January 26, 20205 yr SUNDAY, JANUARY 26, 2020 Ohio's largest metros are carrying the state's economy When it comes to describing Ohio's economy, there's the 3Cs and then there's everyone else. With a few exceptions, if you want to find a job in Ohio, the best place to look is Ohio's three largest metropolitan areas -- Columbus, Cincinnati and Cleveland. Consider that, since the start of 2015, Ohio has gained 227,000 jobs, according to the U.S. Bureau of Labor Statistics. The 3Cs accounted for 216,000 of those new jobs. But it gets more compelling than that. If you add in the employment data from Ohio's next three largest metro areas -- Dayton, Toledo and Akron -- the employment growth from the state's six largest metro areas grew by 245,000 jobs. In other words, Ohio would have lost 18,000 jobs in the last five years if it wasn't for Ohio's largest metro areas. It's safe to say that Ohio's six largest metro areas and especially its three largest are carrying the state's economy. MORE: https://neo-trans.blogspot.com/2020/01/ohios-largest-metros-are-carrying.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 26, 20205 yr 43 minutes ago, KJP said: SUNDAY, JANUARY 26, 2020 Ohio's largest metros are carrying the state's economy When it comes to describing Ohio's economy, there's the 3Cs and then there's everyone else. With a few exceptions, if you want to find a job in Ohio, the best place to look is Ohio's three largest metropolitan areas -- Columbus, Cincinnati and Cleveland. Consider that, since the start of 2015, Ohio has gained 227,000 jobs, according to the U.S. Bureau of Labor Statistics. The 3Cs accounted for 216,000 of those new jobs. But it gets more compelling than that. If you add in the employment data from Ohio's next three largest metro areas -- Dayton, Toledo and Akron -- the employment growth from the state's six largest metro areas grew by 245,000 jobs. In other words, Ohio would have lost 18,000 jobs in the last five years if it wasn't for Ohio's largest metro areas. It's safe to say that Ohio's six largest metro areas and especially its three largest are carrying the state's economy. MORE: https://neo-trans.blogspot.com/2020/01/ohios-largest-metros-are-carrying.html Now hopefully we can gain some political clout as well and drag our state into the 21st century!
January 28, 20205 yr Brookings report argues for federal investment in combating U.S. tech imbalance Federal government intervention will be needed to combat the country's crisis of excessive tech concentration and several Ohio cities are ripe to become one of a handful of new growth centers, according to a report by the Brookings Institution. Ohio is one of 19 states the authors of "The case for growth centers: How to spread tech innovation across America" say have the potential to become new regional innovation centers. ...According to the report, the cities of Cleveland, Akron, Dayton, Columbus and Cincinnati exemplify the attributes needed for a growth center based on size, existing innovation capacity, the skill base of local labor and distance from existing major tech hubs. https://www.crainscleveland.com/government/brookings-report-argues-federal-investment-combating-us-tech-imbalance "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 10, 20205 yr Speaking of the above article, maybe Ohio cities could take advantage of what's in the article below.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 19, 20205 yr Small but interesting item: Fund that Flip, a New York and Cleveland lender to builders/flippers, today is offering its latest mortgage participation notes yielding 8.25% for a Cleveland project, 8.00% for a Columbus project, but 8.75% for projects in New York and Miami. NOW who's the sound investment? Remember: It's the Year of the Snake
March 2, 20205 yr Per the City of Dayton's Facebook page: "The Dayton region has again ranked number one for economic development projects among mid-sized metros in the Site Selection magazine Governor's Cup rankings. " Some other highlights from the article: Quote As for the number of Midwestern metros on our list, he says, “We’ve done a fair amount of work in Ohio, and Cincinnati and Columbus always seems to attract attention and growth. Those are the areas that seem to be desirable to people. Quote Dayton Gets It Done Among the growing companies in No. 1 Tier-2 metro Dayton-Kettering, Ohio, were Abbott Labs, Crocs, GM, Cil Isotope Separations, Heraeus Precious Metals, GE Aviation Systems and Conagra. Their number also includes advanced logistics technology firm VyrtX, which in January announced it was uniting with Connecticut-based Aquiline Drones to deliver the world’s first high-speed drone delivery system for human organs. More Below: https://siteselection.com/issues/2020/mar/top-metros-fresh-faces-in-gateway-places.cfm?fbclid=IwAR0j6vwfUhO3cS28qG1UIq-ZJ9-TZ2VQ_pBNINaRWMh2hbJi_K5GG0lhneU “To an Ohio resident - wherever he lives - some other part of his state seems unreal.”
