Author Topic: Cleveland: General Business & Economic News  (Read 373681 times)

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Offline Columbo

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Re: Cleveland: General Business & Economic News
« Reply #1925 on: July 24, 2017, 01:53:19 PM »
Just a general question because I am not super familiar with Columbus's economic mix but.  The BLS shows significantly fewer manufacturing jobs than Cleveland, which makes sense. However, they have had strong gains in the manufacturing sector.  Does anyone know the reason for this?  Is it union, sector mix, or a combination of both?

Hopefully jbcmh81 sees this question and can answer it.  He's our resident census numbers go-to guy.  But in case he doesn't, I'll take a shot at it:

I'd guess that many of the Columbus/Central Ohio manufacturing jobs fall into the "clean manufacturing" or "21st-century manufacturing" types.  (I don't know if those are actual BLS categories but its what I'd call them.)  Longtime R&D giant Battelle is an example.  But for new growth in this sector, I'd look at the manufacturing jobs that two of Central Ohio's wealthiest suburbs are attracting.  Both Dublin and New Albany have invested greatly in 21st-century business parks that mix offices with clean manufacturing operations.  An example in New Albany is PharmaForce - which their Linkedin page calls "a pharmaceutical research, development, and manufacturing company specializing in the sterile injectable market".
« Last Edit: July 24, 2017, 01:54:34 PM by Columbo »
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Offline E Rocc

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Re: Cleveland: General Business & Economic News
« Reply #1926 on: July 24, 2017, 01:54:47 PM »
Just a general question because I am not super familiar with Columbus's economic mix but.  The BLS shows significantly fewer manufacturing jobs than Cleveland, which makes sense. However, they have had strong gains in the manufacturing sector.  Does anyone know the reason for this?  Is it union, sector mix, or a combination of both?

I'll take a stab:

Part of it is type of manufacturing. A lot of Cleveland manufacturing is still a hold over from the early and mid 20th century. A lot of those types of jobs reside in China now or have been automated away.  I've got to believe that Columbus manufacturing as a whole is a more modern operation. The Honda plant in Marysville is just one example.

Likewise their kieretsu.
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Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1927 on: July 24, 2017, 02:41:18 PM »
Likewise their kieretsu.

Very tasty with soy sauce.  :-P
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Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1928 on: July 25, 2017, 07:23:49 PM »
Best way to grow the local economy....

The state of Cleveland's startup environment is strong
http://www.crainscleveland.com/article/20170725/BLOGS03/170729878/the-state-of-clevelands-startup-environment-is-strong
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Offline ytown2ctown

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Re: Cleveland: General Business & Economic News
« Reply #1929 on: July 26, 2017, 12:58:22 PM »
Heard from an Amazon source last week that the facility at Randall Park mall site is pretty much a done deal.

Offline Clevelander17

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Re: Cleveland: General Business & Economic News
« Reply #1930 on: July 26, 2017, 03:46:39 PM »
Heard from an Amazon source last week that the facility at Randall Park mall site is pretty much a done deal.

Interesting. Good for North Randall. That whole gigantic block is an eyesore (including the PowerSports Institute), so hopefully this will get that cleaned up a bit.

Also kind of poetic that an Amazon facility would be replacing what was once the largest mall in the world. Just shows how much we've changed as a society in only a few decades.

Offline Cleburger

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Re: Cleveland: General Business & Economic News
« Reply #1931 on: July 26, 2017, 03:50:22 PM »
Great news.  Would be much needed lift for that area and the tax base. 
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Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1932 on: July 26, 2017, 04:03:03 PM »
Heard from an Amazon source last week that the facility at Randall Park mall site is pretty much a done deal.

Interesting. Good for North Randall. That whole gigantic block is an eyesore (including the PowerSports Institute), so hopefully this will get that cleaned up a bit.

Also kind of poetic that an Amazon facility would be replacing what was once the largest mall in the world. Just shows how much we've changed as a society in only a few decades.

