Topic: Dayton: General Business & Economic News

[the pope]

gosh, its not a real thread until cdawg posts a novel......

[Florida Guy]

^ Holy crap!

[Eighth and State]

   Keep 'em coming, C-Dawg. I enjoy them.



   

[Jeffrey]

^
yes C-Dawg is about the only regular Toledo poster here. 

For some longer term numbers, from the BLS website....

in raw numbers, by month, employment....



unemployment



..labor force, which seems to be declining?



and unemployment rate, which seems to have a slight downward trend in it, even if it is high relative to the 1990s

[UncleRando]

^thx for the cold hard facts....bam!!!

[Billy@MostMetro]

Statistics can be very dangerous because they rarely tell you the whole picture.  While the situation in Dayton certainly isn't good in terms of overall employment, there are also companies that are growing, and as manufacturing jobs are lost, other types of industry like high tech are gaining.  I imagine this is true of other Ohio cities. 

I don't know how good or bad the attitude toward one's city is in the other Ohio cities, but I can tell you that it is horrible in Dayton.  The people in Dayton are their own worst enemy.  When I lived in Chicago, there was such a feeling of city pride (if you've ever met somebody from Chicago, you are probably annoyed when they sit there and talk about how great it is in Chicago). 

Toledo is lucky to have an overly positive newspaper (if that is indeed the case).  Dayton's newspaper reflects the typical Daytonian attitude - doom and gloom. 

And speaking of jobs, they just announced that NCR is spinning off its highly profitable Teradata division.  While the company is mum about where this new company will be based, I really hope that Dayton is at least in the running.  This city can't take much more bad news...

[ragerunner]

^ Holy crap!

Give it another year or so and we will see place in Florida and Arizona move to the top of these list for job loses and unemployment. Florida and Arizona's auto industry (construction) is falling apart in a BIG way. Add in the decline in tourism that is being reported and you have a major economic fallout on the way.

[kingfish out of water]

In 2006, big national stories broke on Toledo's teenage prostitution rings, well-established pimp families, continued economic stagnation, Dana declaring bankruptcy, Ford leaving Maumee, OI leaving for Perrysburg, rising violent crime rates, rising gang/drug activity, Tom Noe getting sentenced to jail, etc.

But to be fair, C-Dawg, you were personally responsible for the first two in that list. And possibly the second-to-last.

[kdogg73]

I don't know how good or bad the attitude toward one's city is in the other Ohio cities, but I can tell you that it is horrible in Dayton.  The people in Dayton are their own worst enemy.  When I lived in Chicago, there was such a feeling of city pride (if you've ever met somebody from Chicago, you are probably annoyed when they sit there and talk about how great it is in Chicago)...Dayton's newspaper reflects the typical Daytonian attitude - doom and gloom. 

And speaking of jobs, they just announced that NCR is spinning off its highly profitable Teradata division.  While the company is mum about where this new company will be based, I really hope that Dayton is at least in the running.  This city can't take much more bad news...

Yes, the citzens here are pretty hard on the city for the most part. When we make the tops of job loss, most dangerous and foreclosure lists, it will compound bad news. Heck, even this thread underscores the situation. But somehow, I can imagine it much worse.

My view in a nutshell:

Job loss here is primarily due to the cut back in the blue-collar worker. We are going to bleed this way until most of these jobs are gone to the lower waged countries until capitalism balances out global economy.

Most dangerous isolates itself to certain communities in the city, but tarnishes it as a whole.

Foreclosures is compounded due to appraisals put through the roof and predatory lenders.

As long as we have WPAFB as an anchor of technology, we have the potential to bring more technology based jobs here. So this is why it is so important for our leaders here to do what they can to use Teradata to start up the area TechTown in Webster Station. What a homerun that would be.

[Jeffrey]

thx for the cold hard facts....bam!!!

I think the slow decrease on that labor force graph, combined with the slow decrease in the unemployment rate is sort of interesting and of concern...what does that mean?

There is another number, the "labor force participation rate", that measures the employment + unemployed (that is unemployed and actively seeking work) vs the 16-65 adult population. A certain percentage of this population is not in the labor force as defined by the BLS.  That could be due to disabilty, stay-at-home moms, students, etc.  It could also include "discouraged workers" who are not actively looking for work.)

So if this rate is low, it could mean that there is a large number adults outside the labor force for some reason, or if is high, but the labor force number (employed plus unemployed but looking for work) is dropping, it could mean that the overall pool of adults in the community is shrinking, due to a combination outmigration, death, or reaching retirement age.

The most recent number I've seen for Dayton was 65.5%, for 2002. 
Other Ohio metros for 2002...
Cleveland  67.8%
Cincinnati  68,7%
Columbus  70.4%
(the data i am looking at doesnt have Toledo or Akron)

For the US as a whole, the labor force participation rate is around 67% to 68%

Job loss here is primarily due to the cut back in the blue-collar worker. We are going to bleed this way until most of these jobs are gone to the lower waged countries until capitalism balances out global economy.