March 3, 20205 yr On 2/10/2020 at 6:44 PM, KJP said: Speaking of the above article, maybe Ohio cities could take advantage of what's in the article below.... The internet, in the early days at least, seemed to promise an economy dispersed all over the United States. It was purported to offer the opportunity of being able to escape concentrated economies such as finance in NYC and automaking in Detroit. While Silicon Valley and Seattle were still important in the '80s and the first half of the '90s, AOL was in Vienna, VA Compuserve was in Columbus and Prodigy was in White Plains, NY. Then there were all those local ISPs located in every small town. But now when the internet gets people's money a Giant Sucking Sound can be heard coming from Seattle and San Francisco.
March 19, 20205 yr So even after the Kasich years, when the state cut millions of dollars which used to go directly to cities- causing many to raise their taxes to cover the difference... Ohio is still NOT in a position to cover unemployment for an extended period of time?
March 19, 20205 yr On 3/2/2020 at 7:10 PM, GCrites80s said: The internet, in the early days at least, seemed to promise an economy dispersed all over the United States. It was purported to offer the opportunity of being able to escape concentrated economies such as finance in NYC and automaking in Detroit. While Silicon Valley and Seattle were still important in the '80s and the first half of the '90s, AOL was in Vienna, VA Compuserve was in Columbus and Prodigy was in White Plains, NY. Then there were all those local ISPs located in every small town. But now when the internet gets people's money a Giant Sucking Sound can be heard coming from Seattle and San Francisco. Because corporate consolidations are the name of the game. This was a country that came to hate monopolies or at least oligopolies by the late 1800s and early 1900s with regulation ushering in the end of the Gilded Age. Carter's deregulation began to unravel it and the Reagan revolution allowed an open season of corporate takeovers, killing Fortune 500 HQs in most cities without a saltwater port. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 19, 20205 yr 3 hours ago, Oldmanladyluck said: So even after the Kasich years, when the state cut millions of dollars which used to go directly to cities- causing many to raise their taxes to cover the difference... Ohio is still NOT in a position to cover unemployment for an extended period of time? Last I saw, the rainy day fund has about $2.7 billion in it. If the average unemployed person gets $500/week from unemployment, that would mean they could fund unemployment for about 100k people for a single year before it's dried up. That's a lot of assumptions, including they extend unemployment benefits to go beyond 26 weeks, assuming the average collection is $500/week, the rainy day fund isn't used for other things during this time, etc. And I might not be thinking of something (administrative costs, etc).
April 13, 20205 yr No surprise I’m sure, but Looks like the hit to municipal budgets is going to hurt. And Ohio is especially vulnerable. https://www.brookings.edu/blog/the-avenue/2020/03/31/when-will-your-city-feel-the-fiscal-impact-of-covid-19/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosam&stream=top
April 13, 20205 yr It's going to be interesting to see how Dayton fares in all of this. A fairly large portion of jobs are with the federal government or medical services, and money is still flowing freely through those two industries. “To an Ohio resident - wherever he lives - some other part of his state seems unreal.”
April 13, 20205 yr The "mining" employment figure also includes construction. And from everything I can tell, construction is increasing in Ohio's largest cities. Construction employment was up 8 percent YOY in January and February in Cleveland. Roadwork was moved up in the 3Cs to take advantage of the reduced traffic. Real estate construction continues unabated. But construction activity may suffer if the shutdown continues, with less gas tax revenue and no agreement yet on a federal infrastructure stimulus package. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 13, 20205 yr 1 hour ago, Enginerd said: No surprise I’m sure, but Looks like the hit to municipal budgets is going to hurt. And Ohio is especially vulnerable. https://www.brookings.edu/blog/the-avenue/2020/03/31/when-will-your-city-feel-the-fiscal-impact-of-covid-19/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosam&stream=top For some cities, this might be a 'katrina' moment forcing lasting reform in the longer term while others will quickly return to their established tax structures because the pressure for change will be only short term.
April 13, 20205 yr This is definitely showing which cities are and aren't financially sound - just follow along with the news stories as to which ones are already laying people off or cutting services. Alot of Cleveland suburbs have, even ones which I thought would have been able to weather this a bit better than others (ex Broadview Hts). The city I work for has not had to make any cuts as of yet, mostly because our first quarter income tax receipts came in well ahead of what was expected and budgeted for. I also don't buy the line from some of the city's who are laying people off that they are doing it because "there is nothing for them to do". There is always something to do, and aren't municipal governments "known" for being chronically behind on work? We are definitely keeping busy.
April 13, 20205 yr ^So where does Lincoln, NE (or cities that are not on the list like NYC, LA, etc.) get their general fund revenues from that are more secure than the ohio cities and others at the top of that Brookings list?
