November 30, 20186 yr Welcome to the West Side of Cleveland, where out-of-state plates sometimes outnumber Ohio plates! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 3, 20186 yr I'll bet there's an interesting backstory here.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 4, 20186 yr "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 4, 20186 yr Red Line Greenway. https://www.news5cleveland.com/news/e-team/red-line-greenway-partnership-would-connect-eight-communities-help-expand-metroparks-trail-network
December 4, 20186 yr That's an Ohio City or D-S development, isn't it? ? Edited December 4, 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
December 7, 20186 yr "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 7, 20186 yr Related - I saw a few parked cars with German plates in the past few years and got really excited. Then I realized there's a subset of German car enthusiasts who like to go to Germany, buy their cars, get them shipped back to the US, and keep the German plate on the front. I guess I didn't look at the rear plates on those cars haha.
December 9, 20186 yr Professional Bank poaches EY, KeyBank fintech experts to build digital platform in Cleveland https://www.crainscleveland.com/finance/professional-bank-poaches-ey-keybank-fintech-experts-build-digital-platform-cleveland "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 18, 20186 yr More outside investors moving into Cleveland. This time, it will be a regional headquarters... PGIM Real Estate Finance Opens Cleveland Office Posted on December 17, 2018 by Kristin Hiller in Company News, Midwest, Office, Ohio CLEVELAND — PGIM Real Estate Finance has opened a new Cleveland office and hired an originations team led by Bruce Gerhart and David Strachan. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management business of Prudential Financial Inc. (NYSE: PRU). The new team will be responsible for sourcing and originating loans for affordable housing, Federal Housing Administration (FHA) multifamily, healthcare and seniors housing with a focus on Ohio, Michigan and the Midwest region. MORE http://rebusinessonline.com/pgim-real-estate-finance-opens-cleveland-office/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 19, 20186 yr Cleveland's not-so-secret strategy for becoming the next tech hub http://www.freshwatercleveland.com/features/blockchain121318.aspx "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 19, 20186 yr INAUGURAL FRONT INTERNATIONAL GENERATES $31 MILLION IN NORTHEAST OHIO, REPORT FINDS https://www.artforum.com/news/inaugural-front-international-generates-31-million-in-northeast-ohio-report-finds-78150 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 19, 20186 yr If the end result of this Blockland push is a more open investment community with deeper pockets, then I'd consider this a massive success. Even if blockchain itself fizzles out.
December 19, 20186 yr 1 hour ago, KJP said: INAUGURAL FRONT INTERNATIONAL GENERATES $31 MILLION IN NORTHEAST OHIO, REPORT FINDS https://www.artforum.com/news/inaugural-front-international-generates-31-million-in-northeast-ohio-report-finds-78150 This is a very positive. NEO deserves this, there’s so much talent and creativity. I’m a little surprised they were not able to garner more local attention, thats usually the easy part. One suggestion is an equally easy one to make: you want local attention? Throw a big freaking party! They have the investors to do this on a grand scale. The large event would be a singular draw and serve to get all of the other events on the radar. I read news all day, every day and I even lost track that this thing was even going on.
December 21, 20186 yr November’s numbers are out! Up 2.9% YOY. Some context is needed though. November 2017 was one of the worst performing months YOY in recent memory with it being a -.3% so this huge increase is not all that surprising based on how previous months have been performing. Still good news nonetheless. October’s numbers were revised down slightly from 2.5% to 2.4%. https://www.bls.gov/eag/eag.oh_cleveland_msa.htm
December 21, 20186 yr Look at how much the Greater Cleveland economy has experienced job growth in November 2018 vs. 2017.... November 2018's nonfarm payrolls increased 2.9 percent! https://www.bls.gov/eag/eag.oh_cleveland_msa.htm Sure, it's a preliminary number. So was October's but it held steady after revisions. And look at where the growth is occurring (here are the winning sectors, in order): 1. Construction/mining +6.9% (huge increase compared to recent months) 2. Leisure/hospitality +4.9% 3. Trade/transportation/utilities +4.1% (biggest increase in a long time) 4. Professional/business services +3.5% (pretty consistent with recent months) 5. Manufacturing +3.1% (not as big as a spike as recent months but still healthy) 6. Education/Health Services +2.4% (biggest increase in a long time and an all-time record in raw employment numbers for the metro area!) 7. Government 1.4% (highest employment since the Great Recession) 8. Financial activities +0.6% (consistent with recent months) 9. Information -1.4% (consistent with recent months) 10. Other services -1.8% (big drop, but last month's drop was revised into the positive direction) Happy holidays!! Edited December 21, 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
December 21, 20186 yr The "12-month percent changes in employment" graph on the bottom left on the first page is eye-opening: https://www.bls.gov/regions/midwest/summary/blssummary_cleveland_oh.pdf
December 21, 20186 yr And it doesn't show the Nov. 2018 increase which is the highest YOY growth yet. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 21, 20186 yr Another interesting thing in the data (if it doesn't get revised) is that the labor force both in October and November is the highest numbers for those respective months since 2013! All these signs are pointing to this region finally stabilizing and maybe even growing!