If one goes into the BLS site or some Ohio govt sites and opens up the numbers by "sector" (based on the NASIC codes), it is manufacturing that is the source of much (but not all) of the job loss (one can even fine tune that by looking at the type of manufacturing) of the past few years.

This is a bit of concern.  Dayton has traditionally been a manufacturing center.  The economic history of Dayton shows that the city has been in a wide variety of manufacturing, with the first industry here being the unlikely one of textiles...woolen & cotton mills.  Entire lines of manufacturing grew here, dominated the local scene for awhile, and then totally vanished.  The largest firms and industrial plants of the 19th century have nearly totally disappeared...and disappeared well before our time.

Yet  the local culture was entrepeneurial enough and innovative enough to replace fading industry and mature/outdated technology with new industry and technologies.  The problem was the it was manufacturing replacing manufacturing, rather than other types of economic activity replacing manufacturing.  Dayton was entrepeneuarial and economically diverse within manufacturing, but not outside of it (with some exceptions)


That's whats going to be the pain here, transitioning to a non-manufacuring economy, or an economy where manufacturing plays a smaller roll than it does today.



   

[Jeffrey]

I don't know how good or bad the attitude toward one's city is in the other Ohio cities, but I can tell you that it is horrible in Dayton.  The people in Dayton are their own worst enemy.  When I lived in Chicago, there was such a feeling of city pride (if you've ever met somebody from Chicago, you are probably annoyed when they sit there and talk about how great it is in Chicago).

I am a native Chicagoan, so I know what you are talking about, but you find that same civic pride down in Louisville and Lexington. 


 

[ColDayMan]

^Difference is that Louisville and Lexington are growing within city limits and generally are the only "cities" in their state.  Much like "Omaha pride" in Nebraska.  Of course, add on to the fact that the job market in Dayton is about as impressive as Donald Trump's hair piece...

[Ronnie]

^---Of course Lexington is growing within it's city limits considering it's merger with Fayette County. But with 285 sq. miles and a population of only 268,000, what kind of pride could one have for the city's growth?

[Jeffrey]

Base on data at an Ohio government site, here are trends to 2005 in the average wage and job growth for truck drivers, hospital workers (which I guess would be mostly nurses and med techs), food, drink and accomodations industry (includes restuarants) and manufcturing.

Comparing the average wage.  Truckers do make good money, actually not too far  below manufacturing.  Food and accomodations are dismal,though....



Then total number of employed, and % decrease or increase....



...you can see what a giant manufacturing is here in Dayton in terms of employment (and well-paid employment).  And how its been dropping (though that slope seems to be leveling off a bit).  The others dont employ that much and havnt grown that much, but add up the % growth and you are getting over 20% so one can see how smaller rates of growth, in an aggregate, can make up for larger rates of decline in on sector, so the net job loss in an economy undergoing structural adjustment could be small.

I was sort of cogitating on those charts upthread, showing a declining number of employed while also showing a declining employment rate.

I ginned up this "model" base on the concept of a labor utilization rate, where employed + unemployed does not really equal the true unemployment.



..the assumption is there is this category of adults outside the labor market, and then i figured on who they are, and which areas might be growing.  It would be interesting to measure this over time, but I have no idea how. 

Then a possible "career" of redundant workers in, say, the manufacturing sector...assuming these workers moved from employed, through unemployed, to dropping out of the labor market and not being counted in the unemployment rate.
 


And then a return to the labor market via getting active in looking for work (and recognizing this could be cyclical...where people look for work, give up, and then try again), and then eventually entering employment again.



Or the opposite could happen....



...the worker permanently leaves the workforce, via retirement and a pension, or becoming a homemaker (unemployed women, or even "househusbands", where the woman is the breadwinner in a household), or out migration, leaving a hopeless labor market.  There is also the possiblity of the "informal ecomomy", surviving on things that are not measured, counted or reported.

then applying this to some graphs, with time on the x axis, and number of people on the Y.

Assuming overall adult population remains static....one could see a decrease in the labor utilization rate, lower overall employment in absolute numbers, and a lower unemployment rate at the same time....



...but if the labor utilization rate improves, while net employment is dropping as well as unemployment, this could imply an decrease in population....



Those 2002 labor utilization rate numbers from BLS has a breakout by race and gender, which is sort of interesting in "gee whiz" terms, for Dayton, and comparing Dayton and the "Three Cs" of Ohio.....the graphs are pretty self-explantory....

[Jeffrey]

Using the Fed website I took another look at the Dayton job situation from past few years.....

Two graphs showing employment decline and also population decline/stagnation...



Then two graphs showing the unemployment rate and the contribution by sector to job growth or decline



The data soureces allows one to look at the actual numbers for employment, so did some charts showing the changing percentage of overall employment by sector for 2000 and 2006, and the then shift in jobs between sectors, with an overall decrease...



