Cleveland's economy is still recovering from 2020, however the trends are great.  As the local economy is now dominated by Eds and Meds, one future lesson learned from the shutdown is that pandemics will affect Cleveland more-so than other regions.  The Education and Health Services sector of the economy lost 20,000 jobs between 2020 and 2021, but is recovering and trending in the right direction.

 

The largest sectors of employment within the Cleveland economy as of 12/29/2022 are as follows:

 

1) Education and Health Services

2) Trade, Transportation, and Utilities

3) Professional and Business Services

4) Government

5) Manufacturing

 

Begin rant: Local civic leaders should be pushing another narrative other than "Blue-Collar Cleveland" which is all anyone outside of Cleveland knows about as the view of Cleveland being just steel mills doesn't apply anymore.  Maybe that way, at least we can hear less about the river catching on fire from the national media over 50 years later and the perception of the town to Gen Xers and Boomers may change (since they're the ones that always mention the river).  I know perception doesn't tie directly with economic news, but perception does play a part in if a person would consider living here and spending their hard-earned money here.

 

End rant.

 

 

And it looks like Cleveland's pro sports teams are heading in the right direction That also affects the perception of the city and bodes well for downtown businesses.  Maybe our $230 million quarterback can get the Browns to the Super Bowl and we can finally stop hearing about The Drive, The Fumble and Red Right 88. 

18 hours ago, MyPhoneDead said:

All of this uncertainty with how WFH will affect the region seems like it makes it the perfect time to start the conversation on a city-county merger. Just a thought.

Sent from my Pixel 7 using Tapatalk
 

 

No.   Absolutely, positively not.    

 

Such talk is so beyond the pale to suburbanites it sabotages more modest regionalization efforts.  The state legislature will back them, if it ever comes to that.

Edited December 29, 20222 yr by E Rocc

37 minutes ago, LibertyBlvd said:

And it looks like Cleveland's pro sports teams are heading in the right direction That also affects the perception of the city and bodes well for downtown businesses.  Maybe our $230 million quarterback can get the Browns to the Super Bowl and we can finally stop hearing about The Drive, The Fumble and Red Right 88. 

 

You're kicking a hornets nest lol.

 

Yes the Cavs are trending up and killed the curse. The Guardians are young and very good, but for whatever reasons their attendance continues to be absolutely woeful. I feel sorry for any businesses that are relying on fans showing up at Progressive. 

 

The once proud Cleveland Browns are on the verge of losing yet another generation of fans. Parents who try and steer their children toward this team should be visited by social services. 

 

Lastly while it's indeed interesting to imagine a much better built commercial environment around the stadiums, the economics of sports is highly controversial and arguably a bad investment. 

1 hour ago, Oldmanladyluck said:

Cleveland's economy is still recovering from 2020, however the trends are great.  As the local economy is now dominated by Eds and Meds, one future lesson learned from the shutdown is that pandemics will affect Cleveland more-so than other regions.  The Education and Health Services sector of the economy lost 20,000 jobs between 2020 and 2021, but is recovering and trending in the right direction.

 

The largest sectors of employment within the Cleveland economy as of 12/29/2022 are as follows:

 

1) Education and Health Services

2) Trade, Transportation, and Utilities

3) Professional and Business Services

4) Government

5) Manufacturing

 

Begin rant: Local civic leaders should be pushing another narrative other than "Blue-Collar Cleveland" which is all anyone outside of Cleveland knows about as the view of Cleveland being just steel mills doesn't apply anymore.  Maybe that way, at least we can hear less about the river catching on fire from the national media over 50 years later and the perception of the town to Gen Xers and Boomers may change (since they're the ones that always mention the river).  I know perception doesn't tie directly with economic news, but perception does play a part in if a person would consider living here and spending their hard-earned money here.

 

End rant.

 

 

Cleveland's reputation in healthcare is pretty widely known now. Certainly folks who work in healthcare in other parts of the country think of Cleveland as one of the big players in my experience.

 

I also think the blue collar reputation is still helpful because it should cause us to benefit more from the next copule decades of onshoring. 

