Reauthorizing EB-5

August's preliminary BLS numbers are in- this is the first time the region's employment is at over a million for two consecutive months since November of 2008.  Unemployment is listed at 4.8%.  We still have a ways to go to match the number of employed before the recession, but it appears we're headed in the right direction.  We might actually break even before 2020 or potentially surpass the amount of jobs before the recession.  More jobs = more people.  More people = population growth.  And I think we all want that  :clap:

 

                        Labor Force      Employment    Unemployment  Unemployment Rate

2008 Oct 1076143         1015488         60655             5.6

2008 Nov 1072914         1009715         63199             5.9

 

2015 Jul 1069422         1009570         59852             5.6

2015 Aug 1053142(P) 1002940(P) 50202(P)      4.8(P)

 

 

Memphis firm is bringing 150 jobs to Independence

September 27, 2015 UPDATED 3 HOURS AGO

By STAN BULLARD

 

Sedgwick Claims Management LLC, a global provider of technology-enabled claims and productivity management services, plans to establish a new operation in Independence that will add more than 150 jobs to the region.

 

Lesley Gudehus, communications director for the Memphis, Tenn.-based company, said Sedgwick is leasing about 24,000 square feet in Independence that can accommodate 154 seats. The operation will service a new Sedgwick client, the Avis Budget Group car rental company.

 

Gudehus said last Thursday, Sept. 24, that she was not able to specify the location of the new operation or to provide additional details.

 

However, David Browning, managing director of CBRE Group Inc.'s Cleveland office, confirmed Sedgwick has leased office space at Oak Tree Place, 6111 Oak Tree Blvd. CBRE represented Sedgwick as the tenant and the property owner, an affiliate of Time Equities Inc., a New York City-based real estate investment firm, in the transaction.

 

MORE:

http://www.crainscleveland.com/article/20150927/NEWS/309279987/memphis-firm-is-bringing-150-jobs-to-independence

^ "The operation will service a new Sedgwick client, the Avis Budget Group car rental company."

 

This is a gain if the company previously serving Avis is not in Cleveland AND letting people go as a result.

 

 

The 'upskilling' of Cleveland's workforce

 

Not having a reason to be is the human crisis. Developing worth is the cure. Such is the case not just for people, but for cities. Cities without uses become ghost towns, with a midway existence called “the shrinking city.” Cleveland, like many Rust Belt cities, is a so-called shrinking city. For decades now the region has fought against the anticipation of disappearing. This fight is called “economic development.”

 

Often, development policies are more instinctive than strategic. Cleveland has lost jobs, mostly manufacturing jobs. The solution, then, is to simply go get those jobs back. But manufacturing as a share of the total U.S. labor force is at an all-time low (8.69%). In Cleveland, it’s 11.7%, down from 17.1% in 2000. This does not mean manufacturing is unimportant to Cleveland. It just means that when you are in the job of job creation, new policies are needed.

 

http://www.crainscleveland.com/article/20151008/BLOGS05/151009844/the-upskilling-of-clevelands-workforce

#BREAKINGNEWS Jo-Ann Fabric and Craft Stores​ announced they were terminating 103 employees at its Hudson location. http://t.co/PqZgVpsapu

Scott Suttell ‏@ssuttell  6m6 minutes ago

Westlake-based @OnBase acquires LawLogix of Phoenix, via @ChuckSoder.

http://www.crainscleveland.com/article/20151013/NEWS/151019945/hyland-software-acquires-lawlogix-of-phoenix

Pretty big acquisition of Cleveland-based Townsend by Northstar which has eight offices in the USA (none in the Midwest), Europe and Bermuda... http://www.nsamgroup.com/contact.html

 

A press release:

 

NorthStar Asset Management Group to Acquire Majority Ownership Stake in The Townsend Group

 

NEW YORK, Oct. 15, 2015 /PRNewswire/ -- NorthStar Asset Management Group Inc. (NYSE: NSAM) today announced it has entered into a definitive agreement to acquire an approximately 85% interest in The Townsend Group ("Townsend"), a  leading global provider of investment management and advisory services focused on real assets. Founded in 1983, Townsend is the manager or advisor to approximately $180 billion of assets, designing customized strategies and building distinctive portfolios for its world-class institutional investor base.   

 

Following the closing of the transaction, Townsend's management team will own the remainder of the business and will continue to direct day-to-day operations. Subject to the terms and conditions of the purchase and sale agreement, NSAM will acquire the interest in Townsend for approximately $380 million, predominately from funds affiliated with private equity firm GTCR LLC.  NSAM has obtained a commitment for $500 million of financing which will be used to fund the transaction and for general corporate purposes, including repurchases of its common stock.  The transaction is expected to close in early 2016.

