March 4, 200916 yr http://www.nytimes.com/interactive/2009/03/03/us/20090303_LEONHARDT.html This is a great map of what's going on. Greater Cincinnati considering its location is doing alright. The West Coast, Florida, the Carolinas, and Michigan are all in bad shape.
March 5, 200916 yr Watch many of the rural counties loose many of their younger population to the cities over the next decade! Competition for jobs (already) is going to get worse than we have ever seen.
March 5, 200916 yr That is an awesome map - what is going on with West Virginia, which seems to be doing surprisingly well? I would not have predicted that.
March 5, 200916 yr Graeter's to announce expansion The Associated Press • March 5, 2009 Graeter’s, a local ice cream company founded in 1870, will host a press conference at 10 a.m. to detail plans for an expansion with a new factory and warehouse in Cincinnati. Graeter's said it has been looking for two years for a site to expand as it has outgrown its Mount Auburn factory on Reading Road. New outlets in Colorado and elsewhere in Ohio and Kentucky have fueled the growth for the company's varieties of hand-potted ice cream. The company is selling 12 varieties of flavors in Greater Denver at King Soopers grocery stores, a division of Cincinnati-based Kroger Co. http://news.cincinnati.com/article/20090305/BIZ01/303050023/1055/NEWS
March 5, 200916 yr CincyTech, investors fund two startups http://cincinnati.bizjournals.com/cincinnati/stories/2009/03/02/daily49.html Two early-stage companies, SpineForm and Wiresoft, will receive funding from CincyTech, Cincinnati’s tech incubator. SpineForm has raised $1.25 million in seed-stage financing – $300,000 from CincyTech and $950,000 from Queen City Angels and Cincinnati Children’s Hospital Medical Center Tomorrow Fund. SpineForm focuses on the research, development and commercialization of less-invasive spinal deformity surgical treatments without fusion. Cincinnati-based Wiresoft has received $326,000 in seed-stage financing: $200,000 from CincyTech and $126,000 from private investors with ties to the company. Wiresoft Net provides network security solutions for small- and mid-sized businesses. ... More at: http://cincinnati.bizjournals.com/cincinnati/stories/2009/03/02/daily49.html
March 5, 200916 yr ^^ Interesting theory - the next few months will really tell the story, especially if those numbers hold steady.
March 6, 200916 yr I kind of like the fact that it is a local thing, that you can take visitors too. But if this means they will be expanding and hiring more people and contributing more to the local economy, I'll take it.
March 9, 200916 yr Cincinnati ranks high for business Site Selection magazine has ranked Cincinnati fourth in the country, behind Houston, Dallas and Chicago, in its list of the top metro areas in the U.S. for new and expanded corporate facilities in 2008. The ranking focused on areas with a population of one million or more and was based on data submitted by the Cincinnati USA Partnership, the economic development initiative of the Cincinnati USA Regional Chamber Read full article here: http://news.cincinnati.com/article/20090309/BIZ01/303090019/1055/NEWS
March 9, 200916 yr Author Why isn't this turning into more job? I think Ohio lost more than 200k jobs in those three years.
March 9, 200916 yr The problem has been the angle of old economy decline is steeper than the new economy growth upward angle.
March 9, 200916 yr ^I think we are in the midst of a real shift in the economy, where we are going to see more production in the U.S. for the U.S. market than we've seen in the past. Of course, since it will have to be high quality/high cost goods, it will only happen if either 1) U.S. workers start to get paid more; 2) the U.S. government becomes a larger and stable purchaser of capital goods; 3) a combination of both. But Ohio may be poised for a comback. We need to leverage our political relevance.
March 9, 200916 yr I'll keep my fingers crossed that that will be the case, rather than we are all just going to get poorer and live shorter and more miserable lives.
March 10, 200916 yr Dayton made #1 on that Site Selection list for mid-sized metros. Color me "suprised".
