June 9, 20178 yr What is the banking hub of the Midwest? There is NYC on the east coast. Charlotte in the southeast. SF and Seattle out west. I would assume Chicago... I've learned over the past year that the "Federal Reserve" cities have a distinct advantage over others. I am not knowledgeable enough as to why this is the case, but I do not that locations in FedRes cities can be sipositive on some bank's decision to move. JP Morgan Chase keeps an office in the Aecom Building, despite recent downsizing in Cleveland, for that reason. RBS and Royal Bank of Canada also made calculated moves to open offices in Cleveland, despite the fact that neither does substantial retail banking business here.
June 9, 20178 yr What is the banking hub of the Midwest? There is NYC on the east coast. Charlotte in the southeast. SF and Seattle out west. I would assume Chicago... Chicago, without question. San Francisco dominates the West; Miami, Atlanta, and Charlotte tend to intermingle in the Southeast; NYC is obvious for the Northeast. "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
June 9, 20178 yr Looks like Minny outdoes Chicago: http://www.charlotteobserver.com/news/business/banking/article152038502.html
June 9, 20178 yr I've learned over the past year that the "Federal Reserve" cities have a distinct advantage over others. I am not knowledgeable enough as to why this is the case' date=' but I do not that locations in FedRes cities can be sipositive on some bank's decision to move. JP Morgan Chase keeps an office in the Aecom Building, despite recent downsizing in Cleveland, for that reason. RBS and Royal Bank of Canada also made calculated moves to open offices in Cleveland, despite the fact that neither does substantial retail banking business here.[/quote'] I'd be interested to learn more about this if anyone knows more! Chicago' date=' without question. San Francisco dominates the West; Miami, Atlanta, and Charlotte tend to intermingle in the Southeast; NYC is obvious for the Northeast.[/quote'] I'd Say NYC is more about the US, not the Northeast.
June 9, 20178 yr Looks like Minny outdoes Chicago: http://www.charlotteobserver.com/news/business/banking/article152038502.html Chicago is a Mecca for commodities. Still finance, just not in the same form as Minn, Charlotte, Houston, etc
June 9, 20178 yr http://www.crainscleveland.com/article/20170609/NEWS/170609804/cbiz-acquires-philadelphia-private-equity-consultant-cmf-associates?utm_campaign=socialflow&utm_source=twitter&utm_medium=social This is great. Seeing acquisitions from a private equity firm based here is HUGE in arranging financing for our emerging growth companies.
June 10, 20178 yr I see it was their second such acquisition in this young month. EDIT: I was nosing around on CBIZ's website and I had no idea they were that big -- 100 offices and 4,000 associates. They make no bones about wanting to grow into a billion-dollar company. Now if we could just get them to move their headquarters from Independence to downtown Cleveland. :) "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 10, 20178 yr I don't think we can continue to wait for the new economy to take root naturally in our city. I feel like we need to pursue policies that encourage that growth more rapidly. That's the problem with Cleveland, in my view. It's not that things are going in the wrong direction. Things are going in the right direction in the city, but it's not happening fast enough. We need to speed it up ... Cleveland today reminds me of Washington in the late 90's, when DC was emerging from the crime and corruption of the Marion Barry days. Lots was happening, but it wasn't falling-ton-of-bricks obvious. I'm not comparing any Cleveland politician to Marion Barry; my point is the city was so used to bad news that it ignored the good, even when there was lots of good. From three hundred miles away, I see lots of good in Cleveland today. Still, I can understand your impatience. Don't get me wrong. I'm a Cleveland optimist, not a pessimist. I would just like to see the progress sped up. I do believe there's ways to make that happen
June 10, 20178 yr I don't think we can continue to wait for the new economy to take root naturally in our city. I feel like we need to pursue policies that encourage that growth more rapidly. That's the problem with Cleveland, in my view. It's not that things are going in the wrong direction. Things are going in the right direction in the city, but it's not happening fast enough. We need to speed it up ... Cleveland today reminds me of Washington in the late 90's, when DC was emerging from the crime and corruption of the Marion Barry days. Lots was happening, but it wasn't falling-ton-of-bricks obvious. I'm not comparing any Cleveland politician to Marion Barry; my point is the city was so used to bad news that it ignored the good, even when there was lots of good. From three hundred miles away, I see lots of good in Cleveland today. Still, I can understand your impatience. Don't get me wrong. I'm a Cleveland optimist, not a pessimist. I would just like to see the progress sped up. I do believe there's ways to make that happen Absolutely. If someone asks if Cleveland is a business-friendly environment, I think the fair answer is both yes and no. We need that answer to be an emphatic "Yes!"