And a chart showing the trends of the various sectors...again the big drop in manufacturing is evident.



Yet even some of the smaller sectors show a drop, too.



....ranking sector by number of jobs.  Interesting breaks here, in the graph.





....basically these show the declining importance of manufacturing, but also decline in retail trade too. 

Finally, Dayton's performance for one area compared with the other second tier Ohio metros.



...where, by this measure, Dayton underperforms Youngstown/Warren.

 

[BigRedM]

It is ironic that the city with the most inventions/inventors per capita is now reduced to Simpsons episode jokes.

ColDayMan, Are you talking Simpsons as in Jessica and Ashlee?

 

[ColDayMan]

No, The Simpsons .

[buildingcincinnati]

From the 1/15/07 Dayton Business Journal:

Industrial real estate remained flat in 2006
Local report shows vacancy rate of 18%
Dayton Business Journal - January 12, 2007
by Tim Tresslar, DBJ Senior Reporter

Despite a rocky year for some area manufacturers, the market for industrial-warehouse space held its own in 2006, with vacancy rates barely budging, according to a new study.  About 18.5 percent of the industrial-warehouse space in the Dayton area was vacant, versus 18.7 percent the previous year, according to Gem Real Estate Group's annual industrial market survey.

David Dickerson, president of Gem Real Estate, said the survey, which encompasses data from 258 buildings, indicates that the market remains stable with some pockets of growth seen throughout the region.  The survey found that, of the 16 million square feet of commercial space surveyed, 3 million square feet went unfilled.  A similar survey in 2005 indicated that, of 16.4 million square feet of space, 3.1 million square feet was empty.

Full article at http://dayton.bizjournals.com/dayton/stories/2007/01/15/story7.html

[buildingcincinnati]

From the 1/18/07 Dayton Business Journal:

Growth expected in local, regional economy in '07
Dayton Business Journal - January 18, 2007
by Tim Tresslar, DBJ Senior Reporter
 
The national and state economies will continue to grow this year, albeit at a slower pace than in recent years, but the best safeguards against long-term economic decline remains education and innovation.  Those were the assessments offered Thursday by Sandra Pianalto, president and chief executive officer of the Federal Reserve Bank of Cleveland. Pianalto was the keynote speaker for the Dayton Business Journal's Economic Forecast Forum, held at Sinclair Community College.

Pianalto said changes that flat productivity levels and the amount of available labor could cause long-term economic growth to slow.  Retirements by baby boomers and younger workers getting jobs later have cut into the labor pool, which puts a drag on the economy compared with past years, she said.

Full article at http://dayton.bizjournals.com/dayton/stories/2007/01/15/daily19.html?surround=lfn

[buildingcincinnati]

From the 1/29/07 Dayton Business Journal:

Panelists forecast area economy for 2007
Dayton Business Journal - January 26, 2007
by Tim Tresslar
DBJ Senior Reporter

Some big manufacturers may face choppy waters, but select segments of the economy will continue to grow and add jobs this year, local business leaders said.  Thomas Traynor, an economist with Wright State University, said he looks for the region to continue to lose manufacturing jobs in 2007, but other sectors will gain some.  He spoke as part of a local panel at the Dayton Business Journal's 2007 Economic Forecast Forum, held Jan. 18.

Last year, the business services sector added 2,000 jobs in the Dayton Metropolitan Statistical Area, thanks largely to efforts by these companies to grow by entering new markets, Traynor said. The Dayton MSA includes Greene, Preble, Miami and Montgomery counties.  Though he didn't have specific projections, Traynor said he expects business-services employers to continue adding jobs this year.  He also looks for continued growth in health care employment, a sector that has shown steady growth in jobs, he said.  Construction employment will remain stable, he said.

Full article at http://dayton.bizjournals.com/dayton/stories/2007/01/29/focus1.html

[buildingcincinnati]

From the 1/29/07 Dayton Business Journal:


Eye on the future
Pianalto, keynote speaker at Economic Forum
Dayton Business Journal - January 26, 2007
by Anna Guido
DBJ Staff Reporter

What does the future hold for Dayton's economy? This question was on the mind of the more than 170 attendees at the Dayton Business Journal's 2007 Economic Forecast Forum, held Jan. 18 at Sinclair Community College.

Sandra Pianalto, president and chief executive officer of the Federal Reserve Bank of Cleveland, along with a panel of local experts, offered insight into that very question.

Pianalto discussed how Ohio's economy, and specifically the Dayton area, has been hit by downturns in the manufacturing sector. But she said boosting the educated class and focusing on innovation can help turn the tide.

The local panel said other sectors, namely business services and health care, continue to grow locally. And despite the blow to many local firms, even manufacturing is experiencing a resurgence. Local manufacturer Dave Dysinger Sr. said firms that shift to new technologies will be the ones that thrive, while the others will not.

