September 24, 20186 yr Victory Capital buys another $12 billion asset manager. I'm sure the top management of the new sub will stay in NYC, but the back office will move to Cleveland (Brooklyn). http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20180924:nGNXwrcSl That's not that big of a building they're in in Brooklyn. Any chance of them moving downtown? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 24, 20186 yr ^If they're managing $65B in assets, they need the proper stature of a Downtown address, not one in the 'burbs! You should drop them a note KJP!
September 24, 20186 yr ^If they're managing $65B in assets, they need the proper stature of a Downtown address, not one in the 'burbs! You should drop them a note KJP! Nah, you do it! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 24, 20186 yr ^If they're managing $65B in assets, they need the proper stature of a Downtown address, not one in the 'burbs! You should drop them a note KJP! Nah, you do it! From my friends in the finance world, several of these hedgie places set up under the umbrella of larger banks. I might assume this is the same with Victory and Key, but I don't know that for certain.
September 24, 20186 yr https://www.cleveland.com/business/index.ssf/2013/02/keycorp_sells_victory_capital.html clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
September 24, 20186 yr https://www.cleveland.com/business/index.ssf/2013/02/keycorp_sells_victory_capital.html So the child is free to head out on its own, but looks like it's still a pretty small operation, employee-wise. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 25, 20186 yr So the child is free to head out on its own, but looks like it's still a pretty small operation, employee-wise. Key sold Victory to 148 employee-owners in 2013. They went public and now employ something over 300 with probably 200 in the area. Remember: It's the Year of the Snake
September 28, 20186 yr PNC moving 500 employees from suburbs to downtown Cleveland https://articles.cleveland.com/business/index.ssf/2018/09/pnc_plans_to_move_500_suburban.amp "We each pay a fabulous price for our visions of paradise." - ????, ???????
September 28, 20186 yr ^actually, i read somewhere its not 500 to Downtown. 500 to Downtown AND West Park (150 St.). PNC didn't say how many to each part of town.
September 29, 20186 yr mjarboe[/member]'s quote of the PNC executive was that PNC is moving 500 jobs downtown. A later report suggests that additional jobs are being moved to West Park. At least that was my take. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 29, 20186 yr Need a job and like to build/rebuild a city? We need you in Cleveland! EDIT: This article is now accessible Maybe some of you can access this? Labor shortage, rising material costs roil outlook for Northeast Ohio building business https://www.crainscleveland.com/real-estate/labor-shortage-rising-material-costs-roil-outlook-northeast-ohio-building-business "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 1, 20186 yr Notice in the above article that NE Ohio gained 4,000 construction jobs this August over last. It could have added far more based on the number of unfilled job openings. Finding skilled labor is the top woe/priority of Cleveland-area construction contractors. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 2, 20186 yr This is not just a Cleveland problem https://www.usglassmag.com/2018/09/report-highlights-severity-of-the-labor-shortage/
October 2, 20186 yr Understood. I have a couple of friends who are union contractors and they report that employers are trying to steal workers from each other because they're so shorthanded. They know that a lot of small-town construction workers are hurting for work so I hope the word soon gets to small-town America that they can move to cities like Cleveland and get jobs. Although some may be a little bit afraid about moving to big cities. It is a big culture change. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 2, 20186 yr Myers Industries Not Moving. https://www.news5cleveland.com/news/local-news/oh-summit/myers-industries-decides-not-to-leave-akron-after-all
October 3, 20186 yr Here is an interesting story about a Cleveland-based company Votem acquiring La Jolla-based Everyone Counts. The interesting part is the La Jolla company has twice the sales and perhaps five times more employees than the Cleveland company. Everyone Counts products include block chain software. And, yes, Bernie Moreno is on the board of Votem. :) https://www.crainscleveland.com/technology/votem-corp-buys-california-web-based-voting-business-everyone-counts Remember: It's the Year of the Snake
October 3, 20186 yr Interesting.... Santander Bank quietly enters Ohio market with Cleveland loan production office https://www.crainscleveland.com/finance/santander-bank-quietly-enters-ohio-market-cleveland-loan-production-office "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 3, 20186 yr Understood. I have a couple of friends who are union contractors and they report that employers are trying to steal workers from each other because they're so shorthanded. They know that a lot of small-town construction workers are hurting for work so I hope the word soon gets to small-town America that they can move to cities like Cleveland and get jobs. Although some may be a little bit afraid about moving to big cities. It is a big culture change. Rural people moving to big cities was a big part of how suburbia happened.
