December 22, 20231 yr ^ Additional thought: With Embraer doing remote repairs out of CLE, they can use Ricci's airforce (Flexjet) to get parts and people to the scene. More synergy. Our ace Cleveland financial reporters have yet to pick up on this. 😏 Remember: It's the Year of the Snake
December 22, 20231 yr Preliminary numbers for CLE MSA (November) and they are too good to be true but given the positive data we definitely are expanding economically at a brisk pace. Unemployment down to 2.7%!!!!! Seasonal adjusted job growth at 40k. Not seasonally adjusted is still at 18k. Great stuff.
December 22, 20231 yr Author 45 minutes ago, cadmen said: Now let's hope a stronger economy leads to population growth. It will. It always does.
December 26, 20231 yr Lowest unemployment rate in 23 years By Ken Prendergast / December 26, 2023 For many Greater Clevelanders, they had a merry Christmas year thanks to one of the tightest job markets locally in more than two decades. According to preliminary data released late last week by the U.S. Bureau of Labor Statistics (BLS), the unemployment rate for the Cleveland-Elyria-Mentor metropolitan area was the lowest it has been since December 2000. MORE: https://neo-trans.blog/2023/12/26/lowest-unemployment-rate-in-23-years/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 28, 20231 yr An indicator of economic trends with an impact on the local taxbase "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 30, 20231 yr This a dealer for the Canadian based office furniture company, Teknion. They may have won some of the SW FF&E package given this move. APG with a storefront in Ohio City is a MillerKnoll dealer and would be the competition btw. https://www.facebook.com/officerev
December 30, 20231 yr 28 minutes ago, metrocity said: This a dealer for the Canadian based office furniture company, Teknion. They may have won some of the SW FF&E package given this move. APG with a storefront in Ohio City is a MillerKnoll dealer and would be the competition btw. https://www.facebook.com/officerev Which building?
January 9, 20241 yr Cleveland, Berea construction firms unite By Ken Prendergast / January 8, 2024 The Albert M. Higley Co., a Cleveland-based provider of construction contracting services since 1925, announced today it has merged operations with T. Allen Incorporated of Berea. The parties said that they consider this to be a strategic union which marks a pivotal moment, consolidating two esteemed companies into a formidable force within the carpentry industry. MORE: https://neo-trans.blog/2024/01/08/cleveland-berea-construction-firms-unite/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 29, 20241 yr Cleveland-based NRP Group names new CFO By Ken Prendergast / January 29, 2024 Cleveland-based NRP Group, one of the nation’s top-10 largest developers and managers of multifamily housing, has a new executive to guide the company’s strong finances through some challenging market headwinds. The change in leadership comes as a result of the retirement of the company’s longtime top financial manager. MORE: https://neo-trans.blog/2024/01/29/cleveland-based-nrp-group-names-new-cfo/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 29, 20241 yr Way to go idiots. Class Action Lawsuit Filed Against GrafTech International Ltd. (EAF) on Behalf of Investors CASE ALLEGATIONS: The GrafTech class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) GrafTech’s manufacturing operations in Monterrey, Mexico had for decades chronically contaminated neighboring communities with harmful carcinogenic gasses and particulate matter... https://www.rgrdlaw.com/cases-graftech-international-ltd-class-action-lawsuit-eaf.html
January 29, 20241 yr 2 hours ago, surfohio said: Way to go idiots. Class Action Lawsuit Filed Against GrafTech International Ltd. (EAF) on Behalf of Investors CASE ALLEGATIONS: The GrafTech class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) GrafTech’s manufacturing operations in Monterrey, Mexico had for decades chronically contaminated neighboring communities with harmful carcinogenic gasses and particulate matter... https://www.rgrdlaw.com/cases-graftech-international-ltd-class-action-lawsuit-eaf.html Hmm, maybe that's why I quit hearing back from them despite my experience with graphite and carbon contact brushes.....
January 29, 20241 yr The bad https://www.crainscleveland.com/manufacturing/nestle-usa-lay-216-workers-solon-factory The good https://www.crainscleveland.com/health-care/medical-mutual-plans-purchase-toledos-paramount-health Edited January 29, 20241 yr by cle_guy90
January 30, 20241 yr Cleveland's TransDigm used as an example of defense contractors overbilling the government on NPR's Indicator podcast: https://www.npr.org/2024/01/29/1197961492/are-we-overpaying-for-military-equipment Meanwhile, TransDigm's general counsel got paid $11 million last year: https://news.bloomberglaw.com/business-and-practice/defense-supplier-transdigm-gives-legal-chief-11-million-package
January 30, 20241 yr 2 minutes ago, ryanfrazier said: Cleveland's TransDigm used as an example of defense contractors overbilling the government on NPR's Indicator podcast: https://www.npr.org/2024/01/29/1197961492/are-we-overpaying-for-military-equipment Meanwhile, TransDigm's general counsel got paid $11 million last year: https://news.bloomberglaw.com/business-and-practice/defense-supplier-transdigm-gives-legal-chief-11-million-package Having seen the amount of paperwork required by government purchasing, and the detail of their specifications, I am often skeptical of claims that suppliers are overcharging. Though of course it happens.