December 21, 20186 yr Author Not bad... Not bad at all ? It's about damn time, I'll tell you that. I hope the region can keep this up- there's a lot of catching up that needs to happen!
December 21, 20186 yr Is there a way to see the job numbers by subgroup? The Information category includes software development and I'm curious (and hopeful) if the other subgroups are dragging down the category.
December 22, 20186 yr from that pdf link, https://www.bls.gov/regions/midwest/summary/blssummary_cleveland_oh.pdf , surprising that nursing wages in CLE are $2.50/hr in CLE than the US---that's a 7% less. Meanwhile, retail jobs pay $15.17 in CLE vs. 13.20 in the US. Anyone know why?
December 29, 20186 yr Maybe we should start a “Cleveland: Music Industry” thread? Steve Popovich Jr. Relaunches His Father's Cleveland International Records Jeff Niesel Dec 26, 2018 15:54 PM Back in the 1970s when Cleveland became synonymous with rock n’ roll, the late Steve Popovich formed Cleveland International Records. The label had a huge hit right out of the gates with Meat Loaf’s 1977 album Bat Out of Hell and would go on to garner Grammy nods and other accolades. While Popovich still ran the label, it filed a lawsuit against Sony Music, which had produced copies of Bat Out of Hell without the Cleveland Internataional logo on them. Now that the suit has been settled, Popovich’s son, Steve Popovich, Jr., has relaunched the label. https://www.clevescene.com/scene-and-heard/archives/2018/12/26/steve-popovich-jr-relaunches-his-fathers-cleveland-international-records
December 29, 20186 yr ^That's cool. Will it be based in Cleveland again or in Nashville where his son lives?
January 8, 20196 yr I like this: a small Cleveland defense contractor acquires another in Texas. Another TransDigm in the making. Plus it's good to see Cleveland area industry moving back into the aviation market. The area lost a lot when TRW was broken up. https://www.crainscleveland.com/manufacturing/pdi-group-buys-assets-texas-defense-contractor Remember: It's the Year of the Snake
January 10, 20196 yr Forbes has written a lot of negative stuff about Cleveland's jobs situation over the years. Until recently, it was justified. Not anymore. Here's a pretty stunning ranking based on some real data that shows Cleveland may be the nation's 5th best real estate market to invest in. For bargain hunters, it's may well be the best in the USA..... Jan 7, 2019, 11:50am The Best Markets For Real Estate Investments In 2019 Ingo Winzer, Contributor I write about investing in local real estate markets. This coming year, most real estate investors will want to stay away from the cities with soaring prices, where they’re more likely to end up holding the bag than to strike it rich. You can never know when a real estate bubble will burst – I happen to think it won’t happen in 2019 – but in places like San Francisco, Seattle, Miami and Denver, caution is now the order of the day. If you own property in these spots and plan to sell, don’t wait until the market has peaked. And if you’re looking for a good place to put your money, you should consider instead the 20 markets I'm listing here. MORE: https://www.forbes.com/sites/ingowinzer/2019/01/07/2019-best-markets-for-real-estate-investments/#5f4ada2871f5 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 10, 20196 yr Here's another...... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 10, 20196 yr On 11/7/2018 at 1:16 PM, Dougal said: This is a pretty big deal for the company. In less than two months, Victory Capital will have nearly tripled its size, measured by assets under management. I doubt it will mean a whole lot for local employment numbers, but they will now have a big branch in San Antonio. https://www.crainscleveland.com/finance/victory-capital-gets-even-bigger-purchase-usaas-asset-management-business Well this didn't take the turn we had all hoped... https://www.crainscleveland.com/finance/victory-capital-will-move-cleveland-area-headquarters-san-antonio Victory Capital will move Cleveland-area headquarters to San Antonio Victory Capital (NASDAQ: VCTR), which has been based in Cleveland's Brooklyn suburb since it spun out from KeyCorp years ago, is moving its headquarters to the Lone Star State. The firm, which according to Crain's research has grown into the largest money manager in Northeast Ohio since its private equity-backed employee buyout in 2013, announced that it will be moving its headquarters to San Antonio, Texas, in mid-2019. The move comes on the heels of Victory's fall acquisition of San Antonio's USAA Asset Management Co., the mutual fund and ETF business of insurer USAA. That debt-and-cash deal, announced in November and slated to close in the second quarter of 2019, is worth $850 million. The combination will more than double Victory's total assets under management (AUM) as it takes over a business executives have described as a good brand that did a lackluster job of marketing funds on the investment side. Establishing a headquarters in San Antonio "offers Victory Capital the opportunity to cost-effectively build out its operational infrastructure while also recruiting and maintaining top talent," the firm said in a news release. ... Victory spokesperson Tricia Ross said the firm will "maintain a significant presence in Cleveland." She confirmed the business has about 100 employees in the market today and that the move won't impact the local footprint. There are no plans for Victory to vacate its current space in Brooklyn adjacent to a major KeyBank office.