Ditto for Euclid Square Mall.
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Offline audidave

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Re: Cleveland: General Business & Economic News
« Reply #1933 on: July 26, 2017, 04:08:22 PM »
An update on the plasma spark plug thing.
  Somehow they are making progress with Ford. They must really want that location.  I wonder if they are cutting a deal for Ford for future purchases of the spark plugs in order to gain access to the site.
http://www.cleveland.com/brook-park/index.ssf/2017/07/brook_park_officials_ford_clos.html

Offline E Rocc

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Re: Cleveland: General Business & Economic News
« Reply #1934 on: July 26, 2017, 07:42:55 PM »
Heard from an Amazon source last week that the facility at Randall Park mall site is pretty much a done deal.

Interesting. Good for North Randall. That whole gigantic block is an eyesore (including the PowerSports Institute), so hopefully this will get that cleaned up a bit.

Also kind of poetic that an Amazon facility would be replacing what was once the largest mall in the world. Just shows how much we've changed as a society in only a few decades.

I was thinking that the other day. Online shopping is of course a big player in the decline of brick and mortar shopping, and of course the decline has preferentially hit locations with other challenges, meaning indoor malls.

We've increased the ability to communicate by orders of magnitude since RPM opened, of course it was going to transform our society.   And while the "cool kids" of 1976 would be horrified, the nerds would find it really neat (or whatever they said then), and since they were the ones who built it.....
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Offline Dougal

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Re: Cleveland: General Business & Economic News
« Reply #1935 on: July 26, 2017, 11:43:39 PM »
  Somehow they are making progress with Ford. They must really want that location. 

An earlier article said the company expects to use air freight a lot and wants to be near an airport.

Offline audidave

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Re: Cleveland: General Business & Economic News
« Reply #1936 on: July 27, 2017, 01:43:08 AM »
I think that was my surmise as a spark plug weighs very little. Therefore it could be flown in bulk to many manufacturing locations throughout the world very easily.

Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1937 on: July 27, 2017, 08:04:00 AM »
Meeting of the Minds sustainability/technology summit comes to Cleveland in October https://t.co/xZTuxEyj8G
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Offline Dougal

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Re: Cleveland: General Business & Economic News
« Reply #1938 on: July 27, 2017, 10:55:09 AM »
I think that was my surmise as a spark plug weighs very little. Therefore it could be flown in bulk to many manufacturing locations throughout the world very easily.

BTW, thanks for pointing out that article. So like the PD to bury a major piece of business news in the Brookpark blog.

Offline Dougal

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Re: Cleveland: General Business & Economic News
« Reply #1939 on: July 27, 2017, 11:47:21 AM »
Cleveland Cord Blood Center has expanded its blood collection to Kaiser San Francisco Medical Center. Umbilical cord blood is collected (in Cleveland, Atlanta, and now San Francisco) and shipped to Warrensville Heights where it is purified and processed and reshipped to medical centers as injectable blood rich in stem cells.  This is a nice piece of business likely to grow; it's FDA-certified so there won't be a million competitors anytime soon. It will also be good for the air freight companies at Hopkins.

http://www.crainscleveland.com/article/20170726/NEWS/170729851/cleveland-cord-blood-center-expands-umbilical-cord-blood-collection

Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1940 on: July 28, 2017, 10:39:57 AM »
Huntington opens 3 new branches in Cleveland, will close 8 in suburbs
Posted on July 27, 2017 at 5:00 AM
By Teresa Dixon Murray, The Plain Dealer tmurray@plaind.com

CLEVELAND, Ohio -- Huntington Bank today opened a new branch in Cleveland and announced plans to open two more in underserved neighborhoods in the city.

At the same time, Huntington is closing eight suburban branches and drive-thrus.

The Columbus-based bank broadened its reach in Northeast Ohio with the addition of a branch at 10573 St. Clair Ave., in Cleveland's Glenville neighborhood.