2 hours ago, Oldmanladyluck said:

The largest sectors of employment within the Cleveland economy as of 12/29/2022 are as follows:

 

1) Education and Health Services

2) Trade, Transportation, and Utilities

3) Professional and Business Services

4) Government

5) Manufacturing

 

Begin rant: Local civic leaders should be pushing another narrative other than "Blue-Collar Cleveland" which is all anyone outside of Cleveland knows about as the view of Cleveland being just steel mills doesn't apply anymore.  

 

I think they have been, but I recently read a book (The Titanium Economy) that makes a very persuasive case, with charts and graphs, that manufacturing is the ONLY way to get hardcore unemployed (and underskilled) workers into jobs that pay enough to support families. The authors said the country needs more manufacturing.  Insert Cleveland where they wrote country.

2 hours ago, Dougal said:

 

I think they have been, but I recently read a book (The Titanium Economy) that makes a very persuasive case, with charts and graphs, that manufacturing is the ONLY way to get hardcore unemployed (and underskilled) workers into jobs that pay enough to support families. The authors said the country needs more manufacturing.  Insert Cleveland where they wrote country.

 

Going back to the 80s and earlier, the manufacturing sector accounted for 30% of the local jobs and up, depending on how far back you go.  Now, the sector accounts for 10-12% of the total employment of the region- which has positives in different directions, one being what you mentioned above.  Another being that Cleveland is now on par with other metros when it comes to the manufacturing sector as a percentage when compared to the entire local economy.

 

However,

 

1) The region will not (barring another global pandemic) be as affected by the swings of the national and global marketplaces when recessions hit.  In the past, Cleveland would take a hit and then take a looooong time to rebound.  I've said it a million times, but we still haven't regained the roughly 75,000 jobs lost during the 2002 and 2008 recessions, post NAFTA signing.  Cleveland's peak employment and regional population years regarding local statistics since the 1990s was during 2000-2001, which was the last time the region grew in population by a healthy 2% (we did have growth during the last census which I was surprised by, but I believe it was close to 10,000 people if I remember correctly).  The jobs lost were primarily in the manufacturing sector post NAFTA and in large part Eds and Meds have taken their place.  The manufacturing sector would literally have to create tens of thousands of jobs to match the forward progress of Eds and Meds.

 

2)  At one point, a person could graduate from Collinwood Highschool and literally walk across E. 152nd to get a high paying manufacturing job.  Many of the plants where those jobs were located are now brownfields and have yet to be redeveloped, save for Collinwood Athletic Complex which isn't a job generator but is a redevelopment nonetheless.  A negative that I just realized regarding the manufacturing sector being king for so long in Cleveland is just that- that people could expect to get a job without having any skills.  Generations of Clevelanders were able to do so- how does that bode for kids who live in the city and are still in school?  By now, their grandparents were the last generation who were able to walk out of school and get a high-paying, under-skilled manufacturing job.  Those days are gone- and someone better be in the kid's ear telling them to at least learn a trade or a skill in order to make it.  I can agree that the country needs more high-paying under-skilled jobs; but in reality, we are living in a region where we can see what happens when those jobs are relied on.    

 

Another negative is that nagging perception tied to manufacturing that outsiders have- namely Generation Xers and Boomers about Cleveland.  I'm not being sensitive (or maybe I am)- but I can't recall the last time I saw someone on tv or in a recent news article talking about Neil Armstrong landing on the moon.  I can recall the last time I saw someone bash Cleveland as part of a news story, mentioning the river fire- one video I saw just this week.  That literally happened before Armstrong set foot on the moon, and yet- you'll hear about it today more.  Why?  That perception people have about Cleveland = $.  People will choose to live here, get a job here, start a business here- based on not just what a business offers them but also what they perceive the region to be like.  Oftentimes a person's perception isn't changed until they come here to visit- but how often does that happen?  Anecdotally, how many times has someone not taken a job or chosen to visit based at least in part on that perception?  That all has an affect on the local economy- I don't' know if we'll ever be able to have a measured study with statistics (or if there's even data for that type of study to begin with) but I would love to see one.