January 30, 20241 yr 17 minutes ago, E Rocc said: Having seen the amount of paperwork required by government purchasing, and the detail of their specifications, I am often skeptical of claims that suppliers are overcharging. Though of course it happens. In 2019 the DOD Inspector General did a report specifically on TransDigm and found that a normal profit margin would be 15% but they were able to have some profit margins on parts over 4,000%. Apparently they were able to do this while following the regulations. It seems like TransDigm's business model is to find legal ways to have the highest profit margins on parts, including being the single source for such parts. It's working for them as the company has grown dramatically. https://media.defense.gov/2019/Feb/27/2002093922/-1/-1/1/DODIG-2019-060.PDF
January 30, 20241 yr 1 hour ago, ryanfrazier said: It seems like TransDigm's business model is to find legal ways to have the highest profit margins on parts, That is just about every company in manufacturing's ultimate business model.
January 30, 20241 yr 1 hour ago, ryanfrazier said: In 2019 the DOD Inspector General did a report specifically on TransDigm and found that a normal profit margin would be 15% but they were able to have some profit margins on parts over 4,000%. Apparently they were able to do this while following the regulations. It seems like TransDigm's business model is to find legal ways to have the highest profit margins on parts, including being the single source for such parts. It's working for them as the company has grown dramatically. https://media.defense.gov/2019/Feb/27/2002093922/-1/-1/1/DODIG-2019-060.PDF The usual way this happens, i.e. the classic $600 toilet seat example, is a part fails and the part is not stocked. This requires the manufacturer to set up a production line for a single item, produce the item, and then take down the production line. This process is affordable if the order is for a couple thousand parts, but outrageously expensive if it's only for one. The manufacturer is allowed cost plus markup on every step of the process. Thus we got the $600 toilet seat. It's all auditable and legal. (The toilet seat, by the way, was much more than a toilet seat; it was a major component of the whole lavatory that happened to include the toilet seat.) It's worth noting that the USAF and the USN have set up their own industrial facilities to employ 3-D design and manufacturing to take care of many of these single-item orders. It cuts the cost way down. Remember: It's the Year of the Snake
January 30, 20241 yr Author Cleveland within the next few months will officially have 100,000 more Eds and Meds jobs than Manufacturing. I don't personally view Cleveland as "Blue-Collar" (or "Rust-Belt"; I think "Post Rust-Belt" would be more apt if Rust-Belt were to be used at all. I'm all-in on "Water-Belt"), but of course I didn't come into young adulthood during the era when factory jobs were plentiful. The region was in flux in the early 2000s; not anymore. Dollars are needed to clean the brownfields within Cleveland and throughout the Region to give the Region a fair chance at competing with others. Once that happens, growth will follow. Edited January 30, 20241 yr by Oldmanladyluck
February 5, 20241 yr There's a nice little article in Crain's Dec 18th issue (I'm a little late reading it) about Champ Titles in the Flats West Bank, one of Weatherhead's Emergent Business winners. Champ uses blockchain to automate auto title transactions and have chalked up 4 state DMVs customers while growing to 60 employees. It sounds as if Bernie Moreno's dream of a few years ago is paying off for some folks. https://www.champtitles.com Remember: It's the Year of the Snake
February 6, 20241 yr Hannah Belsito, Chief Experience Officer at Destination Cleveland, wrote on LinkedIn that.... "Cleveland doesn't think of itself as a tech hub and yet we have 58,000 people who work in the sector. There are 13,000 open IT positions throughout the Northeast Ohio region. Ready for a relocation? We'd love to welcome you home to #TheLandforLife." Spread the word!! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 6, 20241 yr 7 hours ago, KJP said: Hannah Belsito, Chief Experience Officer at Destination Cleveland, wrote on LinkedIn that.... "Cleveland doesn't think of itself as a tech hub and yet we have 58,000 people who work in the sector. There are 13,000 open IT positions throughout the Northeast Ohio region. Ready for a relocation? We'd love to welcome you home to #TheLandforLife." Spread the word!! I hate the word "relocation", it's as much of a buzzword/euphemism as "downsize".