March 10, 200916 yr Since Dayton is part of the new Cin-Day metroplex, you all should be cheering the good news: From the BJ: Dayton has been ranked No. 1 on a national list, and for once it’s a good thing. Dayton has the most corporate facility projects underway for cities with a population between 200,000 and 1 million, according to Site Selection Magazine. The Conway Data New Plant Database, the tracking service of Site Selection Magazine, showed the Dayton area had 41 projects last year. Akron and Toledo were right behind, with 39 and 38 projects, respectively. Those cities, along with Cincinnati, 124 projects; Columbus, 77 projects; and Cleveland, 67 projects, also helped Ohio win the Governor’s Cup Award for 2008. The award goes to the state with the most new and expanded corporate facilities. link
March 10, 200916 yr From Site Selection, some puffery from local ED folks: Deep Capacity Per Capita Blanchard has raised about $14 million for his venture, mostly from other local business leaders. "They take a lot of pride in helping to bring a brand new business to the area, stimulate the local economy and create jobs," he says. Jim Leftwich, president and CEO of the Dayton Development Coalition, says that Blanchard and his investors are typical of the local business community. "The collaboration of everyone in this region is just unparalleled," says Leftwich. "The stakeholders are all working from a common vision and a common regional strategy. There is a commitment across the region to that vision, and as a result we can work quickly to put together a deal." Significant deals in the Dayton area last year included a $24-million data center in Kettering from Reynolds and Reynolds; a $17-million R&D and manufacturing plant in materials research in Xenia; and a computer systems plant in Beavercreek from CACI International, which is investing $10 million. "We are able to capitalize on linkages to the research that goes on at Wright Patterson Air Force Base, the University of Dayton, Wright State University and Central State University," says Leftwich. "Executives from outside the region are often surprised to learn about the intellectual capacity in the Dayton area. We have one of the highest rates of patents per capita in the country." After going through a challenging period in 2006, the Dayton area is rebounding well, Leftwich says. "While the rest of the country was hitting its low point last year, we were executing our resurgence strategies. Now, we are capturing opportunities." ”
March 10, 200916 yr This is the "Cincinnati: Economy & Market Reports" thread. I understand that Dayton is closely related, but lets keep this on topic as the economy relates to the Cincinnati market.
March 10, 200916 yr This is the "Cincinnati: Economy & Market Reports" thread. I understand that Dayton is closely related, but lets keep this on topic as the economy relates to the Cincinnati market. If I hear one more reference to Cin-Day i'm going to puke. They are two cities, there is nothing but sprawly crap connecting them, no true urban connection. yeah, but how much is Dayton, and how much is suburban sprawl? I would ask the same question for Cincinnati. It's great we're so high on the list, but I'm sure most is outside of the city. I know my company opened a huge new building last year on it's Covington campus that I'm sure contributed to Cincy's high rating. If most of this office space is being built outside of the city then we're just continuing the cycle of sprawl and needlessly duplicating infrastructure. After QCS is finished, I hope that Cincy can lure a few mid-sized companies downtown to take over Great American's soon to be vacated old office space. That will be progress.
March 10, 200916 yr Boy, people are sure getting pissy. Dayton is good enough to boost Cincy's numbers for comparison persons, but when one addresses things in a regional context its .."oh, wait..."
March 10, 200916 yr Boy, people are sure getting pissy. Dayton is good enough to boost Cincy's numbers for comparison persons, but when one addresses things in a regional context its .."oh, wait..." There is another thread - http://www.urbanohio.com/forum2/index.php/topic,1243.0.html - that solely discusses Dayton's economy and market reports. The two cities are closely related, but for these purposes it is probably just easier to keep the news separate aside from comparison purposes as you included above. I just don't want things to get too far off track as they often have a tendency to do when Cdawg gets involved (no offense Cdawg).
March 10, 200916 yr Both cities can and should stand on their own merits. Just b/c the US Census Bureau is going to start keeping track of the Cin-Day metroplex (is that still going to happen?) does not mean we should start thinking of them as one big city. Dayton deserves it's own economic development thread if there isn't one already. EDIT: And Randy is quick w/ the link as always.
March 10, 200916 yr I think you guys are being touchy. It is fine if you want to include this in a separate Dayton thread, but the relative decline of Dayton pulls it even more into the Greater Cincinnati economy, since it can no longer stand on its own and provide jobs for the current population. Those folks can still live within the Dayton area and commute into the Cincinnati region - the areas are connected by urbanized sprawl - the Austin Rd. intersection will only expedite the process.
March 10, 200916 yr It's 25 miles from one loop to the other, what else would be in between the two cities?
March 10, 200916 yr It's 25 miles from one loop to the other, what else would be in between the two cities? Farms? A green belt? We can dream right?
March 10, 200916 yr It's 25 miles from one loop to the other, what else would be in between the two cities? Farms? A green belt? We can dream right? I completely agree.
