News & Press
Ohio Metros in Top 10 for Affordability, Labor Productivity, and New Businesses
This report is a summary of third-party economic research and perspectives to foster communication with business and economic development stakeholders.
Key Economic Insights
- U.S.: The unemployment rate remains at 3.7%; Job openings fell to 10.3M in October but remain historically elevated. Core inflation rose at a 5.0% annual rate in October.
- Ohio: Toledo (#6) and Akron (#7) are named as top considerations for regional Innovation Hubs by EIG.
Total nonfarm payroll employment rose by 263,000 in November, and the unemployment rate was unchanged at 3.7%. The labor force participation rate was relatively unchanged at 62.1% in November and remains 1.3 percentage points below February 2020 levels. Through the 12-month period ended in November, average hourly earnings have increased 5.1%. Job openings fell to 10.3M in October, down from 10.7M in September. Quits (4.0M) and layoffs and discharges (1.4M) were little changed from the previous month. Weekly jobless claims increased by 4,000 to a total of 230,000 for the week ended Dec 3. Continuing claims increased by 62,000 to a total of 1.671M.
The PCE price index rose 0.3% in October to a 6.0% annual rate. Core PCE, the Federal Reserve’s preferred gauge on inflation, rose 0.2% during the month to a 5.0% annual rate, in line with forecasts. The Producer Price Index (PPI) increased 0.3% in November to an annual rate of 7.4%. Core PPI also rose 0.3% during the month to a 4.9% annual rate. ISM Manufacturing PMI registered 49 in November, indicating contraction in economic activity in the manufacturing sector for the first time since May 2020 after 29 consecutive months of growth. ISM Services PMI registered 56.5 in November, the 30th consecutive month of expansion.
Real GDP was revised higher for Q3 2022 to an annual increase of 2.9% from 2.6% previously. New orders for manufactured goods rose 1.0% in October and have recorded monthly gains in 12 of the last 13 months. Durable goods orders for October were revised higher to 1.1% from 1.0% previously. Durable goods orders have recorded monthly gains in seven of the last eight months. The Conference Board Consumer Confidence Index decreased in November to 100.2 (1985=100), down from 102.2.
Ohio Employment & Economic Insights
Six Ohio metros were named among the top 30 most affordable large metros in the U.S. according to an analysis by The Business Journals; they include Toledo (#5), Dayton (#8), Akron (#17), Cleveland (#18), Cincinnati (#22), and Columbus (#27). Toledo (#6) and Akron (#7) are named as top considerations for regional Innovation Hubs, according to Economic Innovation Group’s Innovation Hubs Index. A report from the American Growth Project has found that Columbus (#5), Cincinnati (#8), and Cleveland (#10) were among the cities with the fastest growing productivity in the past 15 years.
The Plastics Industry Association ranked Ohio as the #1 state in the nation for plastics employment in its newly released "2022 Size and Impact Report." According to the report, Ohio boasts 75,100 of the nearly 1M plastics industry workers across the U.S. Ohio has joined a coalition across Ohio, West Virginia, Pennsylvania, and Kentucky, and led by Battelle and major energy and technology companies, called the Appalachian Regional Clean Hydrogen Hub (ARCH2) to advance the production, use, and delivery of hydrogen.
A recent analysis by Forbes Advisor ranked Ohio the #9 best state to start a business in 2022. Commercial real estate company 42Floors named Columbus (#4) and Cincinnati (#12) among the top 20 U.S. Metros to Start a Business. ThoughtLab and Hatch listed Columbus among the top 10 most future-ready cities in North America.
The Ohio Tax Credit Authority approved assistance for 14 economic development projects in December. These projects are set to create 1,663 new jobs, retain 3,457 jobs, and spur more than $202M in investment across the state. The Ohio Tax Credit Authority has also allocated $100M in tax credits to support 12 mixed-use development projects that will construct or redevelop 5.3M square feet of space and create nearly $1.3B in payroll and $2.3B in investments across the state. Governor DeWine has announced a list of 2,277 blighted and vacant structures in 42 counties that will be demolished as part of the $150M Ohio Building Demolition and Site Revitalization Program to make way for new economic development and housing opportunities.
Ohio Company News
- Battle Motors plans to create 434 jobs as it expands its EV production facility in New Philadelphia.
- Epsilon C51 expects to add 200 jobs and $25M in payroll as part of its expansion project in Beavercreek.
- Bellisio Foods intends to hire 177 employees as a result of its $40M expansion in Jackson.
- Autokiniton expects to create 150 jobs as a part of its $15M expansion in Bellevue.
- Acorn Stairlifts plans to add 125 jobs and $5.4M in payroll with a new factory in Sheffield Township.
- Safecor Health intends to create 100 jobs as part of its $2.7M expansion in Columbus.
- Momentive Technologies plans to add 97 jobs as a result of its $38M expansion in Strongsville.
- Church & Dwight expects to create 80 jobs as part of its $50M expansion to its facility in Old Fort.
- RXO Corporate Solutions intends to create 75 jobs and $3.4M in payroll as it expands in Columbus.
- Progressive Pipe Fabricators plans to hire 75 with a new 50,000 SF facility in Masury.
- Biery Cheese expects to create 51 jobs as part of a $2.5M investment in Louisville.
- Voyager Space plans to add 50 jobs and $5.9M in payroll in Columbus.
- MUM Industries plans to create 45 jobs at a $16M, 100,000 SF, expansion in Mentor.
- Knight Material Technologies intends to create 45 jobs as part of its $10.5M expansion in East Canton.
- Sugaright plans to create 39 jobsand$2M in new payroll with a new factory in Springdale.
- J.M. Smucker expects to add 35 jobs as part of a $2M, 29,000 SF, R&D facility in Orrville.
- Ohio Laser plans to invest $10.6M in an expansion in Plain City, hiring 30.
- Mean Green opened a new 100,000 SF facility in Hamilton, hiring over 30, with dozens more planned.
- Wild Republic opened its new HQ in Independence, donating 11,000 of its plush toys to children in need.
- Cirba Solutions has received a $7.4M grant from the U.S. DOE under the Bipartisan Infrastructure Law to support its lithium-ion recycling facility in Lancaster. This follows a $75M BIL grant in October.
- Axium Packaging will add a $45M expansion in New Albany.
- Eikonoklastes Therapeutics and Forge Biologics have announced a manufacturing partnership that will advance Eikonoklastes’ adreno-associated viral-based gene therapy into clinical trials.
- Intel has selected Virginia-based Bechtel to build its $20B semiconductor fab in New Albany.
- Honda will build a fuel cell electric vehicle at its Performance Manufacturing Center in Marysville.
- Lordstown Motors’ Endurance electric pickups have been tested and certified for sale; the first customer orders have begun leaving the Foxconn EV System plant in Lordstown.
- Resilience will purchase AstraZeneca’s West Chester biomanufacturing facility.
- Omni Fiber, HQ’d in Cincinnati, has acquired Port Clinton-based Ohio Telecom.
- Farmers National Bank of Canfield and Pennsylvania-based Emclaire Financial will merge.
- Medical Mutual has acquired OK-based Reserve National Insurance Company, formerly Kemper Health.
- Middlefield Banc Corp. has merged with Ada-based Liberty Bancshares.
- Proven Optics has secured a majority growth investment led by Silversmith Capital Partners.
- Breeze Airways plans to add direct routes from CVG to Orange County, CA, and Providence, RI as well as direct routes from CMH to Raleigh-Durham, NC and Orange County.