 

 

Edited December 29, 20222 yr by Oldmanladyluck

^ I don't disagree with anything you've said.  I just don't think an eds and meds economy is going to put a big dent in the poverty numbers.  Cleveland has this hard nut of roughly 100,000 people who year in and year out are mired in poverty. A larger population in years gone by used to hide them better; but at today's level they stand out starkly. 

 

We can go back to hiding them better; that's what Washington DC has done. Or we can improve their job prospects.  A mandated $50 an hour wage for hamburger flipping won't do it.  Pulling some of the supply chain back to the US shores might. Even if manufacturing in the US is slightly more expensive, the pandemic has taught us the folly of sole-sourcing everything from abroad.  I think Cleveland should aim at a 50% increase in manufacturing jobs by 2030. It's doable and it would have a big impact on the lowest quintile of the population.

Hopefully more large warehouses are built in Cleveland proper. I got my start in one and worked my way up in the company to a lot better job and pay in the supply chain world.

15 hours ago, JB said:

Hopefully more large warehouses are built in Cleveland proper. I got my start in one and worked my way up in the company to a lot better job and pay in the supply chain world.

 

At one point Maple Heights literally placed limits on what percentage of a commercial property could be used for warehousing.   I'm not sure which was more short sighted:  this or opposing the intermodal terminal.

On 12/28/2022 at 5:49 PM, MyPhoneDead said:

All of this uncertainty with how WFH will affect the region seems like it makes it the perfect time to start the conversation on a city-county merger. Just a thought.

Sent from my Pixel 7 using Tapatalk
 

And that conversation will be short lived immediately once you get the suburbanites involved in the discussion.

20 minutes ago, AsDustinFoxWouldSay said:

And that conversation will be short lived immediately once you get the suburbanites involved in the discussion.

 

Understatement, and the very proposal will be used in arguments against further regionalization efforts.

22 hours ago, Oldmanladyluck said:

 

Going back to the 80s and earlier, the manufacturing sector accounted for 30% of the local jobs and up, depending on how far back you go.  Now, the sector accounts for 10-12% of the total employment of the region- which has positives in different directions, one being what you mentioned above.  Another being that Cleveland is now on par with other metros when it comes to the manufacturing sector as a percentage when compared to the entire local economy.

 

However,

 

1) The region will not (barring another global pandemic) be as affected by the swings of the national and global marketplaces when recessions hit.  In the past, Cleveland would take a hit and then take a looooong time to rebound.  I've said it a million times, but we still haven't regained the roughly 75,000 jobs lost during the 2002 and 2008 recessions, post NAFTA signing.  Cleveland's peak employment and regional population years regarding local statistics since the 1990s was during 2000-2001, which was the last time the region grew in population by a healthy 2% (we did have growth during the last census which I was surprised by, but I believe it was close to 10,000 people if I remember correctly).  The jobs lost were primarily in the manufacturing sector post NAFTA and in large part Eds and Meds have taken their place.  The manufacturing sector would literally have to create tens of thousands of jobs to match the forward progress of Eds and Meds.

 

2)  At one point, a person could graduate from Collinwood Highschool and literally walk across E. 152nd to get a high paying manufacturing job.  Many of the plants where those jobs were located are now brownfields and have yet to be redeveloped, save for Collinwood Athletic Complex which isn't a job generator but is a redevelopment nonetheless.  A negative that I just realized regarding the manufacturing sector being king for so long in Cleveland is just that- that people could expect to get a job without having any skills.  Generations of Clevelanders were able to do so- how does that bode for kids who live in the city and are still in school?  By now, their grandparents were the last generation who were able to walk out of school and get a high-paying, under-skilled manufacturing job.  Those days are gone- and someone better be in the kid's ear telling them to at least learn a trade or a skill in order to make it.  I can agree that the country needs more high-paying under-skilled jobs; but in reality, we are living in a region where we can see what happens when those jobs are relied on.    