January 11, 20196 yr What a joke. A company that spins off of another major Cleveland based firm (Key) and BUYS the out of town company (USAA) moves to that city and not the other way around? A disgusting reality for NEO since the 1970s and I don’t see the trend getting any better.
January 11, 20196 yr ^ Wow, that's sh!tty of them. It dilutes the good news I came here to post.... Edited January 11, 20196 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
January 11, 20196 yr San Antonio is a fine place to visit. They have that nice "river" walk. And a vegan restaurant. But screw Victory Capitol. Top talent my ass. It's a minor league city that's lucky to have a basketball team.
January 11, 20196 yr 7 hours ago, surfohio said: San Antonio is a fine place to visit. They have that nice "river" walk. And a vegan restaurant. But screw Victory Capitol. Top talent my ass. It's a minor league city that's lucky to have a basketball team. The city proper is 4X the size of Cleveland, and even bigger than Dallas. The metro area is the size of ours not including Akron. Plus the taxes are probably lower in Texas. But my guess is someone from USAA is running it now, or will be soon. That's how Nestle moved to Solon, and how it moved away.
January 11, 20196 yr Crain's picked up on the Forbes piece I posted here, although they didn't add much to it..... For real estate investors, the slow-but-steady markets (like Cleveland) can win the race https://www.crainscleveland.com/scott-suttell-blog/real-estate-investors-slow-steady-markets-cleveland-can-win-race "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 16, 20196 yr I'm cross-posting this with another article about new real estate investment firms opening offices in Cleveland. This says as much about Greater Cleveland's economy as it does about the downtown office market... Bellwether Enterprise opens new headquarters in downtown Cleveland https://www.rejournals.com/getdoc/ee8334bb-5ed5-4219-87b5-5b479740dc4d/bellwether-enterprise-opens-new-office-in-downtown.aspx Motto Mortgage opens office in Cleveland https://m.mpamag.com/news/motto-mortgage-opens-office-in-cleveland-122347.aspx "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 16, 20196 yr Oops, found another one... Northeast Ohio's office, industrial real estate markets grew in 2018 https://www.crainscleveland.com/real-estate/northeast-ohios-office-industrial-real-estate-markets-grew-2018 And another... Cold weather conditions test Northeast Ohio's hot building market https://www.crainscleveland.com/real-estate/cold-weather-conditions-test-northeast-ohios-hot-building-market Edited January 16, 20196 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
January 17, 20196 yr On 1/11/2019 at 7:55 AM, E Rocc said: But my guess is someone from USAA is running it now, or will be soon. That's how Nestle moved to Solon, and how it moved away. I suspect that the move was a condition of the acquisition and Victory (looking at the rare chance to double their size) couldn't say no. USAA is very civic minded; but their rep in the investment management business has never been great - their funds tend to underperform and their customers were derived from their insurance business which they ARE good at. San Antonio, however, is not a hotbed of managerial talent. That's why AT&T left in less than a year after they merged and moved in with Southwest Bell. Remember: It's the Year of the Snake
January 17, 20196 yr I can attest to the fact that USAA's investment management tends to underperform ?