March 10, 200916 yr Loveland software company expanding in tough times http://www.soapboxmedia.com/devnews/lcs0310.aspx London Computer Systems, Inc. (LCS), a full-service technology and software company, has announced the expansion of their Cottonwood Drive headquarters in Loveland. A 15,000-square-foot addition, completed by ARC Building Group in January, more than triples the company's space and provides breathing room for its sales and technical support departments. The most striking feature of the new construction is its central tower, surrounded by glass windows and capped with a prairie-style hipped roof. ... More at: http://www.soapboxmedia.com/devnews/lcs0310.aspx
March 11, 200916 yr Milacron files Chapter 11, assets to be sold By Jon Newberry, Business Courier of Cincinnati, March 10, 2009 Milacron Inc., as part of a restructuring deal with investors Avenue Capital Group and DDJ Capital Management LLC, has filed for Chapter 11 bankruptcy and will sell its assets to the highest bidder. The Chapter 11 filing took place in the U.S. Bankruptcy Court for the Southern District of Ohio, and in Canada as well. It involves Milacron’s U.S. and Canadian operations only, and not its European, Asian or other operations outside North America.
March 12, 200916 yr Senate OKs budget bill with local projects By Malia Rulon, Enquirer Washington Bureau • and The Associated Press • March 11, 2009 To read more: http://news.cincinnati.com/apps/pbcs.dll/article?AID=/AB/20090311/NEWS0108/903110314/ Cincinnati projects included in the bill by local lawmakers $2,871,000 - Ohio Riverfront (Sens. George Voinovich and Brown; Reps. Schmidt and Steve Chabot). For the park and The Banks? $900,000 - Cincinnati Police Department, automated fingerprint identification technology (Chabot). $500,000 - Metropolitan Sewer District of Greater Cincinnati, Eastern/Delta Sewer Separation Project (Schmidt). $475,000 - Central Riverfront Street Grid/Mehring Way Relocation (Schmidt; Chabot). Is this enough for the entire job? $475,000 - City of Cincinnati, property acquisition, demolition and remediation of the Queen City Barrel area to create an urban industrial park (Voinovich). Nice to see this moving forward.
March 12, 200916 yr The Ohio Riverfront money is probably for banks stabilization that will allow the Central Riverfront Park to happen. $475,000 isn't enough to cover the whole cost of the riverfront street grid, but with the money already in place this probably brings it very close (if not already) to being fully funded.
March 12, 200916 yr The streetcar did not request money from this, correct? This is part of the annual budget. These projects were included as earmarks - hence the names of the politicians who requested each of these projects. So no, the streetcar is not part of this year's earmark requests. I found three things interesting about the names. 1) Chabot's name is on an awful lot for being a fiscal conservative who opposes earmark spending. 2) This was obviously a lot of left-over business from the previous year as the Obama administration stated. 3) Debbie Wasserman Schultz (D-Fla) is the only person tied to the funding for the "American Jewish Archives, Cincinnati, for outreach and educational programs." You would think there would be one local politician who would have found this to be a good cause.
March 12, 200916 yr I'm sorry that last item may be good for the region but it is the very definition of pork. Once they open the trough it is hard to stay away esp. when you win/lose by very close margins as Chabot had a habit of doing.
March 12, 200916 yr All those projects seem worthwhile to me, and a lot of them seem completely within the purview of the federal government. I find the money paid out to each Alaskan resident (a state that pays fewer federal taxes than it receives in federal money) which the oil companies there get to deduct from their federal tax liability (further screwing the rest of us) to me much more in the spirit of pork, if not the letter.
March 12, 200916 yr Really, 140k for the Jewish Archives is the best use of federal tax dollars? I've spent tons of time in Jewish archives, they are great places, but the feds don't need to send their targeted largesse to them. If they think America should have better stronger Jewish Archives (and they should think that), send it through the NEH as a special fund that can be administered by professionals rather than be dumped into an omnibus spending bill. It isn't the earmark that bothers me, but the explicit politicking involved in it. It amplifies the power of the appropriations chairs.
March 12, 200916 yr If they think America should have better stronger Jewish Archives (and they should think that), send it through the NEH as a special fund that can be administered by professionals rather than be dumped into an omnibus spending bill. It isn't the earmark that bothers me, but the explicit politicking involved in it. It amplifies the power of the appropriations chairs. I don't disagree. It's not ideal procedure. Nevertheless, the anti-pork complaint is typically one that argues that this money is simply a waste. A lot of these things strike me as having real value, and I'm less concerned about spending by the lender of last resort during a major economic downturn, even over 140K for the Jewish Archives, particularly when we are bailing out insurance companies who insured loans at billions upon billions. I haven't heard many people, journalists or congressmen, complaining about the power of various committee chairs. It's typically this conceit that "all government spending is inherently wasteful" simply because it is being done by the government. It's a pretty silly critique that one can't really refute, because those who hold it simply reject any consideration that the premise is absurd. My purchases, and the value of them, didn't change when I ceased being a government employee seven months ago. However my income did, because far two many private investors spent too much money on a particular industry, and then took loans out on their investments in that industry. Pigs might be fat but at least they are intelligent. So give me pork spending over Wall Street's mahi-mahi spending (dumbest fish I can think of) that causes widespread economic downturn.