 

David Hamamoto, Executive Chairman of NSAM, commented, "We are extremely pleased with this strategic opportunity to expand and accelerate our asset management capabilities, both in the United States and internationally, with the acquisition of one of the world's premier institutional real estate asset management platforms.  Townsend, which sits at the epicenter of the global real estate market, having significant influence over $170 billion of real estate, has a brand and franchise that is second to none."   

 

Al Tylis, Chief Executive Officer of NSAM, commented, "Townsend has a culture based upon service and success, resulting in deep relationships with a client roster that includes many of the world's leading institutional investors, which will continue to benefit from Townsend's scale, scope and information advantages. Townsend's business model will be highly complementary to NSAM and, beyond the immediate expected CAD accretion to NSAM, we look forward to strong growth from this partnership and will seek to leverage each other's platforms to further create substantial value for NSAM shareholders and Townsend clients."

 

Terry Ahern, Co-Founder and Chief Executive Officer of Townsend, commented, "NSAM's long-term commitment in our firm enables us to continue to thoughtfully and responsibly develop our investment team and global platform.  We are excited to partner with a team of investment professionals recognized for their culture of creativity and thought-leadership."

 

MORE:

http://www.prnewswire.com/news-releases/northstar-asset-management-group-to-acquire-majority-ownership-stake-in-the-townsend-group-300160310.html

The Federal Reserve says the economy is humming along

http://www.businessinsider.com/fed-beige-book-october-14-2015-10

AllianceBernstein doubles down on Cleveland

October 18, 2015 UPDATED 2 DAYS AGO

Shane Bigelow

By JEREMY NOBILE

 

Global asset manager AllianceBernstein sees big potential in the Cleveland region.

 

The firm's private wealth management division, rebranded this year as AB Bernstein (formerly Bernstein Global Wealth Management), has grown into one of Northeast Ohio's largest money managers since breaking into the market through acquisition 40 years ago with about $40 million in assets under management.

 

Today, the Cleveland office in Key Tower manages roughly $4.5 billion — a sizable chunk of the near half-trillion the parent company manages worldwide. Those total local dollars rank the firm third in Northeast Ohio, according to Crain's list of largest money managers, published March 30.

 

MORE:

http://www.crainscleveland.com/article/20151018/NEWS/310189995/alliancebernstein-doubles-down-on-cleveland

A couple of other interesting tidbits from the article:

"Morikis will become just the ninth CEO in the 150-year history of Sherwin-Williams. He joined Sherwin-Williams in 1984 as a management trainee in the company’s Paint Stores Group and has held positions of increasing authority during his 31-year career."

 

Sherwin-Williams Co. sets CEO transition

October 19, 2015

By SCOTT SUTTELL 

 

The Sherwin-Williams Co. (NYSE: SHW) will start the new year with a new CEO.

 

The Cleveland-based paint and coatings giant announced Monday morning, Oct. 19, that its board of directors has elected John G. Morikis to serve as the company’s next CEO, effective Jan. 1, 2016. He also was elected to the company’s board effectively immediately.

 

Morikis, the company's president and chief operating officer since 2006, will succeed the current chairman and CEO, Christopher M. Conner, who has held those titles for 16 years. Connor will remain at Sherwin-Williams as executive chairman.

 

The company said it will conduct a conference call at 11 a.m. today to discuss the transition.

 

MORE:

http://www.crainscleveland.com/article/20151019/NEWS/151019804/sherwin-williams-co-sets-ceo-transition

Michelle Jarboe ‏mjarboe[/member]  42m42 minutes ago

Northeast Ohio home sales up 16.6% in Sept. from year before. Slowed from August. Interactive maps here: http://www.cleveland.com/business/index.ssf/2015/10/northeast_ohio_home_sales_up_1_1.html … #realestate

ACE Report: Cleveland-Akron area gains jobs in September, still lags behind nation

October 23, 2015 UPDATED 2 HOURS AGO

By JAY MILLER

 

The Northeast Ohio labor force continues to grow — it’s just growing slowly and is not keeping pace with the national economy.

 

With only 611 jobs added to a labor pool of 1.2 million workers in September, according to the latest Ahola Crain’s Employment (ACE) Report, the growth is well off the pace of the national economy. That one-month addition of 611 jobs translates into a growth rate of 0.05%, less than the 1.1% rate of job growth over the last 12 months, according to data compiled for the ACE Report by economist Jack Kleinhenz. Nationally, from September 2014, employment has grown at a 2.2% pace,

 

In his analysis, though, Kleinhenz is grateful for the positive trajectory.