October 4, 20186 yr Rural people moving to big cities was a big part of how suburbia happened. Responded here: https://www.urbanohio.com/forum/index.php/topic,7292.msg941878.html#msg941878 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 5, 20186 yr ^That is interesting. Where is their physical office? Votem lists their address as 50 Public Square, Suite 200. Is that the Terminal Tower or Higbees? Remember: It's the Year of the Snake
October 5, 20186 yr ^That is interesting. Where is their physical office? Votem lists their address as 50 Public Square, Suite 200. Is that the Terminal Tower or Higbees? Terminal Tower "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 5, 20186 yr ^That is interesting. Where is their physical office? Votem lists their address as 50 Public Square, Suite 200. Is that the Terminal Tower or Higbees? Terminal Tower Thanks. But I was referring to Santander. I couldn't find their office on google or santander's own website.
October 10, 20186 yr Transdigm's acquisition of Esterline is a big gulp, almost doubling the size of the company. (Last year's sales were $3.3B; next year's should be $6.0B-ish). Based on relative costs in Seattle and Cleveland, this should produce some growth locally in headquarters employment. This moves Transdigm well out of the Fortune 1000 (they were 698 last year) and into the Fortune 500. https://www.wsj.com/articles/aerospace-company-transdigm-to-buy-jet-components-maker-esterline-1539177984 Remember: It's the Year of the Snake
October 10, 20186 yr Interesting. I was reading Esterline's corporate history and saw that they were founded in Indianapolis, then moved to Darien, CT and finally to Bellevue, WA. Question I always ask when TransDigm acquires a company, what will this do to their corporate headquarters staff? Usually, TransDigm just owns the new company. It doesn't absorb them or move them like Sherwin-Williams just did with Valspar. But will that be the case with Esterline? It isn't that big of a company. Probably fewer than 200 HQ employees. They seem to take up much more than a floor or two at the City Center of Bellevue (located next to the HQ towers of Microsoft, Expedia and eBay). And, considering how transient Esterline's HQ has been, perhaps they're up for a move back east to be closer to their locations in Europe, where they seem to have as many facilities as in the USA. http://www.esterline.com/careers-old/en-us/CompanyStructure.aspx "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 10, 20186 yr ^ TransDigm follows the small-hqs model, but they centrally manage some overhead functions like legal and accounting. I wouldn't look for a huge increase, but they'll have to add something - it's a huge increase in scale. Maybe a dozen people? Remember: It's the Year of the Snake
October 10, 20186 yr Well they're just not being very kind to those of us who want to see them spend their cash reserves on building a massive, new, imposing TransDigm Tower in downtown Cleveland where they occupy 3% of the 1.5 million square feet of floorspace but get the naming rights. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 11, 20186 yr INDUSTRIAL PROPERTIES STILL HOTTEST ASSET IN CLEVELAND http://www.ngkf.com/Uploads/FileManager/Market Reports/3Q18-Cleveland-Industrial-Market.pdf "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 11, 20186 yr Author ^Just for clarification- I'm assuming the old industrial properties which remain vacant in the City aren't included in these reports. There's too many scattered throughout the City which have been vacant for years for this report to have those included as well. Does anyone know what factors would keep a property off of the report?
October 11, 20186 yr I think that if they are no longer marketed as an available, competitive, usable industrial space, then they are not counted in the inventory. The reason why I am hedging is because office space that is no longer marketed in downtown Cleveland seemed to be included in the overall vacancy numbers. So some realtors dismissed those as zombie office space which made the actual vacancy numbers look better. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 14, 20186 yr Can these be turned into jobs? Cleveland, Akron are tech patent powers https://www.crainscleveland.com/technology/cleveland-akron-are-tech-patent-powers "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 16, 20186 yr The Driftwood Restaurant Group continues to grow: Homegrown Cleveland https://articles.cleveland.com/entertainment/index.ssf/2018/10/the_driftwood_restaurant_group.amp "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 18, 20186 yr "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 18, 20186 yr Edited November 10, 20186 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
October 19, 20186 yr BLS numbers for September came out. 2.7% increase in jobs YOY and August's jobs was revised up to 2.7% as well. Employment was also up over 10,000 YOY. I know all these numbers could be revised at the end of the year but they are nonetheless very encouraging.