As the Federal Reserve Bank of Cleveland's top official began speaking about national and regional economic conditions, a standing room only crowd grew silent.

Sandra Pianalto, president and chief executive officer of the Cleveland Fed, was keynote speaker for the first Economic Forecast Forum Jan. 18 at Sinclair Community College.

Pianalto talked about how the nation is transitioning to a "slower, but more sustainable, pace of economic growth" than was seen in 2003 through the first half of 2006, and risks she sees to this outlook.

In particular, she spoke about the challenges facing the Dayton region, such as the decline of manufacturing.

Regarding the national economy, she said two of the most important factors that affect longer-term growth are the number of people working and their productivity.

"When the workforce grows, so too does our economic output," Pianalto told the audience. "Likewise, when we're more productive, we can generate more goods and services."

Although she expects productivity to continue to remain high, Pianalto said growth in the workforce has slowed.

Aging Baby Boomers are one cause, she said, since they are increasingly heading toward retirement, while younger adults are waiting longer to join the workforce.

And if the workforce slows and productivity growth remains unchanged, a slower baseline of economic growth can be expected, she said.

"This would not mean that the economy is performing poorly," Pianalto explained. "It just means that there are structural limitations to how rapidly it can expand."

The Economic Forecast Forum, which was hosted by the Dayton Business Journal, drew more than 170 local and regional community and business leaders.

Former Cleveland and Cincinnati Federal Reserve Bank board member Steve Wilson -- who also is president and chief executive officer of Lebanon Citizens National Bank in Lebanon -- was among them.

"Even though Sandy indicated the economy will slow, we're optimistic about the economy in Montgomery County," Wilson said, referring to LCNB's expansion this spring into Montgomery County with a new branch in Oakwood. "We still will be looking at growth in our economy in 2007."

The Oakwood branch will be LCNB's first branch in the Dayton area, but 22nd for the company.

David Schmitz, vice president of commercial banking for Cincinnati-based Fifth Third Bank, said after Pianalto's speech that she had him "spellbound."

"She has the ability to lay out a lot of issues simply -- a lot of very difficult issues," Schmitz said.

Pianalto also delved into local concerns with comments on the regional economy.

Starting off, she said that throughout the current economic recovery, job creation in Ohio has been the worst nationally.

"As difficult as Ohio's situation is, Dayton has faced even greater challenges," she added.

Both Ohio and the Dayton area have fewer jobs today than they did during the last recession six years ago, partly because of manufacturing trends that shift production outside the United States,

"But that's not the whole story," she said.

Changes in production technology have made manufacturing more efficient, requiring fewer workers to create the same amount of output, according to Pianalto.

New sources of comparative advantage must be created and cultivated in order to restore the region's economic vigor, she said. "The obvious investment to make ... is to invest in our human capital."

Studies from Harvard University, the National Bureau of Economic Research, as well economists at the Federal Reserve Bank in Cleveland all conclude that having skilled, educated workers appear to be a key factor in determining whether declining urban areas can achieve prosperity.

In fact, Federal Reserve Bank of Cleveland's Mark Schweitzer, who moderated the Economic Forecast Forum, co-wrote a study that found that knowledge stock -- the amount of educated workers and the number of patents an area has -- has been the best predictor of a state's ranking in terms of per capita income levels since at least the 1940s.

"These studies send a clear message confirming what most of us already suspect -- namely, that education and innovation matter," Pianalto said. "Our region can have an economic future that is as enriching as our past, but only if we increase our investment in innovation and education -- the two key factors in promoting economic success."

E-mail aguido@bizjournals.com. Call 222-6900, ext. 120.

http://dayton.bizjournals.com/dayton/stories/2007/01/29/focus2.html

[buildingcincinnati]

From the 2/6/07 Dayton Business Journal:


Economic forum speakers positive on Dayton's future
Dayton Business Journal - February 6, 2007
 
Speakers at Fifth Third Bank's Economic and Investment Outlook Tuesday morning predicted a positive outlook for investments, economic growth and the Dayton region's role in the global economy for 2007.

"What we have to look at from an investment standpoint, overall, is that the country is doing very well," said John Augustine, chief investment strategist for Fifth Third Bank's Investment Advisors Group.

More than 100 local and regional officials and Fifth Third Bancorp (Nasdaq: FITB) clients attended the event at The Mandalay Banquet Center in Dayton.

Augustine told the audience that it has paid off for stock investors the past three years to be diversified in areas including technology, that the global economy is growing and the U.S. is entering 2007 on a good note.

For example, stock returns -- including the three-year average annual return for S&P 500 at 10.44 percent -- have been above average in the period ending Dec. 31, 2006, Augustine said.

Christina Howard of the Dayton Development Coalition said the Dayton region still is challenged by many factors, including population stagnation, over-reliance on older industry, corporate consolidation and off-shoring, and slow job growth.

"But the biggest problem is the negative psychology about where we're going and how we're going to do it," Howard said.