March 13, 200916 yr P&G could have appetite to acquire Free from its square pegs, firm might be set to buy http://cincinnati.bizjournals.com/cincinnati/stories/2009/03/16/story1.html Procter & Gamble Co., much lighter after shedding several unwanted businesses, could be among the next to break the acquisitions fast that has seized American companies. The timing would be right from some standpoints. P&G’s last major acquisition, of Gillette, occurred three-and-a-half years ago and is fully integrated. P&G has sold off billions of dollars in non-core brands, including Folgers, Infusium and most of Noxzema. Its pharmaceutical business, meanwhile, is seeking a buyer.
March 13, 200916 yr Homer: Wait, Lisa. You're saying your not going to eat any meat? What about bacon? Lisa: No. Homer: Ham? Lisa: No. Homer: Pork chops? Lisa: Dad, they all come from the same animal! Homer: (chuckling) Yeah, right Lisa. Some wonderful, magical animal.
March 15, 200916 yr the latest employment numbers from the Cleveland Fed... Cincinnati MSA now has the highest non-farm employment of any Ohio metro http://www.clevelandfed.org/Research/data/regional/charts/chart7.cfm?state1=6&state2=7&state3=8&state4=24&selectUS=&startDate=01/01/2000&endDate=03/14/2009&datatype=1&subdataId=0
March 21, 200916 yr Cincinnati developers not waiting for cavalry With lending stuck, several raising offerings Business Courier of Cincinnati - by Dan Monk Some local real estate developers are refusing to let stingy lenders rain on their growth parade. Neyer Properties Inc. and Ackermann Group are both circulating private-placement offerings to raise $40 million in equity. The developers hope to use that capital to acquire $150 million in distressed assets in retail, office, industrial and multifamily housing. Dayton-based Miller-Valentine Group is exploring an offering of unspecified size, while Cincinnati’s Phillips Edison & Co. declined to reveal particulars of an additional offering that it’s now trying to close. The offerings come as the nation’s capital markets remain mostly closed to commercial developers. Banks and insurance companies, which once fueled real estate development by making direct loans and investing in mortgage-backed securities, are trying to rid their portfolios of risk. Small community banks and private investors are finding it difficult to pick up the slack. Washington’s remedies have so far proved fruitless. Read full article here: http://cincinnati.bizjournals.com/cincinnati/stories/2009/03/23/story1.html
April 3, 200916 yr What’s happening & when will it improve? Commercial real estate in Cincinnati Business Courier of Cincinnati - by Jeffrey Bender Like you, I’ve attended many economic forecasts in recent months. While, I would never claim to be an economic forecaster, I do keep an eye on economic news as the economy has major repercussions on commercial real estate markets. The opinions I’m sharing in this article are based on my observations and research gathered by Colliers Research staff. As we hear daily, the world in 2009 is an uncertain and rapidly changing place. Historically, Greater Cincinnati has escaped the volatility experienced by tier-one markets and while the recession has arrived here, it has arrived later (third or fourth quarter 2008), than for much of the nation as a whole (fourth quarter 2007). Though it arrived later, I don’t think it will stay longer. Luckily, we have many regional strengths in industries hit less hard by the economy. To date, the impacts of recession have been milder here than for the nation as a whole. Read full article here: http://cincinnati.bizjournals.com/cincinnati/stories/2009/04/06/focus5.html
April 3, 200916 yr Developers weathering market’s ‘perfect storm’ Substantial preleasing needed for new projects Business Courier of Cincinnati - by Jon Newberry For businesses seeking office space, it’s a buyer’s market, and the deals ought to get even better in the months ahead. Several major projects that either came on the market recently or are under construction are helping push vacancy rates higher and lease rates lower. That’s good for tenants, bad for owners and developers. But it’s not just an oversupply of space coupled with a shortage of tenant demand that’s hurting property owners. High construction costs, including for interior tenant finishes, and worried lenders are also weighing on the situation, said Michele Laumer at Carey Laumer Commercial Realty. Read full article here: http://cincinnati.bizjournals.com/cincinnati/stories/2009/04/06/focus9.html