January 17, 20196 yr January 17, 2019 03:37 PM 2 HOURS AGO Medina firm buys, combines two realty brokerages STAN BULLARD A new name is debuting in Northeast Ohio commercial real estate brokerage as two well-established ones disappear following their acquisition by an affiliate of Pleasant Valley Corp., a construction and property services provider based in Medina. NAI Pleasant Valley is the name of the new firm, which principals of Pleasant Valley formed as they acquired NAI Daus of Beachwood and NAI Cummins of Akron. NAI Pleasant Valley will add a new realty brokerage office at its headquarters in Medina and continue to operate the Beachwood and Cleveland offices of the predecessor firms. MORE: https://www.crainscleveland.com/real-estate/medina-firm-buys-combines-two-realty-brokerages "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 17, 20196 yr How do they figure $945 million from 50 employees?? City Council gives $500K to Ohio company to move HQ to San Antonio https://www.expressnews.com/business/local/article/City-Council-gives-500K-to-Ohio-company-to-move-13541529.php "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 18, 20196 yr BLS numbers for December are out! Up 2.5% YOY with construction being up a crazy 15.5%. November numbers were revised up to 3.0%! The one negative stat is the job loss from November to December is the largest loss between the two months since 2008 so even though YOY we are up this may be a sign of things slowing (hopefully not). Two other encouraging stats are employment is up 13k YOY and labor force is also up 13k. It has to be only a matter of time before we see population growth being reported! https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm Edited January 18, 20196 yr by cle_guy90
January 18, 20196 yr We had a rough December last year, I think. This year, not so much. That would make a big difference in how many construction workers are on the job.
January 18, 20196 yr 2 minutes ago, X said: We had a rough December last year, I think. This year, not so much. That would make a big difference in how many construction workers are on the job. YOY we are a lot better than last year. The job loss, however, between November and December is a decent amount higher this year. It’s all preliminary so who knows for sure!
January 18, 20196 yr I wouldn't worry about the job numbers between November and December. The ceiling and floor are higher now (but I'd sure like to fully recover from the Great Recession already!). Look at these two months in past years.... Nov 2018 - 987840 Dec 2018 - 970730(P) Nov 2017 - 974039 Dec 2017 - 957181 Nov 2016 - 977737 Dec 2016 - 956780 Nov 2015 - 977283 Dec 2015 - 963056 Nov 2014 - 979140 Dec 2014 - 964017 Nov 2013 - 976962 Dec 2013 - 961197 Nov 2012 - 971877 Dec 2012 - 958607 Nov 2011 - 967617 Dec 2011 - 957037 Nov 2010 - 964756 Dec 2010 - 956744 Nov 2009 - 963987 Dec 2009 - 949660 Nov 2008 - 1009715 Dec 2008 - 994481 Edited January 18, 20196 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
January 18, 20196 yr I was taking jobs not employment but I definitely agree that the employment numbers are definitely encouraging!
January 18, 20196 yr Do you mean rate of job growth? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 18, 20196 yr 1 hour ago, KJP said: Do you mean rate of job growth? Sorry I was talking about total non farm jobs. There was a 6200 decrease from November to December (1093.2 to 1087) which is largest decrease in ten years. For instance, last year it went from 1061.7 to 1060.1. Again it could be nothing but if I was to pick anything negative out of the report that’d be it!
January 18, 20196 yr 24 minutes ago, cle_guy90 said: Sorry I was talking about total non farm jobs. There was a 6200 decrease from November to December (1093.2 to 1087) which is largest decrease in ten years. For instance, last year it went from 1061.7 to 1060.1. Again it could be nothing but if I was to pick anything negative out of the report that’d be it! But just two months before, from August to September, nonfarm jobs dropped from 1,095.8 to 1,086.2, then shot up again. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 18, 20196 yr 28 minutes ago, KJP said: But just two months before, from August to September, nonfarm jobs dropped from 1,095.8 to 1,086.2, then shot up again. Fair point! Hopefully that happens again! I’m not saying the sky is falling or anything, im just saying that is the one negative you can find out of the of the overall positive report!
January 18, 20196 yr FRIDAY, JANUARY 18, 2019 The year Cleveland turned an economic corner By just about every metric, 2018 measured up to be a remarkable year for Greater Cleveland's economy. New jobs, commercial and residential real estate sales and construction, growing workforce and, potentially, a growing population again. In the weeks since the start of the new year, published data has evinced the turnaround of region's economy. But each report has done so in isolation to the other. No published report has put all of 2018's economic achievements in one place, until this one. So feel free to share it with others -- especially family, friends and associates out of town. We can all play our roles to help keep the engine humming. MORE http://neo-trans.blogspot.com/2019/01/the-year-cleveland-turned-economic.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 20, 20196 yr Nice way to raise some capital and/or retire some of the Valspar debt.... Sherwin-Williams sets $150 million property sale https://www.crainscleveland.com/real-estate/sherwin-williams-sets-150-million-property-sale "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 22, 20196 yr Expect a sizable insurance co. with a presence downtown to announce significant layoffs in the coming weeks. Pretty bummed to hear about this one.
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