April 13, 20205 yr I do know that Columbus and Cincinnati have some of the highest numbers of fast food restaurants per capita in the U.S. and by proxy, the world.
April 13, 20205 yr 12 minutes ago, Pugu said: ^So where does Lincoln, NE (or cities that are not on the list like NYC, LA, etc.) get their general fund revenues from that are more secure than the ohio cities and others at the top of that Brookings list? From the article: A city that generates the majority of its revenue from sales or income taxes will be hit hard and immediately when it experiences such consumer declines and job losses. A city that relies on property taxes, however, will not experience such an immediate collapse in its revenues.
April 13, 20205 yr Oh, Columbus is extremely dependent on payroll/income tax with 76.6% of city revenue coming from them. Property taxes are only 5.9% despite being very high for the taxpayer. https://www.bizjournals.com/columbus/news/2020/03/20/dependent-on-income-tax-columbus-city-budget.html Dublin is at 94% income and Groveport is about that as well.
April 13, 20205 yr 4 hours ago, GCrites80s said: I do know that Columbus and Cincinnati have some of the highest numbers of fast food restaurants per capita in the U.S. and by proxy, the world. To our detriment. What a thing for which to be known.
May 4, 20205 yr Ohio is having a big year in Site Selection rankings https://www.crainscleveland.com/scott-suttell-blog/ohio-having-big-year-site-selection-rankings "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 5, 20205 yr AWP has more than 80 locations across 21 states. It employs about 4,000, according to a company spokeswoman. About 100 of the new hires will be in the Cleveland-Akron-Canton area. Area Wide Protective plans to hire up to 1,000 workers https://www.crainscleveland.com/transportation/area-wide-protective-plans-hire-1000-workers "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 5, 20205 yr 6 minutes ago, KJP said: AWP has more than 80 locations across 21 states. It employs about 4,000, according to a company spokeswoman. About 100 of the new hires will be in the Cleveland-Akron-Canton area. Area Wide Protective plans to hire up to 1,000 workers https://www.crainscleveland.com/transportation/area-wide-protective-plans-hire-1000-workers If there is anything the Ohio economy generates is the need for people to shuffle orange barrels and cones! ?
May 8, 20205 yr I followed up with Damon with a question about demand locally.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 11, 20205 yr On 5/8/2020 at 8:53 AM, KJP said: I followed up with Damon with a question about demand locally.... Hmm. He seems to be off with his concern with the Cbus warehouse market considering over a million square feet of speculative warehouse space is moving forward despite Covid-19. Sure, the companies he mentioned are players, but there are many more, including Amazon, that aren't struggling. I would imagine that that extra space would be gobbled up even if those companies went under. Columbus is becoming a major distribution/logistics hub for e-commerce and e-commerce is doing fine during Covid. This article is from a few days ago and explains: Another big speculative project starting in West Jefferson A new 1.13 million speculative warehouse has received approvals to begin construction at 70 Enterprise Parkway, near the I-70 exit at Urbana-West Jefferson Road. It's the latest new warehouse in a growing cluster of industrial space in the vicinity of the Exit 80 interchange. Developed by Core5 Industrial Partners, the building and 62-acre site will feature a 40-foot clear height and will have options for about 400 parking spaces and about 500 trailer spaces. Rick Trott of CBRE is managing leasing for the site, which has an anticipated delivery date in the second quarter of 2021. "Madison County experienced a lot of industrial development activity in the in 2019, and we're continuing to see strong interest and activity in 2020," said David Kell, executive director of Madison County Future Inc., the regional economic development organization. ... Atlanta-based Core5 is also developing a smaller project across town, a 432,000-square-foot warehouse in Etna Township that will also be ready in the second quarter of 2021. The busy Park 70 at West Jefferson industrial center next to this site, developed by Duke Realty, already includes distribution centers for Kellogg's, FedEx, Target and Ace Hardware. Duke has envisioned almost 400 acres ready for building to the north as the market demands it. To the south, a joint venture of Hillwood and Continental Real Estate Cos. is finishing a speculative 840,000-square-foot distribution center building. Next to it, Pizzuti Cos. announced last year it would build two new speculative warehouses. No tenants have yet been signed for the three buildings, Kell said. While the Covid-19 pandemic has upended many other sectors of real estate, brokers predict industrial development, especially in Central Ohio, will not be impacted in the same way. The region has already seen healthy activity as an e-commerce node, and the pandemic has accelerated the pace that people shopping from home. More here: https://www.bizjournals.com/columbus/news/2020/05/07/another-big-speculative-project-starting-in-west.html
May 12, 20205 yr 2 hours ago, GCrites80s said: You're talking long-term while he's talking short term. Do you think warehouse leasing will be hit hard in the short term in Columbus?