Huntington also plans to open a branch in the Lee-Harvard neighborhood next Monday and in Slavic Village in October. The bank chose those locations after talking with community leaders and evaluating its expansion prospects.

MORE:
http://www.cleveland.com/business/index.ssf/2017/07/huntington_opens_3_new_branche.html
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Online Clefan98

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Re: Cleveland: General Business & Economic News
« Reply #1941 on: July 30, 2017, 09:24:10 AM »
Investors starting to shower their love on Cleveland

Veteran investor and global business authority Frederick Shepperd left Ohio in 2007 to establish a family office for high-net-worth people from a base in Zurich, Switzerland.

Capital was flowing away from major markets like New York and into Europe at the time, Shepperd said, as U.S. property values began to plummet and other market indicators pointed to a coming recession. So the New Philadelphia native followed the money overseas.

He has run Shepperd Investors AG from a European foothold for more than a decade now. Through a related alliance of family offices based in London, Shepperd's network has grown to roughly 200 European families from some 15 different countries with more capital than massive U.S. investment firm The Blackstone Group. His office invests directly in companies long-term, often targeting family owned operations.

This March, Shepperd returned to Ohio.

http://www.crainscleveland.com/article/20170730/NEWS/170739994/investors-starting-to-shower-their-love-on-cleveland


Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1942 on: July 30, 2017, 11:50:59 AM »
All those investment offices must need a shiny new Class A skyscraper in which to set up shop, right??
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Re: Cleveland: General Business & Economic News
« Reply #1943 on: July 30, 2017, 12:01:44 PM »
^good article!

Offline willyboy

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Re: Cleveland: General Business & Economic News
« Reply #1944 on: July 31, 2017, 02:56:43 PM »
Fund That Flip plans to expand in Cleveland

 By Jay Miller  
A New York City real estate services company, Fund That Flip, is bringing its sales and back-office operations to Northeast Ohio.The three-year-old company currently has a small presence here at 1382 W. Ninth Street, and it intends to add 25 employees.
http://www.crainscleveland.com/article/20170731/NEWS/170739959/fund-that-flip-plans-to-expand-in-cleveland
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Offline AmrapinVA

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Re: Cleveland: General Business & Economic News
« Reply #1945 on: August 02, 2017, 11:50:38 AM »
https://www.bls.gov/news.release/metro.nr0.htm

From the June BLS employment data dump:

Of the 51 metropolitan areas with a 2010 Census population of 1 million or more,
Denver-Aurora-Lakewood, Colo., had the lowest unemployment rate in June, 2.5 percent.
Cleveland-Elyria, Ohio, had the highest jobless rate among the large areas, 6.4 percent.
Forty-three large areas had over-the-year unemployment rate decreases and eight had
increases. The largest rate decrease occurred in Detroit-Warren-Dearborn, Mich. (-2.0
percentage points). The largest over-the-year rate increase was in Cleveland-Elyria, Ohio
(+0.7 percentage point).

Offline Dougal

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Re: Cleveland: General Business & Economic News
« Reply #1946 on: August 02, 2017, 12:23:47 PM »
^ That number is accurate but a little deceptive. In fact employment in the Cleveland MSA increased in June by just under 10,000, a very healthy number; the unemployment rate increased because  the labor pool grew by an even larger number - just under 17,000.   Additionally, 6.4% is the raw data; seasonally adjusted numbers are tamer, with the unemployment rate being 5.9.

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Re: Cleveland: General Business & Economic News
« Reply #1947 on: August 02, 2017, 12:31:29 PM »
^You think this is accurate? It seemed like things were picking up.

Offline AmrapinVA

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Re: Cleveland: General Business & Economic News
« Reply #1948 on: August 02, 2017, 12:32:31 PM »
^ That number is accurate but a little deceptive. In fact employment in the Cleveland MSA increased in June by just under 10,000, a very healthy number; the unemployment rate increased because  the labor pool grew by an even larger number - just under 17,000.   Additionally, 6.4% is the raw data; seasonally adjusted numbers are tamer, with the unemployment rate being 5.9.