October 19, 20186 yr ^ Wow Cleveland is kicking butt and taking names....Here are the #'s for some other notable cities: Cincinnati 1.4% Columbus 1.4% Minneapolis-St. Paul 1.7% Chicago .7% Detroit .7% Pittsburgh .7% Indy 2.1% St Louis .8% Dallas 3% San Francisco 2%
October 19, 20186 yr Here's the link to the data and the breakdowns per employment sector: https://www.bls.gov/eag/eag.oh_cleveland_msa.htm Wow, look at manufacturing! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 19, 20186 yr Author You caught it before I did ? Great news all around for our employment numbers! Edited October 19, 20186 yr by Oldmanladyluck
October 19, 20186 yr Author 1 hour ago, KJP said: Here's the link to the data and the breakdowns per employment sector: https://www.bls.gov/eag/eag.oh_cleveland_msa.htm Wow, look at manufacturing! Nice :--) This September also has the region's highest employment numbers in the Education and Health Services sector. Ever.
October 19, 20186 yr Stupid question but what industry would tech jobs like software and engineering fall under? Business and professional services?
October 19, 20186 yr Just now, Mendo said: Stupid question but what industry would tech jobs like software and engineering fall under? Business and professional services? Yes, if they are contracted out. Otherwise, under whatever industry employs them.
October 19, 20186 yr They haven't released the full list updated to show September (this is still based on the preliminary August numbers), but just to put into perspective: Out of large metros with over 500,000 employees, only 17 had a percentage increase as much or more than Cleveland. Lately we've been on par with Denver, Charlotte, and Portland. If this can be sustained - and the August numbers being revised up makes me hopefully - metro population growth is either happening already, or soon will be. https://docs.google.com/spreadsheets/d/17rlF_mcsGCCVZoh-F6DSd4lwFM5nbCaudcozbMkGa9U/edit?usp=sharing (link is a copy of the BLS state/metro numbers with the large and faster growing regions highlighted)
October 20, 20186 yr Millennia Cos. forms commercial unit as Jacobs Real Estate Services exits property management https://www.crainscleveland.com/real-estate/millennia-cos-forms-commercial-unit-jacobs-real-estate-services-exits-property "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 20, 20186 yr Downtown businesses capitalized on LeBron's popularity to grow, will support themselves now http://amp.news5cleveland.com/2970051248/restaurants-say-they-capitalized-on-his-popularity-to-grow-support-themselves-after-hes-left.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 21, 20186 yr Holy cow! The WWE comes to Wall Street! ‘You are a disaster’: Cleveland-Cliffs CEO berates analyst on earnings call “We are going to screw these guys so badly that I don’t believe that they will be able to only resign. They will have to commit suicide. So we are going to screw these guys so badly that it will be fun to watch,” Goncalves said. https://www.marketwatch.com/story/you-are-a-disaster-cleveland-cliffs-ceo-berates-analyst-on-earnings-call-2018-10-19?siteid=yhoof2&yptr=yahoo
October 22, 20186 yr I turned all of the great data from last week's discussion into a blog posting. I'm hoping some local mainstream media will pick up on it...... SATURDAY, OCTOBER 20, 2018 Cleveland's economy is kicking butt In case you've missed it, and judging by the lack of coverage in local mainstream media you have, but Greater Cleveland's economy has managed to win some serious momentum in recent months. September jobs data from U.S. Bureau of Labor Statistics (BLS) just came in this past week (see chart below). It showed that Greater Cleveland's employment grew by 2.7 percent compared to September 2017 year-over-year (YOY). That would have been increase over August's robust 2.5 percent increase YOY, except that August's preliminary data was adjusted upward to 2.7 percent. And that followed a nearly-as-robust June and July when Cleveland not only outgrew every other big city in Ohio -- it was one of the fastest growing in the Midwest. MORE: https://neo-trans.blogspot.com/2018/10/clevelands-economy-is-kicking-butt.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 25, 20186 yr October 23, 2018 03:04 PM Dealer Tire majority owner Lindsay Goldberg sells stake to Bain Capital CHUCK SODER Bain Capital Private Equity has acquired a majority stake in Dealer Tire, a Cleveland-based tire and automotive parts distributor that has been one of the fastest-growing companies in Northeast Ohio since it became an independent business in 2002. Bain bought out Lindsay Goldberg, a private equity firm that acquired a stake in Dealer Tire in 2014. Lindsay Goldberg owned a majority stake in Dealer Tire, according to a credit rating action Moody's Investors Services issued in May. The news release announcing the deal didn't disclose financial terms, but it described it as a "significant investment in the company to accelerate growth and expansion." MORE: https://www.crainscleveland.com/technology/dealer-tire-majority-owner-lindsay-goldberg-sells-stake-bain-capital "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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