February 6, 20241 yr 2 hours ago, E Rocc said: I hate the word "relocation", it's as much of a buzzword/euphemism as "downsize". And also "rightsize".
March 12, 20241 yr We do seem to be merely treading water. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 12, 20241 yr 35 minutes ago, KJP said: We do seem to be merely treading water. Indeed. Which is at least better than most of the last twenty years, when we were taking on water. By the way, for this month, I compared a bunch of other metros, and the numbers elsewhere look bad too. I've also gotta say, I take these numbers with a big grain of salt. For the Cleveland metro in particular, they tend to fluctuate wildly back and forth from month to month in a way that makes me think the error bars on these estimates have to be pretty big. Also, lots of commentators have noted that the establishment survey and household survey have been very divergent for months now. So something is screwed up in the way at least one of the surveys is counting.
March 12, 20241 yr 4 hours ago, LlamaLawyer said: https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm Disappointing numbers. January is always disappointing - all the Christmas temps get laid off. Plus, this measure uses the unadjusted data; the adjusted data are a bit better looking. Remember: It's the Year of the Snake
March 18, 20241 yr yipes — Fabric and crafts retailer Joann files for Chapter 11 bankruptcy protection: What to know Story by Emily DeLetter, USA TODAY • 4h Joann, the long-running crafting and fabrics retailer, has filed for Chapter 11 bankruptcy protection in Delaware, the company announced Monday. In a statement, the Hudson, Ohio-based retailer said it has secured approximately $132 million in new financing and "related financial accommodations." It expects to reduce its funded debt by about $500 million, or half of its $1 billion total debt. https://www.msn.com/en-us/money/companies/fabric-and-crafts-retailer-joann-files-for-chapter-11-bankruptcy-protection-what-to-know/ar-BB1k6jSE
March 19, 20241 yr See suburban office market 'bloodbath' article..... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 26, 20241 yr So what impact will the disaster in Baltimore's port have on the only container port in the Great Lakes?
March 28, 20241 yr On 3/26/2024 at 5:46 PM, E Rocc said: So what impact will the disaster in Baltimore's port have on the only container port in the Great Lakes? Very little Will the Baltimore bridge disaster mean more business for the Port of Cleveland? Mar. 27, 2024 By Peter Krouse, cleveland.com CLEVELAND, Ohio – The collapse of the Francis Scott Key Bridge at the entrance to Baltimore harbor has disrupted ocean-going trade to one of the busiest ports on the East Coast, but as shippers reroute their freight it’s unlikely that much of it, if any, will pass through Cleveland. It’s possible that the Port of Cleveland could see a little more non-container cargo, such as steel, as there are already established routes for that commodity between the Great Lakes and Europe, said Will Friedman, president and chief executive officer of the Port of Cleveland. ... The large container ships are too big to make their way up the St. Lawrence Seaway to Cleveland, Friedman said, and will go to other East Coast ports, such as Norfolk, Virginia, which is on the route to Baltimore as ships make their way up the Chesapeake Bay. https://www.cleveland.com/news/2024/03/will-the-baltimore-bridge-disaster-mean-more-business-for-the-port-of-cleveland.html
March 28, 20241 yr 2 hours ago, Luke_S said: Very little Will the Baltimore bridge disaster mean more business for the Port of Cleveland? Mar. 27, 2024 By Peter Krouse, cleveland.com CLEVELAND, Ohio – The collapse of the Francis Scott Key Bridge at the entrance to Baltimore harbor has disrupted ocean-going trade to one of the busiest ports on the East Coast, but as shippers reroute their freight it’s unlikely that much of it, if any, will pass through Cleveland. It’s possible that the Port of Cleveland could see a little more non-container cargo, such as steel, as there are already established routes for that commodity between the Great Lakes and Europe, said Will Friedman, president and chief executive officer of the Port of Cleveland. ... The large container ships are too big to make their way up the St. Lawrence Seaway to Cleveland, Friedman said, and will go to other East Coast ports, such as Norfolk, Virginia, which is on the route to Baltimore as ships make their way up the Chesapeake Bay. https://www.cleveland.com/news/2024/03/will-the-baltimore-bridge-disaster-mean-more-business-for-the-port-of-cleveland.html Very little is right. To reopen the port all they need to do it clear the channel, which isn't trivial but it's not that hard either. They don't have to rebuild the bridge. Remember: It's the Year of the Snake
April 2, 20241 yr https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm February BLS. Nonfarm (establishment survey) looks pretty good (better than average for state) while labor force (household survey) looks TERRIBLE, with labor force and employment at the lowest levels since February 2022. You can get divergence between the surveys even with perfect data due to people living outside of metro and commuting into it. But I don't think that's what's happening here. One of these surveys is wrong by a substantial margin.
