Toledo Tops the 2021 Metro Sustainability Rankings
This report is a summary of third-party economic research and perspectives to foster communication with business and economic development stakeholders during the COVID-19 crisis.
Key Economic Insights
- Global: Pandemic restrictions and low vaccine rollouts restrain manufacturing and exports from Asia.
- U.S.: The U.S. unemployment rate dropped to 5.4% in July. President Biden announced a new national target for electric vehicles to make up half of all new vehicle sales by 2030
- Ohio: Ohio ranks #7 in Site Selection’s State Sustainability Rankings, Toledo ranks #1 in metro rankings.
U.S. construction spending rose 0.1% in June, after falling in May. Spending on private construction projects climbed 0.4%, with outlays on residential projects increasing 1.1%. Business spending on non-residential structures fell in the second quarter led by declines in commercial and healthcare structures. Spending on public construction projects dropped 1.2%, after declining 0.8% in May. U.S. factory orders increased 1.5% in June. Core capital goods orders rose 0.7%, slightly better than the 0.6% gain in May. Inventories rose 1% between May and June. The U.S. trade deficit widened to a record in June. The foreign trade gap in goods and services expanded 6.7% from May to a seasonally adjusted $75.7B. Imports climbed 2.1% to $283.4B, a new monthly record. Exports increased 0.6% to $207.7B.
Ohio Employment & Economic Insights
Positive Company-Specific News
- CHAMPS Group Purchasing finalized agreements to purchase PPE from Ohio-based manufacturers, in collaborative efforts with JobsOhio.
- Parker-Hannifin has agreed to buy Meggitt for $8.8B; nearly doubling the size of their aerospace systems unit.
- Myers Industries acquired Trilogy Plastics to further expand and strengthen their rotational molding platform.
- TriMas Corp is more than quadrupling its plant space in New Albany to boost production of its Rieke-brand soap dispensing pumps and other products primarily for the personal-care market.
- RPM International announced that its Tremco Construction Products Group acquired Pure Air Control Services, a provider of indoor air quality solutions.
- Canfield-based Farmers National Bank was named the top-performing bank in Ohio and 17th in the U.S. by Bank Director Magazine.
- AES Ohio is working with Google’s research arm to “virtualize” its electric power distribution grid to simulate and model how to improve reliability, while relying further on clean energy resources.
- Cedar Fair Entertainment plans to add esports to its lineup of roller coasters and water parks, planning to build a $28M 1,500-seat esports arena in Sandusky.
- QQE Summit, a high-tech manufacturing company that serves the semiconductor, solar, fiber optic and lighting industries, will invest $25M and create 25 new jobs and retain 94 existing positions with an average salary of $42,500 over the next three years.
- The Port of Greater Cincinnati Development Authority is partnering with Neyer Properties to redevelop the 25-acre former Dow Chemical plant site for future manufacturing tenants.
Negative Company-Specific News
- Abbott Laboratories will pay $160M to resolve claims that two of its units submitted false claims to Medicare by providing kickbacks to diabetes patients.
- ExpressJet Airlines intends to lay off 95 employees at Cleveland Hopkins International Airport.