April 8, 200916 yr Pac Worldwide moving Las Vegas plant to Middletown Business Courier of Cincinnati Pac Worldwide, a global packaging manufacturer, will relocate its Las Vegas plant to Middletown, the city said Tuesday. The move, to Pac Worldwide’s existing facility in Middletown’s Greentree Industrial Park, will create about 35-40 new jobs over three years and add $1 million in payroll, according to a news release. The company will move $2.3 million in equipment to the facility, as well. The city approved a Job Creation Grant of $59,000 for the move, which matched a state grant, according to a news release. In 2007, Pac Worldwide consolidated its Lebanon and West Chester operations at the Greentree site, bringing 157 jobs to Middletown. The company, headquartered in Redmond, Wash., makes containers, bags, envelopes and security bags. http://cincinnati.bizjournals.com/cincinnati/stories/2009/04/06/daily29.html
April 23, 200916 yr 200+ real estate execs in town More than 200 commercial real estate executives are in town to eye potential projects and rub elbows with some of Cincinnati and Northern Kentucky's top urban developers and planners. This afternoon, the Cincinnati Chapter of Commercial Real Estate Women will launch a three-day conference "Urban Renaissance" with a two-hour river boat tour to highlight waterfront projects like The Banks, Southshore in Newport and other sites available for development. On Friday and Saturday, conference attendees from across the nation will continue to gain insight from local real estate executives about challenges and successes behind urban redevelopment projects under way in Covington, Newport, Over-the-Rhine and Uptown. Read full article here: http://news.cincinnati.com/article/20090423/BIZ01/904240329/1055/NEWS
April 23, 200916 yr Beaulieu: Greater Cincy’s recovery to be later, steeper Economist Brian Beaulieu told a Clermont Chamber of Commerce Expo audience Thursday that he thinks an economic rebound in Greater Cincinnati will likely come later, but be sharper, than the nation’s economy as a whole. Beaulieu, of the Institute for Trend Research, told an audience of about 250 at Receptions East that he disagreed with a recent prediction made by Richard Davis, CEO of U.S. Bancorp. Davis, during a recent speech in Cincinnati, said he believed the Tri-State would recover from the recession more quickly than most areas. Read full article here: http://cincinnati.bizjournals.com/cincinnati/stories/2009/04/20/daily51.html
April 24, 200916 yr Some of those folks were at the Ohio Bookstore this afternoon chatting about which meetings and conventions give the bookstore good business.
April 24, 200916 yr The future is now for Cincinnati design firm LPK as it unveils ‘Next’ division When it comes to forecasting consumer trends in 2012, knowing which colors will be hot is not nearly as valuable as understanding why. Such prophecies are the basis of design firm LPK’s new division, Next. Launched from the agency’s foundation of brand building, designing and marketing some of the best-known consumer products, Next was created to arm LPK and its clients for the unknown. In short, it prepares them for the marketplace of the future. “It’s sort of the un-LPK,” said Phil Best, vice president of brand, design and innovation, who heads Next. “It’s all about what’s next. It’s about provocation.” But the game of determining fate has many moving parts. It isn’t simply predicting who will buy camping equipment in 2015, but how they will buy it and for what uses. Are there adjacent markets – perhaps hotels – for additional products? What innovations should be expected, beyond coolers and lanterns? Read full article here: http://cincinnati.bizjournals.com/cincinnati/stories/2009/04/27/story4.html
April 24, 200916 yr Beaulieu said the Obama Administration “doesn’t have a handle” on the economy. “(Fed Chairman) Ben Bernanke is an inflation dove, and that scares the daylights out of me,” Beaulieu said. “From the side, doesn’t he sort of look like Lenin?” Don’t trim everyone’s pay, he added, because many of your workers will never forgive you. Make the tough calls and the tough layoffs. Beaulieu also told the audience that this is a good time to take risks, and buy real estate and materials at low prices. “I don’t agree with companies that are saying, ‘Let’s just survive the next year,’” he said. “No. Your job is to be profitable, and there’s no time like the present.” I find it hard to believe that ones employees will never forgive a pay decrease if you tell them it's to keep everyone employed. This guy sounds a real jackass. I wonder if his advice to businesses includes a freeze on hiring consultants like himself. I'm equally curious whether the rather pompously named Institute of Trend Research called the current financial crisis. Since I don't hear "Beaulieu" mentioned in the same breath as "Roubini" or "Taleb", I seriously doubt it.
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