 

http://www.crainscleveland.com/article/20151023/NEWS/151029911/ace-report-cleveland-akron-area-gains-jobs-in-september-still-lags

Unfortunate news.

 

http://www.wkyc.com/story/news/local/cleveland/2015/10/26/just-in-manitowoc-closing-cleveland-facility/74625656/

^Ughhh, my neighbor just started working there about 6 months ago. 

Darnit....I have a friend who works there as well.  Moved back to Cleveland a couple years ago for the job too.

Didn't they just expand here?  Ironically, Parker Hannifin has a huge plant in Manitowoc.

"This decision was also driven by the need to improve our operational efficiencies, while also meeting the demands of our customers and enabling us to compete more effectively on a global basis"

 

I swear employers are copying and pasting this garbage whenever they announce layoffs. I'm surprised "streamlining operations" wasn't included too.

^FRACK... that employer is a neighborhood anchor.  Manitowoc just expanded that space as well maybe two to three years ago.  It's no longer in Mike Polensek's ward (Jeff Johnson's now); hopefully Polensek, Johnson, and Conwell can come together to see if anything can be done to save it.

Unfortunate news.

 

http://www.wkyc.com/story/news/local/cleveland/2015/10/26/just-in-manitowoc-closing-cleveland-facility/74625656/

 

But the paint isn't yet dry on that new facility! I'd have to think someone is going to take over that plant and acquire it for a bargain.

KeyBank is buying Buffalo-based First Niagara Bank, which will significantly expand its footprint in the Northeast and make it the 13th largest bank in the country.

 

http://www.cleveland.com/business/index.ssf/2015/10/keycorp_buying_first_niagara_wi.html#incart_m-rpt-1

Cross-posted from the Euclid thread:

 

 

More big news for Euclid. We've been working on this one just short of a year. It almost went out of state, which very likely would have ended up being followed by other portions of the current campus following suit. But we made it happen.

 

I'll update as the project moves forward. No renderings or plans have been submitted yet, but likely will be within a month

 

 

Lincoln Electric announces new $30M technology center

 

Lincoln Electric will break ground next spring on a brand new state-of-the-art technology center.

 

In an exclusive interview with WKYC, company C.E.O. Christopher Mapes said the new center will serve as a $30 million investment in Northeast Ohio. "Our responsibility to the industry and our customers is to really be viewed as the welding experts. So our welding school is a 'train the trainer' model. We bring educators and trainers in and provide them information about welding technologies," Mapes explained.

 

The Euclid-based company will celebrate its 120th anniversary this December. With a global workforce of 10,000 employees, 3,000 of them work at Lincoln Electric's facilities in Euclid and Mentor. It's here, at home, that the company saw an opportunity to expand. "We recognize our responsibility in the need for qualified welders moving forward or the educational abilities for robotic and automated building. This facility should assist companies in meeting that need long term," Mapes added.

 

http://www.wkyc.com/story/money/personal-finance/career-center/2015/10/29/exclusive-lincoln-electric-announces-new-30m-technology-center/74809622/

Yay.

Wow, that's fantastic news and very cool!

KeyBank is buying Buffalo-based First Niagara Bank, which will significantly expand its footprint in the Northeast and make it the 13th largest bank in the country.

 

http://www.cleveland.com/business/index.ssf/2015/10/keycorp_buying_first_niagara_wi.html#incart_m-rpt-1

 

Huge!  I was also impressed with Key Bank's hold on the Pacific NW (from an earlier acquisition as well).  They are everywhere in Seattle/Portland https://en.wikipedia.org/wiki/KeyBank#/media/File:Keybank_footprint_2010-05.png

KeyBank is buying Buffalo-based First Niagara Bank, which will significantly expand its footprint in the Northeast and make it the 13th largest bank in the country.

 

http://www.cleveland.com/business/index.ssf/2015/10/keycorp_buying_first_niagara_wi.html#incart_m-rpt-1

 

Huge!  I was also impressed with Key Bank's hold on the Pacific NW (from an earlier acquisition as well).  There are everywhere in Seattle/Portland https://en.wikipedia.org/wiki/KeyBank#/media/File:Keybank_footprint_2010-05.png

Hopefully this brings some of the jobs from Buffalo with it. Cleveland usually gets the short end of the stick with acquisitions. It would be nice to see a reversal.

That would nice. Something has to give at Key, but all I hear about lately is people doing work above their job titles without actually being promoted.