June 13, 20178 yr This is going to dent my dreams for them building a new tower downtown.... Sen. Elizabeth Warren joins the call for an investigation into TransDigm's business http://www.cnbc.com/2017/06/12/sen-elizabeth-warren-calls-for-probe-of-transdigms-business.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 13, 20178 yr Yeah they've been under some scrutiny for a while now. Interesting to see how it all will shake out!
June 13, 20178 yr This is going to dent my dreams for them building a new tower downtown.... Sen. Elizabeth Warren joins the call for an investigation into TransDigm's business http://www.cnbc.com/2017/06/12/sen-elizabeth-warren-calls-for-probe-of-transdigms-business.html I still haven't seen where in the Constitution Congress is given the right to investigate non-governmental entities. Did this happen before there was TV?
June 13, 20178 yr Article I section 8 provides authority to regulate commerce. That means pass laws. Or perhaps investigate the need for new ones. Investigation of violation is an executive function. But of course it makes for good TV. Yes, I know HUAC was the first offender. I'm not sure that this has ever been challenged in court.
June 13, 20178 yr http://www.cleveland.com/healthfit/index.ssf/2017/06/cleveland_clinic_receives_6_mi.html#incart_river_home This is a bigger deal than it might sound like and will likely grow in the future. Remember: It's the Year of the Snake
June 13, 20178 yr This is going to dent my dreams for them building a new tower downtown.... Sen. Elizabeth Warren joins the call for an investigation into TransDigm's business http://www.cnbc.com/2017/06/12/sen-elizabeth-warren-calls-for-probe-of-transdigms-business.html I still haven't seen where in the Constitution Congress is given the right to investigate non-governmental entities. Did this happen before there was TV? To be fair, the Warren letter purportedly requests DOD to perform an investigation (addressed to DOD inspector general), not that Congress carry out the investigation.
June 22, 20177 yr Some interesting things from Skylight Financial, which moved from downtown to Ohio City a couple years ago. They are in the big office building at 25th and Lorain. http://www.crainscleveland.com/article/20170621/NEWS/170629947/skylight-financial-group-absorbs-dublin-based-financial-planner Skylight Financial Group absorbs Dublin-based financial planner Lighthouse Wealth Solutions Cleveland-based financial planner Skylight Financial Group has absorbed Dublin-based Lighthouse Wealth Solutions in a move that expands Skylight's penetration in Ohio. Both firms are affiliates of Massachusetts Mutual Life Insurance Co. (MassMutual). The combination, effective Wednesday, June 21, results in about $2.1 million of cost savings between the elimination of duplicate staff and real estate, said Mike Connole, a former managing partner at Lighthouse... ... Lighthouse's previous office in Broadview Heights, for example, is joining Skylight at its Ohio City headquarters — where the firm moved to the Market District in 2014 — which adds about another 50 people to that space.
June 22, 20177 yr If you ever get a chance--visit their office. Part of it is actually built on the roof of the building at 25th/Lorain, and has amazing indoor and outdoor views of the entire city. I'd almost recommend making an appointment with one of their financial planners (which is how I ended up there).
June 22, 20177 yr If you ever get a chance--visit their office. Part of it is actually built on the roof of the building at 25th/Lorain, and has amazing indoor and outdoor views of the entire city. I'd almost recommend making an appointment with one of their financial planners (which is how I ended up there). I think they're going to outgrow that space in relatively short time.