Key to succeeding, Howard said, is focusing on meeting these challenges. Regional collaboration is a priority.

"Think of Dayton not as a microcosm, but as a city within a 60-minute commute of several other major metropolitan areas," she said.

E-mail dayton@bizjournals.com. Call 222-6900.

http://dayton.bizjournals.com/dayton/stories/2007/02/05/daily9.html?surround=lfn

[buildingcincinnati]

From Business First of Columbus, 3/5/07:


Pace of retail projects in Dayton continues to build momentum
Business First of Columbus - March 2, 2007
by Tim Tresslar
For Business First
 
The Dayton area's appetite for new places to shop and eat is driving a boom in retail projects for commercial developers - and changing the local retail landscape.

While hospitals and schools have accounted for many of the region's multimillion dollar construction projects, the pace of retail development has gained steam, developers say, with new projects under way in Kettering, Beavercreek, Huber Heights and elsewhere.

"I think it's probably the strongest sector in terms of commercial real estate in Dayton right now," said Tim Albro, vice president of the Beerman Realty Co.

Earlier this month, for example, Beerman Realty announced plans to build Shoppes at 725, a $7.5 million retail center, just down the road from the Dayton Mall. The project, on state Route 725 near Kingsridge Drive, will bring another 33,500 square feet of retail space to the area near the mall.

Albro said he expects that because the mall and surrounding retail properties were built in the 1970s, and other nearby properties will undergo changes of their own. South Towne Center has been renovated and is adding new tenants, such as Jo-Ann Stores Inc.'s superstore concept.

"I think you're going to see continued redevelopment of the Dayton Mall area," Albro said.


New construction
 
The areas around the Dayton Mall - Huber Heights near Interstate 70, the Mall at Fairfield Commons in Beavercreek and Wilmington Pike near Interstate 675 - continue to attract new retail development, said Paul Howe, a local retail developer.

Bustling spots like these also quickly absorb any smaller-store retail space that comes open, said Howe, also a senior sales and leasing agent for Oberer Realty Services.

"There's still high demand for new construction," he said. "When you find restaurants and retailers that want to open new facilities, the best opportunity for them is to specifically identify a trade area and build new."

Class B retail space, particularly when it's located off the beaten path, is a harder sell because there are so many choices in better locations, Howe said.

Howe and partner Patrick Kelly plan to redevelop the former Frank's Nursery and Crafts Inc. in Huber Heights into retail space. They will put a 30,000-square-foot multitenant center comprised of retail, restaurant and financial-services tenants on the 5-acre tract located on Old Troy Pike, he said. Though he declined to name them, Howe said he has signed enough tenants to move ahead with the project.


Retail changes

The Greene, a $186 million lifestyle center, and the Village at Dayton Mall both have opened, adding hundreds of thousands of square feet to the retail market. The Village at Dayton Mall, a $20 million expansion of the mall, added more than 100,000 square feet of stores and restaurants to the Miami Township shopping center. Also in the township, Wal-Mart Stores Inc. expects to open a superstore on nearby Kingsridge Drive.
 
But builders also are jumping on secondary projects - creating new or renovated shopping areas near these major malls.

In Kettering, Town & Country Shopping Center at Stroop Road and state Route 48 is expected to undergo such an overhaul for the second time in its history.

When the 251,000-square-foot shopping plaza opened during the 1950s, individual stores were accessible from the parking lot. That changed in the 1980s when consumer trends led the company to enclose the shopping center. The property will be reconfigured so that the stores are directly accessible from the parking lot. In addition, it will have pedestrian walkways, benches and more landscaping.

A 4,500-square-foot building expected to house a restaurant, with an exterior that matches the rest of Town & Country, will be poised on an outside pad at the corner of Stroop and Shroyer roads.

Kristin Mack, a spokeswoman for Columbus-based Casto, co-owner of Town and Country, said the changes were driven by national trends, rather than by the introduction of the Greene into the market.

"All retail is going that way," she said. "To keep up with the times and to keep up with where retail is going, we felt like we had to give the center a facelift."

Tim Tresslar is a reporter with the Dayton Business Journal, an affiliated newspaper. 937-222-6900 | timothytresslar@bizjournals.com

http://columbus.bizjournals.com/columbus/stories/2007/03/05/focus4.html

[buildingcincinnati]

From the 4/11/07 DDN:


Employment down, wages up locally
By Kristin McAllister
Staff Writer
Wednesday, April 11, 2007

Montgomery County saw a decrease in the number of people employed between September 2005 and September 2006, but experienced wage growth greater than the national average, according to preliminary data released Wednesday by the U.S. Bureau of Labor Statistics.

Of the Miami Valley counties, only Montgomery County was included in the report.

The county had a 1.8 percent decrease in the number of jobs, but a 3.7 percent change in the average weekly wage, which was $777 for the third quarter of 2006.

