Ohio continued its streak of unemployment rate declines for the fourth consecutive month falling to 3.3% in July, down from 3.4% in June, and again marking the lowest rate ever recorded for Ohio since reporting began in 1976. Nonagricultural wage and salary employment increased by 12,100 over the month from a revised 5,627,100 in June to 5,639,200 in July. This is the highest number of filled jobs in state history since records began in 1990. The labor force participation rate in Ohio was 62.1% in July, down from 62.2% June and up from 61.6% in July 2022.
The U.S. Department of the Treasury has awarded $162.5M in Capital Project Funds for broadband infrastructure and multi-purpose community facility projects in Ohio under the American Rescue Plan’s Capital Projects Fund, bringing high-speed internet to tens of thousands of homes and businesses.
Business Facilities’ 2023 Metro Rankings Report has named Cincinnati as a top 10 business climate for a mid-sized city. The report also named Columbus as a top 10 logistics leader and a tech talent leader for a labor pool under 50k (#6), Toledo as a top manufacturing hub for a mid-sized city (#7), and Youngstown as a most affordable city with under 50k population (#7). A total of 130 Ohio-based companies were listed on the Inc. 5000 2023 list for fastest-growing private companies in America. The Ohio companies had a median growth of 166% between 2019 and 2022 and added 19,763 jobs.
Forbes’ Under 30 Summit, presented by JobsOhio, will occur in Cleveland, October 8 – 11. The event will showcase key speakers including Bad Bunny, Kendall Jenner, Machine Gun Kelley, Rainn Wilson, and more, and feature a private concert headlined by Latto.
Ohio Company News
Amazon has opened a new state-state-of-the-art 2.8M SF robotics fulfillment center in Dayton that will employ about 2,000 workers.
DHL Supply Chain recently began construction on a 755,000 SF distribution center in Carroll. The expansion will add approximately 200 new jobs.
Aunt Flow intends to invest $600,000 in an expansion in Columbus, adding 19 jobs.
Rumpke opened a new $6.5M, 14,000 SF transfer and recycling center in Delaware.
Kroger plans to expand distribution of Hamilton-based 80 Acres Farms fresh indoor-grown produce from over 300 Kroger stores to about 1,000 in the Midwest and Southeast.
Nordson has acquired ARAG in Italy, a precision control systems and ag spraying components company.
Theken Companies in Akron has acquired VisionAir Solutions from Cleveland Clinic. VisionAir creates patient-specific airway stents with its 3D-design platform.
Ohio State Wexner Medical Center will study the differences between diagnoses made with and without the use of AI using the Paige Prostate Suite, the only FDA approved AI-powered pathology algorithm.
Retail sales continued to grow in July with U.S. retail sales rising 0.7%, which marks the largest increase in six months. U.S. business inventories were unchanged in June as companies continue to manage stockpiles in anticipation of weak demand due to higher interest rates.
The Conference Board Leading Economic Index (LEI) declined in July by 0.4% suggesting a deceleration of economic activity. This marks the 16th consecutive month that the index has fallen. U.S. homebuilder confidence retreated in August after rising consecutively for seven months with mortgage rates nearing 7%. The University of Michigan Consumer Sentiment Index declined slightly to 69.5 in August, down from 71.6 in July but still marking the second highest reading in 21 months.
Single-family homebuilding surged by 6.7% in July amid an ongoing housing shortage. Existing home sales decreased in July by 2.2%. Home sales have receded by 16.6% versus one year ago. Sales of new-single family U.S. homes increased 4.4% in July beating expectations. The U.S. labor market showed signs of strength/weakening as weekly jobless claims decreased by 10,000 to a total of 230,000 during the week ending August 19. Continuing jobless claims declined by 9,000 to a total of 1,702,000 during the week ending August 19.
For more information, contact:
Matthew Ellerbrock & Summer McVicker, JobsOhio Research