May 12, 20205 yr New signings will be delayed, yes. Not sure if it will be severe enough to be considered hit hard. Retail orders are certainly down. In apparel, a lot of things that sat in stores during Spring will go straight to Burlington Coat Factory and other outlets from now being out of season. That means those items may have to be warehoused for a time so short-term flex space might actually be in higher demand.
May 12, 20205 yr 8 hours ago, TH3BUDDHA said: Hmm. He seems to be off with his concern with the Cbus warehouse market considering over a million square feet of speculative warehouse space is moving forward despite Covid-19. Sure, the companies he mentioned are players, but there are many more, including Amazon, that aren't struggling. I would imagine that that extra space would be gobbled up even if those companies went under. Columbus is becoming a major distribution/logistics hub for e-commerce and e-commerce is doing fine during Covid. He is off with his concern about the Columbus warehouse market. It's actually one of the strongest in all of the region's real estate markets. Mostly because the warehousing is heavily into the e-commerce business. Three Amazon fulfillment centers, plus warehousing centers for Kellogg's, FedEx, Target, Ace Hardware, Medline, and a bunch of others, plus a huge UPS hub, and a massive multi-modal distribution hub at Rickenbacker Airport. C-bus will get hit like any other city or region. But if he wants to know the strength of the e-commerce market in Central Ohio, consider these two things: (1) Amazon and the other e-commerce warehouses are advertising for jobs while everyone else is getting laid off; and (2) While the passenger-focused John Glenn Airport lost 95% of its traffic during this pandemic, the cargo-focused Rickenbacker only lost 3%.
May 12, 20205 yr @Columbo your turning this into some kind of personal issue. The guy is just talking about exposure to the industrial market. Like take a zanny. We get it, Columbus is the fastest growing region in the Western Hemisphere.
May 12, 20205 yr 2 minutes ago, Metz44 said: @Columbo your turning this into some kind of personal issue. The guy is just talking about exposure to the industrial market. Like take a zanny. We get it, Columbus is the fastest growing region in the Western Hemisphere. It looks like it is you that needs to calm down.
May 12, 20205 yr 13 hours ago, Metz44 said: @Columbo your turning this into some kind of personal issue. The guy is just talking about exposure to the industrial market. Like take a zanny. We get it, Columbus is the fastest growing region in the Western Hemisphere. How is this personal in any way? I literally just saw a tweet that was at odds with what I've been reading about the central Ohio warehouse market. I was interested in hearing about why there were such differing mindsets, so I just wanted some more opinions. Maybe this guy is completely off about the Cleveland market as well. I just don't read enough about the Cleveland market to comment on that. Edited May 12, 20205 yr by TH3BUDDHA
May 15, 20205 yr Heads up that today the Cleveland City Club is having a forum today on policy priorities going forward in the covid world. Starts at 12:30. From the City Club: "After sheltering in place for nearly two months, Ohioans – and Ohio's economy – are beginning to emerge and prepare for a new reality. The public health and economic crisis brought on by the coronavirus has had dramatic and far-reaching implications. In response, Republicans and Democrats have proposed dozens of bills covering everything from paid family leave to the sales tax that people pay on personal protective equipment to increasing COVID-19 testing and tracing. But the pandemic has cost Ohio's government about $1 billion in lost revenue, resulting in Governor DeWine's announcement of $775 million in budget cuts over the next two months. As Ohio lawmakers return to work for the first time since March 25, what policy responses will be prioritized? Featuring Sen. Nickie J. Antonio, Ohio, District 24 and Sen. Matt Dolan, Ohio, District 23."
May 15, 20205 yr Come to Ohio's 3Cs!! Or the DTACYs! Covid-19 May Fuel Migration From High-Cost Cities, Analyst Says https://www.bloomberg.com/news/articles/2020-05-11/covid-19-adds-fuel-to-great-migration-from-high-cost-cities "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 29, 20205 yr Coronavirus may cut the superstar city down to size Tech trend bleeds megacities, boosts heartland https://www.axios.com/coronavirus-superstar-cities-716a12a8-d962-4fb4-9503-9c457a2688ff.html Edited May 29, 20205 yr by KJP "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 9, 20204 yr If they really want to create fiscal moats around each Ohio city, then they cut off the flow of tax dollars its citizens and businesses pay to build/maintain suburban/rural roads, provide grants/loans for suburban/rural business investments, suburban/rural social programs, and more... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 21, 20204 yr https://jfs.ohio.gov/RELEASES/unemp/202008/index.stm Ohio's July unemployment rate of 8.9% is 1.3% below the national average of 10.2%. For June, Ohio's unemployment rate was 11% while nationwide it was 11.1%.