The national job growth rate is 1.7 percent and the average weekly wage rose by 0.9 percent compared to 2005 third quarter data.

Jefferson County, in Los Angeles, had the largest over-the-year percentage increase in employment among the largest counties in the U.S., according to the report.

Kent County, R.I., had the largest over-the-year gain in average weekly wages in the third quarter of 2006, with an increase of 18.4 percent.

Contact this reporter at (937) 225-9338 or kmcallister@DaytonDailyNews.com.

http://www.daytondailynews.com/n/content/oh/story/news/business/2007/04/11/ddn041107employmentweb.html

[buildingcincinnati]

From the 4/26/07 DDN:


Report: Miami Valley's personal income increases, but less than average
Dayton's growth was 3.1 percent, which remained below the national average of 5.2 percent.
By Kristin McAllister
Staff Writer
Friday, April 27, 2007

DAYTON — Personal income between 2003 and 2005 increased for all residents of the Miami Valley, although it remained lower than the rest of the national average increase, according to a report Thursday by the U.S. Bureau of Economic Analysis.

The bureau defines personal income as income received by all persons from all sources.

City of Dayton saw a 3.1 percent increase of personal income and is ranked 142 out of 179 metropolitan statistical areas reported in the data.

City of Springfield saw a 3.3 percent increase in personal income, ranking 235, while the Cincinnati-Middletown area had a 4.4 percent increase, ranking 77.

Nationwide, personal income grew 5.2 percent.

The Miami Valley also saw an increase in personal income per capita, according the report.

The five largest declines in county personal income were in Louisiana, due to the destruction of housing and businesses caused by Hurricane Katrina.

Per capita personal income ranged from $93,377 in New York County in New York, to $5,148 in St. Bernard Parish, in Louisiana.

Personal income per capita is calculated as the personal income of residents of a given area divided by the resident population of the area.

Contact this reporter at (937) 225-9338 or kmcallister@DaytonDailyNews.com.

Per capita personal income in the Miami Valley
County           2003     2005   Change   Rank
Montgomery $30,646 $32,133   +2.9%    13
Miami          $29,331 $30,648   +4.0%    18
Greene        $31,145 $32,780   +3.4%    11
Preble         $23,889 $26,606   +3.6%    49
Warren        $31,434 $33,524   +5.7%     7

http://www.daytondailynews.com/n/content/oh/story/news/business/2007/04/26/ddn042607incomeweb.html?cxtype=rss&cxsvc=7&cxcat=2

[buildingcincinnati]

From the 3/26/07 Dayton Business Journal:


Overall vacancy rates decline one percent
Dayton Business Journal - March 23, 2007
by Tim Tresslar
DBJ Senior Reporter
 
Demand for suburban offices and cheaper office space in downtown Dayton continued to climb last year, while vacancies at some of the city's best addresses jumped, according to a local real estate study.

In 2006, the region had a vacancy rate of about 14.6 percent, or 2.1 million square feet, down from 15.6 percent, or 2.2 million square feet, in 2005, according to the Gem Real Estate Office Market Study.

David Dickerson, president of Gem Real Estate, said the overall office market remains healthy, with areas around the Interstate 675 beltway and Wright-Patterson Air Force Base staying strong. And while downtown's vacancies stayed flat, more class A space -- marked by its amenities and decor -- came onto the market last year, while class B/C space held its own.

The study's other findings:

* South Market: Vacancy fell to 11.9 percent, versus 13.7 percent the previous year in cities such as Kettering and Washington Township. Lease rates range between $5.50 to $21.50.

* East Market: Vacancy dropped to 11.7 percent, compared to 12.1 percent the previous year in areas such as Beavercreek and Fairborn. Lease rates: $7 to $23.

* North and West markets: Vacancy slipped to 18.5 percent, versus 20.1 percent in 2005 in areas such as Huber Heights and Vandalia.

* Downtown Market: Remained virtually flat year over year. Lease rates: $6 to $21.95.

Jerry Hummel, a real estate agent with Coldwell Banker Commercial Heritage, said downtown tenants continue to contact him for space in the southern suburbs, in part because businesses want access to more parking. But he does see signs that demand has begun to cool, he said.

For example, when office space that he represents in Washington Township became available a year ago, it filled within three months. Now it takes twice that long, which also drags down lease rates, he said.

"When you see that, you're going to see moderation in rents," he said.

Mark Fornes, president of Mark Fornes Realty of Centerville, said he continues to see office space in south Dayton fill up quickly. The July sale of the former Van Dyne Crotty headquarters in Miami Township to Danis Building Construction Co. illustrates the demand for property in the south suburbs, he said. The building sold for nearly $3 million before being publicly listed for sale, he said.

Dickerson said the influx of medical offices into the northern suburbs helped that market grow last year.

The study found that downtown's class A market -- a collection of nine buildings -- took some hits, with vacancy in that category jumping 4 percent, or 92,000 square feet, last year.