 

Another negative is that nagging perception tied to manufacturing that outsiders have- namely Generation Xers and Boomers about Cleveland.  I'm not being sensitive (or maybe I am)- but I can't recall the last time I saw someone on tv or in a recent news article talking about Neil Armstrong landing on the moon.  I can recall the last time I saw someone bash Cleveland as part of a news story, mentioning the river fire- one video I saw just this week.  That literally happened before Armstrong set foot on the moon, and yet- you'll hear about it today more.  Why?  That perception people have about Cleveland = $.  People will choose to live here, get a job here, start a business here- based on not just what a business offers them but also what they perceive the region to be like.  Oftentimes a person's perception isn't changed until they come here to visit- but how often does that happen?  Anecdotally, how many times has someone not taken a job or chosen to visit based at least in part on that perception?  That all has an affect on the local economy- I don't' know if we'll ever be able to have a measured study with statistics (or if there's even data for that type of study to begin with) but I would love to see one.

 

 

 

The people walking across 152 *did* have a lot of skills that aren’t always present today.   In particular work ethic, but also writing skills, math, etc.    Some even had vocational training.   I’m not convinced that modern high schools teach those things any more.   Hell, even showing up reliably on time can be an issue.

 

Still, a lot of that manufacturing strength was at the expense of the rest of the industrialized world, that was still recovering from World War II.  American manufacturing dominated the global products market.   And by the way, American unions dominated the American labor market.   They could set the standards.    Not just pay, but work rules designed to maximize head count through role inflexibility.

 

What happened?  In no particular order:

 

-The rest of the world caught up.  Their facilities were newer, and more efficient. 

 

-Unions lost strength due to foreign competition.   There was now a cap on what they could deliver.    Anti-competition rules (between unions) prevented them from competing with other unions.   They could only compete with management, and in most cases were outmatched.

 

-CERCLA.  This wasn’t so much a national issue as an urban/inner ring issue.   In the past when a company closed, another could locate in its place.   CERCLA meant that companies moving in might be liable for messes made by their predecessors, and so could potential lenders.

I recently read an article about Southwest Airlines's recent debacle and how Reagan's legalization of stock buybacks contributed to this current disaster.  And also to the decline in American manufacturing as well. 

 

Why?  Because CEOs can boost their income in two ways:  (1) invest in employees and equipment, R&D, and marketing to develop new products, make better products, improve efficiencies, and grab new customers, or (2) "invest" in company stock buy-backs to increase the value of the management's holdings.  Granted, no company would last long if all it did was seek to buy back its stock, but it was a more surefire way to increase the value of the stock and #1 was not, so #2 has come to be preferred whenever possible.  The previous Southwest CEO did so even as lower-level managers were screaming for equipment improvements.  Another gift from Reagan (along with unlimited and unauditable defense spending) that just keeps on giving.

 

Can anyone explain the contrary opinion, of how stock buybacks encourage innovations and strengthen American manufacturing?

They don't. The only thing stock buybacks strengthen are the portfolios of stockholders. Of course the top echelon in the company benefit even moreso as they tend to own large numbers of shares. 

 

Investing in any company is better for the long term. Investing in stock buybacks benefit only those holding stocks and usually only in the short term as more shares are traded than those held long term.

On 12/28/2022 at 5:49 PM, MyPhoneDead said:

All of this uncertainty with how WFH will affect the region seems like it makes it the perfect time to start the conversation on a city-county merger. Just a thought.

Sent from my Pixel 7 using Tapatalk
 

It's a good thought and you'll be happy to know that county merger/regionalism discussions are picking up steam behind the scenes at the county level. 
 

The region has two choices:

 

1) merge and succeed/grow 

or

2) continue its failed fiefdom approach and become even less relevant/competitive 

 

A shrinking county CAN NOT sustain the following: 

 

13 municipal Courts

33 school districts

59 municipalities

72 police departments

110 fire stations

479 elected mayors, trustees, city and village council members

1,413 school buses

Edited December 31, 20222 yr by Clefan98

21 hours ago, Foraker said:

Can anyone explain the contrary opinion, of how stock buybacks encourage innovations and strengthen American manufacturing?

 

In theory, if a company cannot find any line of business that will produce a greater profit than would be produced on a per share basis by reducing the share count, then they should buy back stock, that is, return 'excess capital' to their shareholders.  The societal benefit is that the shareholders will put the capital back to work in another organization with better prospects.