Yeah, the jobs data is actually pretty positive. I posted that upthread.

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Re: Cleveland: General Business & Economic News
« Reply #1949 on: August 02, 2017, 12:46:26 PM »
^"the labor pool grew by an even larger number - just under 17,000"

thats a big change for one month (or is that YoY?).  Is this people suddenly 'looking for work' and thus filing for unemployment or did the population of workers actually grow?

Offline Dougal

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Re: Cleveland: General Business & Economic News
« Reply #1950 on: August 02, 2017, 02:59:32 PM »
^"the labor pool grew by an even larger number - just under 17,000"

thats a big change for one month (or is that YoY?).  Is this people suddenly 'looking for work' and thus filing for unemployment or did the population of workers actually grow?

Here is the BLS data for the Cleveland MSA rounded to thousands

Unadjusted data
Month   Labor Force  Employment
6/17  ..  1,055.8K .... 988.6K
5/17  ..  1,038.8K ....  978.6K
6/16  ..  1,037.1K ....  979.9K

Seasonally adjusted data
6/17  ..  1,039.8K .... 977.8K
5/17  ..  1,035.2K .... 972.4K
6/16  ..  1,028.4K .... 974.9

As you can see, the adjusted data is less sensational in the short run. The longer term is more meaningful; 1,039.8K is the largest the labor force has been since Oct, 2011.  The adjustments made to the data are both census related and simple statistical smoothing meant to remove perturbations from students going to or leaing school and Christmas seasonal hires. The adjustments have an historical bias also, with current trends being plotted to continue forever.

So far change hasn't shown much in the official census data; but there have been a number of positive signs in Cleveland's numbers. The growth in the labor force is one. The two-years-in-a-row growth in CMSD enrollment is another.  The most recent "moving van survey" said more people are moving to Cleveland than are moving away. The demographic changes in education and income also matter.  I think you could make a case that the population decline isn't just slowing, it has reversed although I'm prepared to be disappointed again.

Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1951 on: August 09, 2017, 11:47:03 PM »
SunTrust Bank expands commercial business with new offices in Cleveland, Cincinnati
August 09, 2017
By JEREMY NOBILE 

SunTrust Banks Inc., the parent company of SunTrust Bank, is the latest big bank hankering for a piece of Cleveland's commercial business.

...However, Cleveland seemingly has become an increasingly attractive market for commercial bankers as of late.

California's Bank of the West announced the opening of a Cleveland loan office in June, for instance. And Citizens Bank, one of the largest banks in Northeast Ohio, recently acquired Cleveland M&A advisory firm Western Reserve Partners specifically targeting the business because of an interest to grow its capital markets offerings and named its founder, Ralph Della Ratta, Ohio market president.

Meanwhile, on the smaller end of the banking spectrum, Sandusky's Civista Bank recently opened a loan production office here, while Geauga Savings Bank has moved its headquarters from Newbury to Beachwood. Each has stated motivations for seeking out commercial business in the lower middle market around Greater Cleveland.

MORE:
http://www.crainscleveland.com/article/20170809/NEWS/170809773/suntrust-bank-expands-commercial-business-with-new-offices-in
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Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1952 on: August 13, 2017, 10:45:13 AM »
Personal View: Historic investment aims to bring opportunity, prosperity
August 13, 2017 UPDATED 2 DAYS AGO
By RAY LEACH and KIP CLARKE

There's no question that Cleveland has been on the upswing in recent years, with our booming culinary and cultural scenes, downtown residency reaching new heights, and even our beloved sports teams enjoying success. But not everyone has benefited from the current boom, and that needs to change. The public, private and nonprofit sectors need to do more to bring economic opportunity to everyone, including those in our city's most underserved neighborhoods. Our corporate community in particular has a unique opportunity and, we feel, an obligation to lead by example.