Great news! I've been waiting for a big acquisition like this from Key. This deal makes Key just about the same size National City was before it was sold as scrap to that other bank ($135B in assets for Key-FNB vs approx $140B at NCB). Hopefully this means some new HQ and backoffice jobs in Cleveland now to help oversee the larger operations.

It will probably end up being replacing all the redundancies in Buffalo with Key employees in Cleveland (working double)....

 

The stockholders will be pleased, however, when their shares rise by $.09 next quarter....

http://www.cleveland.com/chagrin-valley/index.ssf/2015/11/whole_foods_market_leaving_woo.html#incart_river_home

 

Chagrin Road Whole Foods moving to Pinecrest in Oakwood Part 2: Electric Boogaloo.

Cleveland's unemployment rate is the lowest it's been since 2006; we still have over 50,000 less who are employed than in 2002.

 

http://www.bls.gov/eag/eag.oh_cleveland_msa.htm

The city of #Cleveland is the least-expensive housing market in the United States.

https://t.co/5aSZr584fs

Cleveland's unemployment rate is the lowest it's been since 2006; we still have over 50,000 less who are employed than in 2002.

 

http://www.bls.gov/eag/eag.oh_cleveland_msa.htm

 

We have yet to see more than 2 straight months of employment over 1M. The unemployment rate is low, but comparing April to Sept---less people are in the labor pool and less people are employed, so even though "unemployed" people went from 55,000 to 50,000 (Apr to Sept), its not really a good thing, as the number of employed people from apr to sept dropped by 10,000. And this is after two straight months of hitting the 1M mark--the first time since Nov 2008 (when we were always above 1M)--we just fell below it. I hope the Sept numbers which are preliminary are later adjusted over 1M. Though, for CLE, the Aug to Sept drop is typically around 10,000 workers.

 

I just noticed that August preliminary has been adjust upward a little bit. Now showing 1,003,600 (rounded to the nearest 100). Preliminary number was 1,002,940---so around 700 people.

Cleveland's unemployment rate is the lowest it's been since 2006; we still have over 50,000 less who are employed than in 2002.

 

http://www.bls.gov/eag/eag.oh_cleveland_msa.htm

 

Doesn't count people who have left the city or who are not actively seeking work.

 

Doesn't count people who have left the city or who are not actively seeking work.

 

Doesn't count people who have left the city -- WTF?? So then it hasn't counted people who died, haven't been born yet, haven't moved here yet, or.... No sh!t.

 

And when was the last time the employment data counted people who have stopped looking for work? If it's been a long time (and I'm pretty sure it has), then there's enough comparable data to develop a long-term trend line.

 

You almost sound disappointed the city's unemployment rate has fallen.

We're very close to what would be considered "full employment"- the region may almost be at a tipping point, or at least I would hope.

 

Doesn't count people who have left the city or who are not actively seeking work.

 

Doesn't count people who have left the city -- WTF?? So then it hasn't counted people who died, haven't been born yet, haven't moved here yet, or.... No sh!t.

 

And when was the last time the employment data counted people who have stopped looking for work? If it's been a long time (and I'm pretty sure it has), then there's enough comparable data to develop a long-term trend line.

 

You almost sound disappointed the city's unemployment rate has fallen.

 

No, but I always take a critical look at statistics because they are so easy to use in a misleading manner.  Always look at the fine print.

 

50,000 fewer people are employed.  The unemployment rate is lower. 

 

That can mean the population has shrunk or the difference between "unemployed" and "not employed".

Northeast Ohio will have 640,000 jobs to fill over next decade, Team NEO reports

 

Employers in Northeast Ohio will have 640,000 jobs to fill over the next decade, many of those high-paying jobs in the health and medical fields, according to data released Tuesday, Nov. 10, by Team Northeast Ohio, the regional business attraction and expansion nonprofit.

 

While many of those job openings will be the result of retirements or other job transitions — the region’s workforce is older on average that the nation as a whole — the employed labor force in Northeast Ohio is expected to grow by nearly 123,000 jobs over the next decade.

 

 

http://www.crainscleveland.com/article/20151110/NEWS/151119971/northeast-ohio-will-have-640000-jobs-to-fill-over-next-decade-team

^I don't know who to believe.  On one hand, I hear that NE Ohio has the most percentage of college graduate individuals.  Then this article states that we have an under-skilled labor force, hence the reason job growth will be lower hear over the next decade versus other parts of the country.  That's why I hate these statistical reports.

^I don't know who to believe.  On one hand, I hear that NE Ohio has the most percentage of college graduate individuals.  Then this article states that we have an under-skilled labor force, hence the reason job growth will be lower hear over the next decade versus other parts of the country.  That's why I hate these statistical reports.