 

It's easy to call this action a failure of imagination by management; but in a mature business it sometimes happens.  Unfortunately, in most (?) cases, the share buybacks are forced on the company by vulture capitalists. The vulture buys a significant piece of the company, forces the company to mortgage everything and pay stockholders the proceeds, and then sells the stock and walks away leaving behind a debt-ridden hulk close to bankruptcy. 

^^ The problem is getting all those mayors, safety directors, law directors, police chiefs, fire chiefs, etc. to vote themselves out of a job. They couldn't even work out a merger with East Cleveland which should have been a no-brainer.

 

Edited January 1, 20232 yr by LibertyBlvd

7 hours ago, Clefan98 said:

It's a good thought and you'll be happy to know that county merger/regionalism discussions are picking up steam behind the scenes at the county level. 
 

The region has two choices:

 

1) merge and succeed/grow 

or

2) continue its failed fiefdom approach and become even less relevant/competitive 

 

A shrinking county CAN NOT sustain the following: 

 

13 municipal Courts

33 school districts

59 municipalities

72 police departments

110 fire stations

479 elected mayors, trustees, city and village council members

1,413 school buses

This county has more police departments than actual municipalities??? What the actual f?

33 minutes ago, AsDustinFoxWouldSay said:

This county has more police departments than actual municipalities??? What the actual f?

CMHA, RTA, Cleveland Cleveland, Metroparks, University Circle, CSU,CWRU, etc.

Barrio Expands to Florida, Condado Plans on Opening 100 Nationwide Locations by 2026

 

With the legal dust between them settled, Barrio and Condado have left the local squabbles behind and each embarked on a plan to saturate the rest of America with taco brands created right here in Ohio.

For its part, Barrio this week opened the doors to a location in Waterford Lakes in Orlando.

Adorned with the usual Day of the Dead-inspired designs and artwork, designs that are not legally defensible as unique, of course, it's the latest of 18 locations that include spots in Ohio, Michigan, Massachusetts, New Hampshire and Pennsylvania.

 

 

https://www.clevescene.com/food-drink/barrio-expands-to-florida-condado-plans-on-opening-100-nationwide-locations-by-2026-40986836?fbclid=IwAR16Anzsl5tTMWgxvtTxsg6wRK9hoqPIoAu6BWvgGHK4cEsQZC5Di8NgWak

On 12/31/2022 at 9:26 AM, Clefan98 said:

It's a good thought and you'll be happy to know that county merger/regionalism discussions are picking up steam behind the scenes at the county level. 
 

The region has two choices:

 

1) merge and succeed/grow 

or

2) continue its failed fiefdom approach and become even less relevant/competitive 

 

A shrinking county CAN NOT sustain the following: 

 

13 municipal Courts

33 school districts

59 municipalities

72 police departments

110 fire stations

479 elected mayors, trustees, city and village council members

1,413 school buses

 

I'm not surprised, because county council has always had a grossly inflated view of its own authority and I don't expect Ronayne to differ from that mindset.

 

However, merger is a non-starter because the suburbs with much more to lose than gain (most of them) will fight against it, and the state legislature will back them.   Enough of them are still "purple" to ensure both parties support them.   The GOP because that's going to be their inclination anyway, the Democrats to keep those purple suburbs from going bright red, and turning themselves into a permanent minority party statewide.

 

Again, advocacy of full merger poisons the discussion of sensible regionalization proposals.

The First Brands Group's $48 million purchase of Horizon of Plymouth, MI, is a bigger deal for First Brands than the news is reporting. Horizon, although unprofitable, will add almost $700 million a year to First Brands sales. Since First Brands (hqs at 127 Public Square) is a private company, they don't release much financial data; but this should give them a billion dollar a year revenue in short order. They have financing in place to continue their acquisition program, which has resulted in five buys in the last six years.  They are following the TransDigm playbook. Once they get Horizon back into the black, their next round of financing will probably be an equity offering (in my guess).