Vacancy rates for class B and C buildings in the downtown fell to nearly 20 percent, or 550,000 square feet, as opposed to 22.3 percent, or 628,000 square feet, of empty space in 2005.

Fornes said a perception of the city as unsafe as well as a lack of new buildings have hurt the downtown. Like a new restaurant coming to town, new office space draws tenants more easily, he said.

When companies such as WorkflowOne's predecessor, Relizon, or CareSource Management Group, can secure new buildings, they stay downtown, he said. If developers added more new buildings to the mix, downtown would benefit, he said.

And the buildings wouldn't necessarily need to be the office towers that one typically associates with big cities, he said. An office component with the proposed $230 million Dayton Waterfront project would help fill the need for new space, Fornes said.

"What the downtown needs is new product," Fornes said.

Jeff Levine of Colliers Turley Martin Tucker said the downtown has more space than users. But he still knows of large tenants such as banks and law firms scouring the city for new space, though it's primarily companies that already have a presence downtown.

"There are big users looking," he said. "But whether anything comes from it remains to be seen."

Levine, who represents 10 West Second Street, the former MeadWestvaco Tower, said the building will remain 100 percent leased until the end of the month when MeadWestvaco's master lease expires, taking occupancy to 50 percent. CareSource has agreed to move 80 employees into the building until 2008.

But he also points out that other big cities have trouble filling their downtown office towers.

"It's not that we're unique," he said.

E-mail timothytresslar@bizjournals.com. Call 222-6900, ext. 119.

http://dayton.bizjournals.com/dayton/stories/2007/03/26/focus2.html

[Jeffrey]

I had already posted about the decline in  manufacturing in Dayton.

This time looking at the Montgomery County private sector economy as a whole. 

CBP groups firms by sector using the North American Industrial Classification System (NAICS).  The following sectors are found in Montgomery County:





Rather than measure employment I will use payroll, as this would show the economic impact of a sector…how much is paid, in aggregate,  to workers, and then how much payroll is in the county, as an indirect measure of the degree of economic activity.

The aggregate payroll for Montgomery County (built up from the various sector aggregates is thus:



As one can see there is no real net growth, or minimal growth (perhaps due to inflation over the time series).  Aggregate payroll is more or less stagnant in the Dayton area, indicating a degree of economic doldrums, even during “good times” of the late 1990s.



Then a look at shifting percentages, showing the two big sectors, Health Care/Social Services and Manufacturing, and how Manufacturing is shrinking.  Yet the economy is actually somewhat diversified here, as neither sector dominates. 





Now some trends.   The drop in manufacturing and rise in health care payroll is quite evident here. 

But note also the rise in the scientific/profession/technical payroll.  Perhaps this is reflection of the importance of Defense spending in the local economy? If so, these firms are “private sector” but not really, as they are almost like quangos as their revenue (and reason for being in Dayton) comes from government contracts. 




Looking at the lesser sectors, one can see the drop in management, the plateauing and slight drop in retail,  and the rise  (and then plateauing?) of the Information and Scientific/Professional/Technical sectors





Comparing the sectors in another way, for 1998 and 2005.  One can see that growing sectors, in terms of payroll, are Health Care/Social Services,  Scientific/Technical/Professional, and Information sectors.   The strength of Health Care is a bit of an issue as socialized medicine is back on the political agenda, and what would the impact of this be on this strong local sector?





All in all if there is continuing significant drop in manufacturing and if health care employment/payroll is reigned in or cut back this could move the regional economy from mere stagnation to actual decline.  But a decline into a smaller but more diversified economic structure.

[Ronnie]

Tuesday, January 15, 2008 - 11:30 AM EST
Officials discuss Dayton's economy at annual forum
Dayton Business Journal

Local business officials are cautiously optimistic about the future of Dayton's economy in 2008.  That was the finding of a panel at the Dayton Business Journal's 2008 Economic Forecast forum, held Tuesday morning at the Doubletree Hotel in downtown Dayton.  Paul Bauer, economic adviser with the Federal Reserve Bank of Cleveland, served as the keynote speaker and is optimistic about the future locally and nationally.

A sold out crowd of more than 250 people heard about challenges and solutions for the Dayton-area economy from a panel of local officials, which included Thomas Traynor, professor of economics at Wright State University; Douglas Harnish, president of Gem Public Sector Services; J.P. Nauseef, president and chief executive officer of the Dayton Development Coalition; and Tom Mangan, senior vice president and portfolio manager of Beavercreek-based James Investment Research.

Full article at http://www.bizjournals.com/dayton/stories/2008/01/14/daily13.html

[UncleRando]

Local environmental firm to expand, add 157 jobs
January 30, 2008 | DAYTON BUSINESS JOURNAL

VANDALIA - Crown Solutions Inc. will add 157 jobs during the next three years and build a 30,000-square-foot addition. The Vandalia-based water management firm received a nearly $900,000 job creation tax credit from the Ohio Department of Development to help facilitate its growth.  The tax credit extends over a five-year period and the company is required to maintain operations at the project site for at least 10 years, according to Wednesday release from the state.