The confusion may be around downtown and areas in the city of Cleveland which are experiencing huge growth in educational attainment, but the metro area as a whole was lacking in 2010. I believe most of the growth they've spoken of has been in the last couple of years.

I would even take it a step further by saying that recent reports do point to substantial growth in the educated population of the Cleveland metro area as a whole, but this report includes 18 counties of Northeast Ohio. Inevitably, including additional metro areas Canton and Youngstown will bring down the educational attainment rate of the Cleveland metro, which again is quickly improving, but is by no means stellar.

I would even take it a step further by saying that recent reports do point to substantial growth in the educated population of the Cleveland metro area as a whole, but this report includes 18 counties of Northeast Ohio. Inevitably, including additional metro areas Canton and Youngstown will bring down the educational attainment rate of the Cleveland metro, which again is quickly improving, but is by no means stellar.

 

I am really hoping Youngstown starts to grow closer ties with Pittsburgh.  Pittsburgh is going somewhere, and many people in this area either trace their roots to Western PA , work in Pittsburgh, or visit Pittsburgh frequently.  I see more growth in Youngstown with stronger ties to Pittsburgh versus Cleveland, which is still struggling itself to figure out where it's future economy is going.

^ Really? 

 

But now that the national economy is growing again, Pittsburgh is lagging behind, according to a report from the Brookings Institution in Washington, D.C.

 

The Pittsburgh region does not just lag behind growth in other U.S. cities, but also those of the rest of the world. When researchers at Brookings ranked 300 metropolitan areas worldwide, Pittsburgh came in 253rd for its rate of growth in 2014.

 

In a look at growth since the turn of the century, Pittsburgh had an annualized employment gain of 0.1 percent since 2000 — a third of the national average — while the gross metropolitan product per person for the region from 2000 to 2014 grew more than twice as quickly as the national gross domestic product.

 

http://www.post-gazette.com/business/pittsburgh-company-news/2015/01/23/Growing-U-S-economy-leaving-Pittsburgh-behind-report-says/stories/201501230050

There are Pittsburgh people all over NE Ohio because they came here for jobs.  Pittsburgh has its act together as a city, and it shows, and I'd love for Cleveland to follow suit in many ways.  But I cannot agree that Pittsburgh is on a better track economically.  Youngstown will always have strong ties in both directions.

Perhaps Youngstown's closer linkage to Pittsburgh is being measured by how many are wearing Steelers jackets and hats vs Browns stuff?? ;)

Perhaps Youngstown's closer linkage to Pittsburgh is being measured by how many are wearing Steelers jackets and hats vs Browns stuff?? ;)

 

Being from Youngstown myself I can assure you that there are just as many Browns hats as Steelers hats... Strangely enough I've realize that folk from the inner city and worse suburbs tend to be Steelers fans, where outer most burbs are Browns fans.. Regardless, I think Youngstown will always be split. Although, I'd understand why people wouldn't want it tied to their city considering Youngstown's crippling economy.

Pittsburgh experienced extreme growth in the oil and gas industry from 06 until about 2013/14, at which time that business starting contracting.  Take a look at the South Point development, and all of the regional headquarter buildings built there in the last 5 years for the big Texas/OK giants.  Un-real!!  Now that the industry has hit the breaks, seriously hard, they're seeing a lot of job loss as a result. 

I work in the industry, and now many poor folks that have lost their jobs as a result.  The last DUG conference I was at in Pittsburgh was terrible.  3 years ago, it was like being at the RnC, now completely bare bones, and the caliber of people attending was around the intern level just representing the company.  This loss has spread all the way to Y-town and Canton too.  Look at V&M!  Chesapeake in Canton just laid off all of their senior level leadership. 

Silicon Valley-based BrightEdge has big plans for its Cleveland office

http://www.crainscleveland.com/article/20151113/NEWS/151119880/silicon-valley-based-brightedge-has-big-plans-for-its-cleveland-office

 

Why Cleveland? The company likes the local talent pool and its inexpensive downtown real estate, especially compared with San Mateo. It wouldn’t make sense to add a lot of sales people there, Mattick said.

Silicon Valley-based BrightEdge has big plans for its Cleveland office

http://www.crainscleveland.com/article/20151113/NEWS/151119880/silicon-valley-based-brightedge-has-big-plans-for-its-cleveland-office

 

Why Cleveland? The company likes the local talent pool and its inexpensive downtown real estate, especially compared with San Mateo. It wouldn’t make sense to add a lot of sales people there, Mattick said.

Now there's some great news!

Fifty more like that and then we're a hot job market.