 

https://finance.yahoo.com/news/horizon-global-more-triples-merger-123229951.html

 

Seeds & Sprouts XXV — Park Place Tech Stays, LaSalle Theater Available, Grant Thornton Moving
By Ken Prendergast / January 13, 2023

 

According to two real estate insiders, despite Park Place Technologies’ enticing offer to relocate elsewhere in the Greater Cleveland area, it appears the fast-growing firm is going to stay and continue to grow in its native Mayfield Heights. The 32-year-old information technology servicing company, located at Landerbrook Corporate Center, Building No. 2, 5910 Landerbrook Dr., plans to expand next door, the sources said on the condition of anonymity.

 

MORE:

https://neo-trans.blog/2023/01/13/seeds-sprouts-xxv-park-place-tech-stays-lasalle-theater-available-grant-thornton-moving/

Is Flexjet leaving town?  Flexjet the aircraft charter company at County Airport, part of the Ricci aviation interests, is going public via a SPAC acquisition by Horizon.  Flexjet says they are valued at $3.1 billion and have revenues of $2.3 billion, according to SEC filings.  It's pretty much a sure thing that the operational headquarters will stay at the county airport (a new flight operations building is still under construction), but will the corporate headquarters?  That's not clear and the reporter, I guess, didn't ask.

 

https://finance.yahoo.com/news/flexjet-global-leader-subscription-based-110000782.html

 

https://www.crainscleveland.com/transportation/flexjet-plans-open-three-new-private-jet-terminals

 

 

Higher wages offset Cleveland’s work-from-home income tax refund losses for 2021, administrator says

 

CLEVELAND, Ohio -- Income taxes refunded by Cleveland’s Central Collection agency in tax year 2021 were higher than in recent years, yet the city of Cleveland appears as if it will still walk away with more income tax revenue than it did in the year prior to the pandemic.

 

https://www.cleveland.com/metro/2023/01/higher-wages-offset-clevelands-work-from-home-income-tax-refund-losses-for-2021-administrator-says.html

On 1/14/2023 at 7:01 AM, Dougal said:

Is Flexjet leaving town?  Flexjet the aircraft charter company at County Airport, part of the Ricci aviation interests, is going public via a SPAC acquisition by Horizon.  Flexjet says they are valued at $3.1 billion and have revenues of $2.3 billion, according to SEC filings.  It's pretty much a sure thing that the operational headquarters will stay at the county airport (a new flight operations building is still under construction), but will the corporate headquarters?  That's not clear and the reporter, I guess, didn't ask.

 

https://finance.yahoo.com/news/flexjet-global-leader-subscription-based-110000782.html

 

https://www.crainscleveland.com/transportation/flexjet-plans-open-three-new-private-jet-terminals

 

 

There’s nothing here that has anything to do with a potential change in the location of Flexjet’s headquarters. That’s probably why the reporter didn’t ask.
 

Strange post.

5 minutes ago, brtshrcegr said:

There’s nothing here that has anything to do with a potential change in the location of Flexjet’s headquarters. That’s probably why the reporter didn’t ask.
 

Strange post.

 

Are we sure they aren't moving to.....Atlanta?  Shouldn't we assume that all Cleveland businesses, at all times, are on the verge of moving to Atlanta?

2 hours ago, brtshrcegr said:

There’s nothing here that has anything to do with a potential change in the location of Flexjet’s headquarters. That’s probably why the reporter didn’t ask.
 

Strange post.

 

The original announcement of the merger last October, referenced but not reported in CLE media, was datelined "Cleveland and Greenwich, Conn." and indicated the acquiring SPAC, sponsored by Eldridge Industries will be the surviving corporation.  Eldridge is a large holding company with assets in real estate, the entertainment industry, and software. The presser avoided any geographic details of the company's future. 

 

Ricci's last SPAC ended up in Florida when the deal was done. I have no facts supporting a Flexjet move, but a suspicious mind.

 

https://finance.yahoo.com/news/flexjet-global-leader-subscription-based-110000782.html

100 manufacturing jobs and $5 million in payroll by 2026

 

22 minutes ago, Sapper Daddy said:

100 manufacturing jobs and $5 million in payroll by 2026

 

“Bringing some life into a building that hasn’t had any for a while”. You Krazy for that one Brian

3 hours ago, Sapper Daddy said:

100 manufacturing jobs and $5 million in payroll by 2026

 

 

What's the address?