April 3, 20241 yr The only numbers that seem to be way out of whack are labor force and especially employment. I mean, how do we go from 2.8-3 percent unemployment to 4.3-4.6 in just a month or two?? They're the only inconsistencies among the others which appear more in sync with trend lines. If it is real, what in the world is going on? We do have seasonal fluctuations but not like that! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 3, 20241 yr On 4/2/2024 at 11:23 AM, LlamaLawyer said: https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm February BLS. Nonfarm (establishment survey) looks pretty good (better than average for state) while labor force (household survey) looks TERRIBLE, with labor force and employment at the lowest levels since February 2022. You can get divergence between the surveys even with perfect data due to people living outside of metro and commuting into it. But I don't think that's what's happening here. One of these surveys is wrong by a substantial margin. I've seen some stories recently about how polling/household surveys just aren't getting good data any more. Here's one (paywall) https://www.wsj.com/us-news/data-quality-is-getting-worse-when-we-might-need-the-numbers-most-749bd63d Fewer landline phones, the proliferation of spam telemarketers means that many people won't answer calls from numbers they don't know, and a lot of other factors are at play. I suspect that this is a problem with the economic data as well. If we can't get good data we'll make more bad decisions.
April 4, 20241 yr 22 hours ago, Foraker said: I've seen some stories recently about how polling/household surveys just aren't getting good data any more. Here's one (paywall) https://www.wsj.com/us-news/data-quality-is-getting-worse-when-we-might-need-the-numbers-most-749bd63d Fewer landline phones, the proliferation of spam telemarketers means that many people won't answer calls from numbers they don't know, and a lot of other factors are at play. I suspect that this is a problem with the economic data as well. If we can't get good data we'll make more bad decisions. The response rate for both surveys has declined, unfortunately. On 4/3/2024 at 7:14 AM, KJP said: The only numbers that seem to be way out of whack are labor force and especially employment. I mean, how do we go from 2.8-3 percent unemployment to 4.3-4.6 in just a month or two?? They're the only inconsistencies among the others which appear more in sync with trend lines. If it is real, what in the world is going on? We do have seasonal fluctuations but not like that! The household survey seems obviously suspect because a y/o/y 2% decrease in labor force (with an accompanying fall in unemployment) seems implausible. But I wouldn't assume the establishment survey is accurate either. They do lots of seasonal adjustments and the "birth death" adjustment, which tend to smooth out the trends, but the methodology of these adjustments is at times suspect. Because a significant part (10%+) of the workforce is self employed, the establishment survey has to guess how many of these people there are. Also, by the way (since data for other cities is out now too) among large Ohio metros, Cleveland posted the only Jan.-Feb. loss in household survey while also posting the largest gain in the establishment survey by a factor of two. So I think something is extra fishy with the Cleveland numbers, since Columbus, Cincinnati, Dayton, Akron, and Toledo were all relatively flat in both categories, while Cleveland had huge loss in one, big gain in the other.
April 5, 20241 yr Author The numbers seem to be adjusted way down from just a couple of months ago, where the region had multiple months of 1.8% growth according to the BLS. These adjustments always throw me off- what are the real numbers? How could the BLS be so wrong for so long throughout the last year if these ARE the real numbers? We’ll never know.