July 5, 20177 yr No surprises here, Cleveland's long standing "meh" economy continues. Summary from the BLS: Of the 51 metropolitan areas with a 2010 Census population of 1 million or more, Denver- Aurora-Lakewood, Colo., and Nashville-Davidson--Murfreesboro--Franklin, Tenn., had the lowest unemployment rates in May, 2.3 percent each. Cleveland-Elyria, Ohio, had the highest jobless rate among the large areas, 5.8 percent. Thirty-six large areas had over-the-year unemployment rate decreases, 10 had increases, and 5 had no change. The largest rate decreases occurred in Birmingham-Hoover, Ala.; Chicago-Naperville-Elgin, Ill.-Ind.-Wis.; Indianapolis-Carmel-Anderson, Ind.; and Portland-Vancouver-Hillsboro, Ore.-Wash. (-1.2 percentage points each). The largest over-the-year rate increase was in Cleveland-Elyria, Ohio (+0.9 percentage point). https://www.bls.gov/news.release/metro.nr0.htm
July 5, 20177 yr I tend not to follow the Labor Force Data series (worker survey) from BLS. It seems very volatile month to month. It's worth noting that Unemployment went up, but entirely because Labor Force went up faster than Employment. I usually prefer the Nonfarm Wage and Salary Employment series (employer survey). Much larger sample size. It shows a slow but steady rise in employment in Greater Cleveland.
July 5, 20177 yr I tend not to follow the Labor Force Data series (worker survey) from BLS. It seems very volatile month to month. It's worth noting that Unemployment went up, but entirely because Labor Force went up faster than Employment. I usually prefer the Nonfarm Wage and Salary Employment series (employer survey). Much larger sample size. It shows a slow but steady rise in employment in Greater Cleveland. Awesome. Can you provide a link with May data?
July 6, 20177 yr Their "Areas at a Glance" tab at the bottom of the page always has the most recent data by metro area. Just scroll down to Cleveland. https://www.bls.gov/eag/
July 6, 20177 yr I tend not to follow the Labor Force Data series (worker survey) from BLS. It seems very volatile month to month. It's worth noting that Unemployment went up, but entirely because Labor Force went up faster than Employment. I usually prefer the Nonfarm Wage and Salary Employment series (employer survey). Much larger sample size. It shows a slow but steady rise in employment in Greater Cleveland. My first reaction is that this may be the result of the second-largest population demographic group in American history (Millennials) replacing the largest population demographic group (Baby Boomers) in the work force. But the data is that the labor force is growing. Retiring Baby Boomers shouldn't still be counted as part of the labor force. So there's something else going on here. Who is comprising this growing labor force? Where are they coming from? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 6, 20177 yr How these wealthy Cleveland-area families acquired their fortunes http://www.cleveland.com/entertainment/index.ssf/2017/07/how_these_wealthy_cleveland_fa.html#incart_m-rpt-1 This seemed like the best place for this article. Mods feel free to move it if it is off topic. I am always fascinated by the history of wealth in the Cleveland region. It seems like some notable names are missing from the list but still very interesting.