I kind of hope Brian did that wording on purpose. Giving life to a building via making caskets for the dead.

1 hour ago, X said:

 

What's the address?

4848 W 130th

Malley's enters recapitalization agreement with Promise Holdings LLC.

 

https://www.wkyc.com/article/news/local/cleveland/malleys-chocolates-enters-recapitalization-agreement-chicago-based-promise-holdings-llc/95-4414685b-f3de-4b4a-93c4-fcbfd3913c6c

Three international developments today.  Hana Tech from Bangkok buys a Solon building and will open an electronics manufacturing facility, doubling Twinsburg employment.  Blue Abyss from the UK considers Cleveland for an operational space and deep-diving training facility in Brookpark.  Lastly, Siemans will participate in the $3+ million NIH-grant to CWRU (lead participant) for MRI enhancements.

 

https://www.crainscleveland.com/real-estate/solon-lands-twinsburgs-hana-technologies-because-it-had-building-manufacturer-sought

 

https://www.bizjournals.com/cleveland/inno/stories/news/2023/02/07/blue-abyss-considering-cleveland-training-center.html

 

https://www.crainscleveland.com/technology/case-western-reserve-university-lands-3m-grant

 

@Dougal Awesome stuff. I've got another one coming. Still trying to figure out how big it's going to be, though.

8 hours ago, KJP said:

@Dougal Awesome stuff. I've got another one coming. Still trying to figure out how big it's going to be, though.

 

That Blue Abyss training facility is probably a stretch, but it's seriously good that Cleveland is even in the running for that one.  I think the fact that there is some astronaut training that already goes on at NASA is possibly the biggest reason.

 

ALL international stuff, however small, is good for the city.

On 1/30/2023 at 7:26 PM, JB said:

I kind of hope Brian did that wording on purpose. Giving life to a building via making caskets for the dead.

 

Batesville, Indiana was a town largely built on that.   We sold Batesville Casket metal and recycled their scrap.   Some of our more superstitious employees would not touch the latter.   They called it "death metal".    So I heard the expression well before I knew of the musical genre.  

BP to stick it to cleveland once again. Bummer losing a Fortune 500. We will see how many employees transfer as well.

 

 

https://www.crainscleveland.com/transportation/travelcenters-america-be-acquired-13-billion-bp

^ Didn’t Sohio/ BP own them before, back in the 70s/80s??!

More on that...

 

TravelCenters of America to be sold to BP for $1.3B

 

BP PLC will boost its footprint along U.S. highways with a $1.3 billion acquisition of TravelCenters of America.

Houston-based BP Products North America Inc., a subsidiary of London-based BP, has agreed to purchase Westlake, Ohio-based TravelCenters (Nasdaq: TA), the nationwide operator and franchisor of the TA, Petro Stopping Centers and TA Express travel center brands, in a cash deal, the companies said Thursday.

 

The purchase price of $86 per share represents an 84% premium to TravelCenters' average trading price of $46.68 for the 30 days ended Wednesday.

 

The deal will add approximately 280 sites across 44 states to BP's portfolio.

 

As part of the deal, TravelCenters will enter into amended lease agreements with Massachusetts-based Service Properties Trust (Nasdaq: SVC) for long-term real estate access, BP added.

 

TravelCenters' sites average around 25 acres and offer services such as truck maintenance and repair, BP said. The properties include more than 600 full-service and quick service restaurants combined, and about 70% of the Cleveland-area company's total gross margin comes from its convenience services business, almost double BP's global convenience gross margin. Currently, BP's convenience and mobility business includes more than 8,000 off-highway locations.

 

More below:

https://www.bizjournals.com/cleveland/news/2023/02/16/bp-to-acquire-travelcenters-of-america.html

 

Interesting thing I picked up here.

 

From 2010 to 2016, Cleveland revenue went from 500M to 526M, an increase of about 5%.

 

From 2016 to 2022 (unaudited), Cleveland revenue went from 526M to 912M, an increase of 73%.