September 9, 20204 yr "If Ohio were a separate country, it would be the 36th largest national economy in the world." I'd never heard it in those terms before. 36th is not bad. Taken from Farmers National Bank rport to shareholders: https://archive.fast-edgar.com/20200909/A62ZS22EZZ2R42Z2229M2CYN6WFWZZ22NI22/ Remember: It's the Year of the Snake
October 9, 20204 yr A Root Insurance IPO would finally launch Ohio into high-flying VC market Root Inc., the parent of Columbus-based Root Insurance Co., registered this week to bring a new species to the state: a high-flying venture-backed tech IPO. "There has never been venture-backed company from Ohio that has gone public at more than $1 billion (value)," said Steve Salopek, senior lecturer in finance at Ohio State University and a former investment manager. ... Ohio's first tech unicorn, valued at greater than $1 billion, was Columbus' CoverMyMeds when McKesson acquired it three years ago. The state hasn't seen a huge tech IPO yet because the state's efforts to attract venture capital started just over a decade ago, Salopek said. “These companies in terms of venture, they are relatively young,” Salopek said. “You’re just not far enough into the investment cycle for us to be seeing billion-dollar IPOs at this point. “Easily within the next five years, you’re going to see a number of them, as Ohio matures.” https://www.bizjournals.com/columbus/news/2020/10/08/where-root-valuation-ranks-among-ohio-ipos.html Edited October 9, 20204 yr by TH3BUDDHA
October 22, 20204 yr I could post this in one of the city-specific retail threads but it would probably be better posting it here.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 31, 20204 yr Is this the best place to post this? This seems significant: https://www.bizjournals.com/columbus/news/2020/12/30/dewine-signs-commercial-real-estate-legislation.amp.html?__twitter_impression=true
December 31, 20204 yr 10 minutes ago, Zyrokai said: Is this the best place to post this? This seems significant: https://www.bizjournals.com/columbus/news/2020/12/30/dewine-signs-commercial-real-estate-legislation.amp.html?__twitter_impression=true This news was posted by @KJP in a number of different threads a few days ago with a long and detailed blogpost giving history and analyzing.
December 31, 20204 yr 34 minutes ago, Htsguy said: This news was posted by @KJP in a number of different threads a few days ago with a long and detailed blogpost giving history and analyzing. Definitely missed those. I'm so dumb. I didn't realize they'd be posted in specific threads and I was searching for a very broad "Ohio All" thread to post it in. Thanks!
December 31, 20204 yr 8 minutes ago, Zyrokai said: Definitely missed those. I'm so dumb. I didn't realize they'd be posted in specific threads and I was searching for a very broad "Ohio All" thread to post it in. Thanks! Well I certainly don't think missing one or two posts makes you dumb. We have been following this legislation for more than three years in the Cleveland Nucleus thread since the attorneys for the developer were behind its submission. It has been like a soap opera. @KJP posted the good news and his blogpost in that thread and in general development threads for various cities since the legislation obviously affects projects throughout the state. What is ironic is that there is no guarantee that the tortured Nucleus project will earn a credit since the competition will be fierce.
December 31, 20204 yr This is probably a fine place to discuss the overall economic impact of the new tax credits on the state's economy.
December 31, 20204 yr 5 hours ago, Zyrokai said: Is this the best place to post this? This seems significant: https://www.bizjournals.com/columbus/news/2020/12/30/dewine-signs-commercial-real-estate-legislation.amp.html?__twitter_impression=true @Zyrokai It's tremendously significant. I've written a lot about the TMUD tax credit program, especially in these recent articles.... I broke the story about the signing here: https://neo-trans.blogspot.com/2020/12/megaproject-tax-credit-signed-into-law.html And I wrote this piece identifying 30 Cleveland-area projects that could qualify as TMUDs: https://neo-trans.blogspot.com/2020/11/29-cleveland-area-megaprojects-that-may.html I'm working on another article to try and figure out how many projects may win tax credits statewide before the program sunsets (maybe) on June 30, 2023. I probably won't have the article done until until this weekend. But I'm pretty sure there's going to be at least a few construction cranes over each of Ohio's downtowns in the next few years as a result of this program. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 31, 20204 yr 5 minutes ago, KJP said:But I'm pretty sure there's going to be at least a few construction cranes over each of Ohio's downtowns in the next few years as a result of this program. @KJP Do you get the sense that projects which are close to shovel ready, such as City Club Apartments or Circle Square in Cleveland, might now be delayed while they seek these incentives?
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