July 6, 20177 yr "Salties" has referred to oceangoing ships that have entered the Great Lakes. Now, Salties also refers to back-office employers relocating their staffs from the coasts to cheaper offices in major legacy cities like Greater Cleveland. And I suspect that's what Shelbourne is positioning themselves for with these and previous moves... Brooklyn, N.Y.-based investor snaps up four more suburban Cleveland buildings July 06, 2017 UPDATED 30 MINUTES AGO By STAN BULLARD Brooklyn, N.Y.-based Shelbourne Global Solutions has acquired another four east suburban Cleveland office buildings for almost $54 million. Purchased Friday, June 30, according to Cuyahoga County land records, the properties are the three Landerbrook Corporate Center office buildings in Mayfield Heights and the Metropolitan Office Plaza building in Highland Hills. The seller, affiliated with Dallas-based Lone Star Funds, a private equity fund, owned the properties through LSREF2 OREO 2 LLC. MORE: http://www.crainscleveland.com/article/20170706/NEWS/170709924/brooklyn-n-y-based-investor-snaps-up-four-more-suburban-cleveland "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 6, 20177 yr Here's where Greater Cleveland's ZIPs stack up (national percentile ranking based on index of income & education) 99 = highest, 0 = lowest https://t.co/HEZada08ex Here's where Greater Akron's ZIP codes stack up (national percentile ranking based on index of income & education) 99 = highest, 0 = lowest https://t.co/ezef6TfEfR "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 6, 20177 yr S&P Upgrades City of Cleveland Bond Rating S&P Global Ratings has recently revised the outlook to positive from stable and affirmed its ‘A’ long-term ratings on the City of Cleveland’s previously issued non-tax revenue bonds, series 2010 refunding certificates of participation (Cleveland Stadium Project), and series 2010 annual appropriation bonds (Flats East Project). https://clecityhall.com/2017/06/28/sp-upgrades-city-of-cleveland-bond-rating/ Revenue bonds are the least secure type of municipal debt; so getting an upgrade to them says Cleveland's stadium and FEB projects are considered safe and successful. Remember: It's the Year of the Snake
July 11, 20177 yr JULY 11, 2017 12:54 PM OEConnection Completes Acquisition Of Clifford Thames Group aftermarketNews Staff, OEConnection LLC (OEC), a automotive technology provider for OEM distribution networks, has announced that its purchase of Clifford Thames Group (CT) was completed on June 30. OEC says the unified company will create a global parts and service business unmatched in the auto industry, with 13 offices spread across four continents, providing solutions that help OEMs and their dealer networks grow market share and increase sales of OE parts in every market segment. ...The expanded OEC company will continue to operate from its numerous offices around the globe and will maintain its headquarters in Cleveland, as well as CT’s main office in Chelmsford, England. MORE: "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 17, 20177 yr Ford better not screw up the chance of Greater Cleveland getting the American Plasma plant: Mayor considers suing Ford Motor Company to get access to 250 acres of unused land in Brook Park http://s.cleveland.com/IGXoHxH A decision was supposed to made on the location of this plant in June. Has anyone heard of any rumblings?
July 17, 20177 yr The Ford plant speculation was unrealistic since Ford is not looking to lease or sell the land. I think the company was a little cavalier that they can just plot dates out and expect them to hit those dates. Location decision takes a lot of research due to all the factors involved. As the company spools up it will add engineers from LA and probably WV. Honestly, i wouldn't put the Akron-Canton area out of the running due to Stark state automotive dept and UOfA engineering as well as a plethora of buildings available that would meet their criteria. There are a lot of automotive and mechanical engineers employed by various tire companies in Akron area.
July 17, 20177 yr The Ford plant speculation was unrealistic since Ford is not looking to lease or sell the land. I think the company was a little cavalier that they can just plot dates out and expect them to hit those dates. Location decision takes a lot of research due to all the factors involved. As the company spools up it will add engineers from LA and probably WV. Honestly, i wouldn't put the Akron-Canton area out of the running due to Stark state automotive dept and UOfA engineering as well as a plethora of buildings available that would meet their criteria. There are a lot of automotive and mechanical engineers employed by various tire companies in Akron area. Which of course makes the area between Cleveland and Akron more viable.
July 17, 20177 yr ^i would agree. It really depends how they are prioritizing criteria in regards to available workforce, monetary incentives and/or tax relief from various communities, available buildings, and price per sq foot of buildings they are looking at. Other factors are expandability of location and perhaps security.
July 18, 20177 yr ^i would agree. It really depends how they are prioritizing criteria in regards to available workforce, monetary incentives and/or tax relief from various communities, available buildings, and price per sq foot of buildings they are looking at. Other factors are expandability of location and perhaps security. I brought up Ford Walton Hills awhile ago. It's basically shut down at this point.