 

Pretty astounding.

 

Sources:

https://www.clevelandohio.gov/sites/default/files/forms_publications/2023MayorsEstimate.pdf

https://www.clevelandohio.gov/sites/default/files/forms_publications/2018BudgetBook.pdf

https://www.clevelandohio.gov/sites/default/files/forms_publications/2012MayorsEstimate2.pdf

4 minutes ago, LlamaLawyer said:

Interesting thing I picked up here.

 

From 2010 to 2016, Cleveland revenue went from 500M to 526M, an increase of about 5%.

 

From 2016 to 2022 (unaudited), Cleveland revenue went from 526M to 912M, an increase of 73%.

 

Pretty astounding.

 

Sources:

https://www.clevelandohio.gov/sites/default/files/forms_publications/2023MayorsEstimate.pdf

https://www.clevelandohio.gov/sites/default/files/forms_publications/2018BudgetBook.pdf

https://www.clevelandohio.gov/sites/default/files/forms_publications/2012MayorsEstimate2.pdf

 

 

Is this taking into consideration Covid relief funds handed out from the feds, or separate from them?

5 minutes ago, LlamaLawyer said:

Interesting thing I picked up here.

 

From 2010 to 2016, Cleveland revenue went from 500M to 526M, an increase of about 5%.

 

From 2016 to 2022 (unaudited), Cleveland revenue went from 526M to 912M, an increase of 73%.

 

Pretty astounding.

 

Sources:

https://www.clevelandohio.gov/sites/default/files/forms_publications/2023MayorsEstimate.pdf

https://www.clevelandohio.gov/sites/default/files/forms_publications/2018BudgetBook.pdf

https://www.clevelandohio.gov/sites/default/files/forms_publications/2012MayorsEstimate2.pdf

Not to say it isn't impressive but doesn't 2016 include the new income tax increase?

18 minutes ago, Mov2Ohio said:

 

 

Is this taking into consideration Covid relief funds handed out from the feds, or separate from them?

Yes. They're very significant, but smaller than income tax revenues in every year. in 2022, they were about 200M.

 

18 minutes ago, KFM44107 said:

Not to say it isn't impressive but doesn't 2016 include the new income tax increase?

2016 doesn't include the increase, it went into effect in 2017.

 

BUT, this is a really good point. See the below income tax numbers.

 

2010: 263,356,000

2016: 314,801,172 (abt. a 19% increase in 6 years)

2017: 389,045,794 (abt. a 23% increase in 1 year, due to tax increase)

2022: 463,416,303 (abt. a 19% increase in 5 years; 47% increase in 6 years)

 

So the income tax revenue increase per year is accelerating measurably, independent of the tax increase (we had a 19% increase in 5 years from 2017-2022 contrasted with a 19% increase in 6 years from 2010 to 2016). But clearly the tax increase is the biggest new revenue driver.

Edited February 28, 20232 yr by LlamaLawyer

Income tax revenue increasing with the proliferation of WFH and hybrid work seems like good news for the city.

16 minutes ago, LlamaLawyer said:

Yes. They're very significant, but smaller than income tax revenues in every year. in 2022, they were about 200M.

 

2016 doesn't include the increase, it went into effect in 2017.

 

BUT, this is a really good point. See the below income tax numbers.

 

2010: 263,356,000

2016: 314,801,172 (abt. a 19% increase in 6 years)

2017: 389,045,794 (abt. a 23% increase in 1 year, due to tax increase)

2022: 463,416,303 (abt. a 19% increase in 5 years; 47% increase in 6 years)

 

So the income tax revenue increase per year is accelerating measurably, independent of the tax increase (we had a 19% increase in 5 years from 2017-2022 contrasted with a 19% increase in 6 years from 2010 to 2016). But clearly the tax increase is the biggest new revenue driver.

Now that's what I like to see. Thanks for breaking that down more. 

At the same time, the city is ramping up pressure to collect taxes due... 

 

 

The Canon Healthcare Division being located in Cleveland was a strong rumor previously. Now the Greater Cleveland Growth Assn. states it as a fact.

 

https://greatercle.com/annualreport2022/