Crown will expand its current 67,000-square-foot facility in Vandalia and will create the new jobs over a three-year period. The company currently has 163 employees.  Jim Marten, principal and vice president of Crown, said the company is expanding because of a growth of opportunities following its acquisition.  Crown was bought by Paris, France-based environmental company, Veola Environment (NYSE: VE) in late 2006 and is known as Crown Solutions a Veola Business.

[Ronnie]

Strickland plans to close local psychiatric hospital

By Laura A. Bischoff
Staff Writer
Thursday, January 31, 2008

COLUMBUS — Ohio will close psychiatric hospitals in Dayton and Cambridge by July 1 as part of a plan to cut $733 million from the state's two-year budget, Gov. Ted Strickland announced today...

http://www.daytondailynews.com/n/content/oh/story/news/local/2008/01/31/ddn013108statebudgetweb.html

[Ronnie]

Business manager revs up Worldwide Equipment in Dayton

By Thomas Gnau
Staff Writer
Sunday, February 03, 2008

HARRISON TWP, Montgomery County — Mike Arnold has a $90,000 electronic message board on what he calls "the busiest lanes in America."

That suits Arnold — business manager for Worldwide Equipment of Ohio's Dayton division — because he has a message.

"Out of all 19 (Worldwide Equipment) dealerships, we're the cherry," Arnold declared, widening his ever-present grin...


Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.

Worldwide Equipment of Ohio Dayton Division

Based: 5750 Poe Ave., Harrison Twp.

Products, services: Semi-truck dealership, repair, maintenance, parts.

Customers: Independent truckers, fleet owners.

Employees: 29 within the Dayton division, over 800 total for Worldwide Equipment.

Sales: $3.5 million from May-December 2007. (Worldwide Equipment bought Dayton Evans Mack in May 2007.)

Source: Mike Arnold, Dayton division manager

http://www.daytondailynews.com/b/content/oh/story/business/2008/02/03/ddn020308arnold.html

[Ronnie]

Mods, there are several topics out there related to the Miamisburg Mound, could we merge them all under this thread? It would be helpful.


Turner says U.S. budget doesn't fund Mound landfill cleanup

By John Nolan
Staff Writer
Monday, February 04, 2008

President Bush's record $3.1 trillion budget proposed Monday doesn't appropriate money for continued cleanup of a landfill at the former Mound facility that once manufactured detonators for nuclear weapons, Rep. Mike Turner said.

Turner, R-Centerville, said that at least $7 million would be required to finish an environmental cleanup need identified when the government-funded work at Mound found contaminants in the former landfill. Much of the Mound site in Miamisburg has been cleaned up for use as an industrial park, and 14 companies have already commenced operations there...

http://www.daytondailynews.com/n/content/oh/story/news/local/2008/02/04/ddn020508energy.html

[Jeffrey]

The Dayton Business Journal had some rare good economic new, reporting on the results of an SBA study

FULL ARTICLE AT: Dayton a hotbed for high-growth firms

  The Dayton-Springfield area ranked fourth among medium-sized metro areas nationwide for its percentage of high-growth businesses, according to the federal government's in-house advocate for small business...

@@@@@@@@@@@@@@

The actual study, entitled "High Impact Firms: Gazelles Revisted"
can be downloaded at the SBA website.

Columbus (Franklin County) also ranked high, it seems.

[Sherman Cahal]

Dayton ranked No. 1 by magazine
By William Hershey and John Nolan, Dayton Daily News, March 09, 2009

A magazine that is circulated to corporate site-selection executives singled out the Dayton region, Springfield and Ohio for recognition as welcoming locations for new commercial developments and expansions.  Site Selection magazine rated the Dayton region at the top of the evaluation's tier-two category, which examined metro areas with populations between 200,000 and 1 million.

Akron came in second and Toledo third, followed by the Allentown-Bethlehem-Easton, Pa., area, and Des Moines, Iowa.  Ohio received its third consecutive Governor's Cup award, its fourth in six years of the magazine's competition, Site Selection announced on Monday, March 9.  Ohio had 503 projects compared with 497 for runner-up Texas, followed by Michigan (296), Pennsylvania (290) and North Carolina (245).

[Sherman Cahal]

Dayton, Ohio tops in nation for development
Dayton Business Journal, March 9, 2009

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.  Springfield ranked second in the nation for cities with a population of less than 200,000.

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; Cleveland, 67; and Springfield, 10 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.

Site Selection is the oldest publication in the corporate real estate and economic development field.  The New Plant database focuses on new corporate location projects and does not track retail and government projects, or schools and hospitals.  To be included in the analyses, the facilities or expansions must meet one of three criteria including a capital investment of at least $1 million, the creation of at least 50 new jobs or the addition of at least 20,000 square feet.