July 20, 20177 yr Baton Rouge, LA leads US cities in construction, extraction jobs By Kim Slowey • July 19, 2017 Dive Brief: When it comes to construction and extraction (C&E) job opportunities, Baton Rouge, LA, is the place to be, according to apartment listing and research company Abodo's latest Cost and Opportunity ranking, with the most industry positions (99.5) per 1,000 jobs in the country. When looking at cost of living, however, C&E workers in second-place Detroit got a bigger bang for their buck with a median wage of $53,790 and monthly one-bedroom rent of $525 in July. The median rent in Baton Rouge was $798, but C&E workers there made only $44,900. Adobo said because the Bureau of Labor Statistics combines extraction and construction jobs, its listing is a combination of metros with robust construction activity and a healthy energy sector. A number of markets in the Great Lakes and Midwest, including Fort Wayne, IN, Toledo, OH, Oklahoma City and Cleveland were among the top 10. MORE: http://www.constructiondive.com/news/baton-rouge-la-leads-us-cities-in-construction-extraction-jobs/447407/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 20, 20177 yr Baton Rouge, LA leads US cities in construction, extraction jobs By Kim Slowey • July 19, 2017 Dive Brief: When it comes to construction and extraction (C&E) job opportunities, Baton Rouge, LA, is the place to be, according to apartment listing and research company Abodo's latest Cost and Opportunity ranking, with the most industry positions (99.5) per 1,000 jobs in the country. When looking at cost of living, however, C&E workers in second-place Detroit got a bigger bang for their buck with a median wage of $53,790 and monthly one-bedroom rent of $525 in July. The median rent in Baton Rouge was $798, but C&E workers there made only $44,900. Adobo said because the Bureau of Labor Statistics combines extraction and construction jobs, its listing is a combination of metros with robust construction activity and a healthy energy sector. A number of markets in the Great Lakes and Midwest, including Fort Wayne, IN, Toledo, OH, Oklahoma City and Cleveland were among the top 10. MORE: http://www.constructiondive.com/news/baton-rouge-la-leads-us-cities-in-construction-extraction-jobs/447407/ Here it was convention driven, correct?
July 20, 20177 yr Amazon is planning a "fulfillment center" at the old Randall Mall site. The whole site? If that's the case, that's truly awesome.
July 20, 20177 yr WHOA! Amazon.com fulfillment center planned in North Randall, on former mall site http://realestate.cleveland.com/realestate-news/2017/07/amazoncom_fulfillment_center_p.html#incart_m-rpt-1
July 20, 20177 yr This location makes a lot of sense logistically for a distribution center. It's good to see this site getting put back into productive use.
July 20, 20177 yr This location makes a lot of sense logistically for a distribution center. It's good to see this site getting put back into productive use. Can't beat the location of the I-480/I-271/US422 triangle. I think the only site with similar transportations options would be the vacant half of the Ford Plant in Brook Park but that's never happening.
July 20, 20177 yr I don't know if any of the cleared sites would be large enough, but the opportunity corridor would have been perfect for 1200 low paying warehouse jobs...
July 20, 20177 yr Huge! Could IKEA be next on mall site, with it being cleaned up? Hmmm. Already being rumored they are looking at that corner on southeast side.
July 20, 20177 yr It's also a great location for Cleveland and inner-ring suburban residents to reach on existing public transportation routes. This plus the Amazon facility in Euclid are great developments for Greater Cleveland's untapped labor force. This is so much better than having these huge facilities locate in a far-flung exurban cornfield that can only be reached by car. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 20, 20177 yr ^ A lot of people poo poo these as low paying jobs but I think these are the type of low skill jobs that can help people move up the employment ladder.
July 20, 20177 yr Huge! Could IKEA be next on mall site, with it being cleaned up? Hmmm. Already being rumored they are looking at that corner on southeast side. Honestly, who cares at this point about IKEA. I can't believe they can't find any site large enough between Cleveland and Akron. Clearly IKEA has some weird issue with NE Ohio. Who needs them? Glad to see Amazon step up here.
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