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Midwest Institutions Launch Semiconductor Network

This report is a summary of third-party economic research and perspectives to foster communication with business and economic development stakeholders.

Mon Aug 08 2022
Economic Insights graphic

Key Economic Insights

U.S. Insights

The U.S. labor market remained strong in July, as nonfarm payrolls increased by 528,000 during the month, marking the 19th consecutive month of expansion. The unemployment rate fell to 3.5%, down from 3.6% and is the lowest level since February 2020.  Total job openings fell 5.4% to 10.7M in June. Hires also slowed during the month, falling 2% to 6.37M, while quits remained little changed at 4.2M. Weekly jobless claims rose to 260,000 for the week ended July 30, and continuing claims rose 48,000 from the prior week to 1.42M.

U.S. Real GDP decreased at an annual rate of 0.9% in Q2 2022, according to advance estimates from the BEA. The decline in Q2 marks the second consecutive quarter of negative growth in the U.S. economy after U.S. GDP declined 1.6% in Q1.  Economic activity in the manufacturing and services sectors of the U.S. economy grew in July, with both sectors achieving a 26th consecutive month of growth, according to ISM. ISM Manufacturing PMI registered 52.8%, down 0.2% from June, and ISM Services PMI registered a three-month high of 56.7%, up 1.4% from June. U.S. factory orders rose 2% in June, nearly doubling expectations, and durable goods orders for June were revised higher to 2%, up from previous estimates of 1.9%.

The PCE price index, the Federal Reserve’s preferred measure of inflation, rose at a 6.8% annual rate in June, the largest annual increase since January 1982. Excluding food and energy, Core PCE rose at a 4.8% annual rate. The Federal Reserve enacted its second consecutive 0.75 percentage point interest rate increase in July as it seeks to address persistent, elevated inflation. The Conference Board Consumer Confidence Index decreased 2.7% to 95.7 in July, marking a third consecutive month of decline.

Ohio Employment & Economic Insights

The Ohio Tax Credit Authority approved assistance for seven economic development projects during their monthly meeting in July. Collectively, the projects are set to create 660 new jobs and retain 3,333 jobs statewide, resulting in more than $39M in new payroll and $51.8M in investments across the state. Ohio recorded 14,589 new business filings in June 2022; 95,069 new businesses have been created in 2022 so far, averaging 15,844 per month.

The U.S. EDA awarded a $23.5M grant to the Ohio Manufacturer's Association (OMA) as one of 32 winners in the $500M ARPA Good Jobs Challenge. OMA was awarded for their project aimed at growing a diverse, new generation of skilled manufacturing workers in partnership with over 100 employers. The Washington Technology Industry Association's Workforce Institute, also known as Apprenti, was also awarded $23.5M for their project aimed at helping 11 states across the country, including Ohio, develop their local technology workforce. The Ohio Department of Development awarded more than $5M in loans to minority-and-women-owned businesses for budget year 2022-2023.

U.S. News & World Report named Cleveland Clinic the #4 hospital in the U.S, and the #1 hospital in the U.S. for cardiology in their 2022-2023 rankings of U.S. hospitals. The Ohio State University Hospital System was also recognized as a national standout for specialized care in both cancer and cardiology. Cincinnati Children’s Hospital (#3) and Nationwide Children’s Hospital (#9) both ranked among the top 10 children’s medical centers in the nation.

The 2022 National Advanced Air Mobility Forum will take place in Springfield on August 22-23. The Forum will bring together manufacturers and suppliers from across AAM for networking, flight demonstrations, and static displays. In addition, there will be a groundbreaking of the National Advanced Air Mobility Center of Excellence at the Springfield-Beckley Municipal Airport.

Ohio Company News

  • Ultium Cell’s Ohio facility in Warren will receive a portion of $2.5B in loans from the U.S. Energy Department’s Advanced Technology Vehicle Manufacturing program, along with locations in MI and TN.
  • Synchrony Bank plans to expand in West Chester Township. The project is expected to result in the creation of 300 new jobs, generating $16.5M in new annual payroll. The move will also retain an estimated $182.4M in existing payroll.
  • Chillicothe Kenworth plans to invest $1.4M in an expansion project in Green Township.The project is expected to create 119 jobs, generating $7.5M in new annual payroll. An estimated $4.8M in existing payroll will be retained. 
  • Berkshire Refrigerated Warehousing plans to develop a 150,000 SF, $24.3M public cold storage facility in Sheffield Village. The project is expected to result in 90 new jobs, generating $5M in new annual payroll.
  • AndHealth, a digital health company focused on chronic diseases, will expand with an office in downtown Columbus, adding 65 new employees.
  • McWane Ductile is growing its operations with a $21.5M investment to its manufacturing facility in Coshocton County. The project is expected to create 50 new jobs, generating $2.6M in new annual payroll and retaining 522 jobs and $31.6M in existing payroll.
  • Burtch Works, a data analytics talent solutions firm in Chicago, is expanding operations to Cincinnati. The expansion is expected to result in the creation of43 new jobs, generating $4.7M in new annual payroll.
  • Benestar Brands plans to add a $2.5M tortilla chip production facility in Scioto County. The project is expected to result in the creation of 40 new jobs, generating $1.5M in new annual payroll. An estimated $4.3M in existing payroll will be retained.
  • Aurora Plastics will spend $21.6M to add new operations to its facility in Streetsboro, adding 29 jobs.
  • Motion Controls Robotics will invest $2.1M to expand its existing facility in Fremont by 28,000 SF. The expansion will add 18 new jobs and generate $1.2M in new annual payroll while retaining $4.9M in existing payroll.
  • Bunker Hill Cheese Company will invest $104,000 in their Holmes County facility, creating 10 jobs.
  • Worthington Industries has established a VC fund in Rev1 Ventures to make individual investments between $1M to $10M in emerging tech companies key to custom steel processing innovations.
  • Omni Fiber, a new fiber-to-the-premises ISP HQ’d in Cincinnati, has announced 3 initial markets in Ohio, including Clyde, Dover, and Shelby.
  • Ohio University’s business incubator, the Innovation Center, has received the International Business Association’s 2022 Entrepreneurial Support Organization of the Year Award in the rural category.
  • Medical Mutual of Ohio will purchase Reserve National Insurance Company and its subsidiaries for $90M.
  • Tandem, a Drive Capital-backed startup app in Columbus focused on helping users find child care, house cleaning, and pet care, is expanding to Cincinnati.
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