of Rehabilitation and Correction said Thursday. The Lake Erie Correctional Institution in Ashtabula County will be bought by Corrections Corporation of America for $72.7 million and the company will also take over operations. State officials estimate that operating costs will be 8% less than current ones and said that the facility will add 304 prison beds. At the same time, management of Marion County’s North Central Correctional Institution will be turned over to Management and Training Corporation. A recently-passed budget authorized the state to sell six prisons to private operators but “officials decided it was not in Ohio taxpayers’ best interest to sell additional prisons at this time,” the DRC said.

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