That's one reason why on July 31 JumpStart Inc. and KeyBank took a dramatic step forward to deepen our partnership. KeyBank has been JumpStart's most significant single corporate partner in the 13-year history of the organization in terms of funding, board leadership and community engagement. Our partnership has helped to create more than 11,000 new jobs, and had $1.5 billion in economic impact in Ohio in 2016 alone $150 million of which was created by minority entrepreneurs.

MORE:
http://www.crainscleveland.com/article/20170813/NEWS/170819952/personal-view-historic-investment-aims-to-bring-opportunity
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Re: Cleveland: General Business & Economic News
« Reply #1953 on: August 13, 2017, 11:17:07 AM »
"Our partnership has helped to create more than 11,000 new jobs...in 2016 alone."  That's very impressive--especially when compared to the numbers Waltermire's TeamNeo used to put out---stuff like 60 or 70 jobs the previous year.....(not that low, but you get the picture!)


Offline Dougal

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Re: Cleveland: General Business & Economic News
« Reply #1954 on: August 13, 2017, 11:50:39 AM »
There's a nice surprise in Crain's list of the 100 largest employers; actually there are several, but I like this one.  Arconic, a splitoff from Alcoa, had a 15% employment increase locally, from 2000 to 2300. Cleveland has often been on the losing side of these corporate shuffles, but not this time.  Previously two divisions of the company were local, now four operating divisions are headquartered here.

Offline YABO713

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Re: Cleveland: General Business & Economic News
« Reply #1955 on: August 14, 2017, 09:19:09 AM »
There's a nice surprise in Crain's list of the 100 largest employers; actually there are several, but I like this one.  Arconic, a splitoff from Alcoa, had a 15% employment increase locally, from 2000 to 2300. Cleveland has often been on the losing side of these corporate shuffles, but not this time.  Previously two divisions of the company were local, now four operating divisions are headquartered here.

Also, pretty cool, Alcoa's HQ in France publicly noted Cleveland as its most efficient plant last week.
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Offline down4cle

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Re: Cleveland: General Business & Economic News
« Reply #1956 on: August 14, 2017, 09:19:47 AM »
^ I think the same thing is true for ArcelorMittal as well. 

Offline YABO713

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Re: Cleveland: General Business & Economic News
« Reply #1957 on: August 14, 2017, 09:26:22 AM »
^^^ Sorry, I believe that's actually what I was referring to
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Offline KJP

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Re: Cleveland: General Business & Economic News
« Reply #1958 on: August 14, 2017, 09:34:03 AM »
There's a nice surprise in Crain's list of the 100 largest employers; actually there are several, but I like this one.  Arconic, a splitoff from Alcoa, had a 15% employment increase locally, from 2000 to 2300. Cleveland has often been on the losing side of these corporate shuffles, but not this time.  Previously two divisions of the company were local, now four operating divisions are headquartered here.

Aronic, headquartered in Pittsburgh, unfortunately was the company that supplied the flammable panels to the high-rise apartment building in London that caught fire. They have the old Alcoa plant at 1600 Harvard Ave in Newburgh Heights.
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Offline YABO713

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Re: Cleveland: General Business & Economic News
« Reply #1959 on: August 14, 2017, 10:00:03 AM »
There's a nice surprise in Crain's list of the 100 largest employers; actually there are several, but I like this one.  Arconic, a splitoff from Alcoa, had a 15% employment increase locally, from 2000 to 2300. Cleveland has often been on the losing side of these corporate shuffles, but not this time.  Previously two divisions of the company were local, now four operating divisions are headquartered here.

Aronic, headquartered in Pittsburgh, unfortunately was the company that supplied the flammable panels to the high-rise apartment building in London that caught fire. They have the old Alcoa plant at 1600 Harvard Ave in Newburgh Heights.


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