April 12, 20241 yr In the first quarter of 2024, northeastern Ohio companies raised $192.4 million, about 70% in venture debt, as opposed to venture capital. Venture debt is a more conservative investment which still has some participatory features. I don't have last year's data handy, but I believe this is a big increase - and more typical of pre-Covid numbers. https://www.bizjournals.com/cleveland/inno/stories/fundings/2024/04/11/spr-therapeutics-led-neo-vc-fundings-q1.html Remember: It's the Year of the Snake
April 20, 20241 yr https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm March BLS #s are out, and are somewhat more positive than February. They still basically don’t make sense, with the establishment survey showing an almost 1.5% y/o/y gain while the household survey shows a roughly 1.5% y/o/y decline…
April 29, 20241 yr Team Wendy expansion plan includes 200 new jobs KIM PALMER April 29, 2024 Quote Team Wendy plans to move production lines and jobs from California to Cleveland as part of a $15 million project approved Monday, April 29, for a 10-year tax credit by the Ohio Tax Credit Authority. The global manufacturer of head protection for the military, law enforcement, search and rescue, first responders and recreation markets will receive a 1.972% credit to help expand capacity at the company's South Collinwood location, 17000 St. Clair Ave. The expansion project is expected to add 200 jobs, doubling the company's Cleveland workforce, and generating $15 million in new annual payroll. https://www.crainscleveland.com/manufacturing/team-wendy-expansion-plans-will-double-current-cleveland-workforce
April 29, 20241 yr 15 minutes ago, Luke_S said: Team Wendy expansion plan includes 200 new jobs KIM PALMER April 29, 2024 https://www.crainscleveland.com/manufacturing/team-wendy-expansion-plans-will-double-current-cleveland-workforce This is pretty good news. It means Avon Protection, a UK company that owns Team Wendy, is closing Irvine and moving new product lines (other than head protection) to Cleveland. That leaves Avon with two locations in the US - Cadillac, MI and Cleveland. Ancora (local investment bankers) own 5.1% of Avon and are pushing to company to act more aggressively. It would not be a surprise to see US management centralized in Cleveland. Full disclosure: I own a very few shares of Avon. Remember: It's the Year of the Snake
April 29, 20241 yr ^ Good news. IIRC The LinkedIn algorithm served me up a job at Team Wendy around a year ago. Although it isn’t a sector I’d want to work in, I did give it the once-over, because it piqued my interested in that it was based out of the office in Cleveland. So, in retrospect, this move may have been in the works for a while. My hovercraft is full of eels
May 8, 20241 yr From Philadelphia to Cleveland, granola butter manufacturer has relocated production to a 50,000-square foot space in Brooklyn Heights. “Finding a food-grade manufacturing facility is like a needle in a haystack.” founder Ali Bonar said. She had never been to Cleveland before she found the space. In August 2023, she and Katz visited for 24 hours on a beautiful summer day and fell in love. “I’m like, why does no one talk about Cleveland?” Oat Haus relocates to Greater Cleveland with indulgent allergen-free granola butter Updated: May. 06, 2024, 11:03 a.m.| Published: May. 06, 2024, 8:11 a.m. By Alex Darus, cleveland.com CLEVELAND, Ohio — Granola and nut butter are nearly required modern-day breakfast foods in America. Especially in the 21st Century, the world of nut butter has exploded far beyond peanut butter. Whether you opt for raw almond butter or chocolatey Nutella, spreads are a pantry staple for many foodies. For those people who avoid nuts for allergies or personal preference, Oat Haus created a delicious spread that combines the idea of nut butter with the warm flavor of granola. https://www.cleveland.com/entertainment/2024/05/oat-haus-relocates-to-greater-cleveland-with-indulgent-allergen-free-granola-butter.html Edited May 8, 20241 yr by MuRrAy HiLL
May 8, 20241 yr Kind of disappointing that the Oathaus founder says, “So we’ll be here until we sell the business pretty much.” Five years? Remember: It's the Year of the Snake
May 17, 20241 yr April BLS numbers for Cleveland look pretty good. Still down a little y/o/y. https://www.bls.gov/regions/midwest/oh_cleveland_msa.html Ohio has now shed jobs for four consecutive months. My gut tells me, Q2 2024 will be labeled the start of a recession. But that’s just a guess.
May 22, 20241 yr On 5/17/2024 at 12:45 PM, LlamaLawyer said: April BLS numbers for Cleveland look pretty good. Still down a little y/o/y. https://www.bls.gov/regions/midwest/oh_cleveland_msa.html Ohio has now shed jobs for four consecutive months. My gut tells me, Q2 2024 will be labeled the start of a recession. But that’s just a guess. Recessions are determined nationally, and there is nothing to back up the notion that we are in a recession nationally.
May 22, 20241 yr 5 hours ago, X said: Recessions are determined nationally, and there is nothing to back up the notion that we are in a recession nationally. Ohio is not the only state with job growth stagnation over the last few months, though some states have had very good growth. California and Washington, among others, have lost jobs in recent months. And the U.S. employment-population ratio is also down y/o/y, meaning there are fewer employed people per capita compared to a year ago. But I maintain it’s just a guess. It’s possible we won’t enter recession for months. It’s also possible the 10y-3m curve will fail to predict a recession for the first time ever.
May 22, 20241 yr I think the term recession is pretty outdated as it is. Regardless of GDP growth, a lot of people in traditionally mid- to- higher wage jobs are in the midst of a dreadful job market. The 30+ trillion dollar deficit in conjunction with an aging population, collapsing education and educators, and the upcoming fallout from commercial real estate's meltdown and AI's further destruction of the job market = how can anyone truly be bullish on this and the near future economy.
May 23, 20241 yr Funny how many of us are so pessimistic yet we're enjoying life and living well today. So the only things we can control are under control. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
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