I have a shop that is 194 feet from the house. 250 feet from panel to sub panel. I plan to have a car lift, air compressor, lighting and fans. At max about 60 amps with everything running. What size wire should I run and Do I need to run a ground from the house panel.

With the price of wire and the cost to either bury the cable or use suport post I would just put in a new service intrance line the Utility Company will run a new line up to your service head.You would save a lot of money.