Many Ohio Companies Recognized by “Top Workplaces USA 2023”

Key Economic Insights

• U.S.: The Federal Reserve raised the federal funds rate to a target range of 4.5-4.75%. Nonfarm payroll employment rose by 517,000 in January and the unemployment rate fell to 3.4%.
• Ohio: Recently approved projects are set to create 683 new jobs and spur $588M in investment across the state.

U.S. Insights

The Federal Reserve raised its benchmark interest rate by 25 basis-points to a target range of 4.5-4.75%, the highest level since October 2007, and signaled additional increases this year. Nonfarm payroll employment rose by 517,000 in January, over double the expected increase, and the unemployment rate fell to 3.4%. The labor force participation rate, at 62.4%, changed little during the month. Average hourly earnings for all employees on private nonfarm payrolls rose 0.3% in January to $33.03 and have risen 4.4% over the last 12 months.

Job openings rose to 11.0M in December 2022, up from 10.3M in November. Hires and total separations were relatively unchanged at 6.2M and 5.9M, respectively. Within separations, quits (4.1M) and layoffs and discharges (1.5M) were also little changed. Initial jobless claims rose by 13,000 to a seasonally adjusted 196,000 during the week ended Feb. 4. Continuing claims increased 38,000 to 1.688M during the week ending Jan. 28.

ISM Manufacturing PMI registered 47.4% in January, the lowest level since May 2020. Regarding the overall economy, this figure indicates a second month of contraction after a 30-month period of expansion. ISM Services PMI registered 55.2% in January, up from 49.2% in December.  Orders for manufactured goods rose 1.8% in December 2022 following a 1.9% decline in November. Durable goods orders rose 5.6% during the month, and nondurable goods orders decreased 1.9%. Nonfarm business sector labor productivity increased 3.0% in Q4 2022 as output increased 3.5% and hours worked increased 0.5%.

The Conference Board Consumer Confidence Index declined to 107.1 in January from 109.0 in December 2022. Consumer credit increased 7.8% in 2022, according to the latest data from the Federal Reserve. During Q4 2022, consumer credit increased at a seasonally adjusted annual rate of 6.5%, while in December it increased at a seasonally adjusted annual rate of 2.9%.

Ohio Employment & Economic Insights

In the state of the state address delivered on January 31, Governor DeWine announced the ‘All-Ohio Future Fund’ as part of the forthcoming state budget proposal - a one-time investment of $2.5B to prepare the infrastructure of large economic development sites located across the state of Ohio.  Governor DeWine and the Ohio Department of Development also proposed a budget investment of $150M to support Innovation Hubs aimed at sparking economic development and growth in smaller Ohio cities such as Dayton, Akron, Canton, and Toledo. Communities will be required to formulate proposals to receive funds.

The Ohio Tax Credit Authority approved assistance for four economic development projects in January, which collectively are set to create 683 new jobs, retain 405 jobs, and spur $588M in investment across the state. A total of 599 blighted and vacant structures in 15 Ohio counties will be demolished to make way for new economic development and housing opportunities, part of the $150M Ohio Building Demolition and Site Revitalization Program. This brings the total number of projects funded through the program to 3,699 in 87 counties.  The USDA approved nearly $291M in funding to four organizations across Ohio to improve electric infrastructure, part of the Rural Development Electric Infrastructure Loan and Loan Guarantee Program. Funding includes $20.5M to the Hancock Wood Electric Cooperative, $6M to North Western Electric in Bryan, $9.8M to Darke Rural Electric Cooperative, and $254.8M to South Central Power Co. in Lancaster.

Top Workplaces named 21 Ohio companies to its Top Workplaces USA 2023 list; Ohio companies with 2,500-plus employees include Progressive (#7), RDI Corporation (#16), Paycor (#18), CBIZ (#30), Ensemble Health Partners (#36), Hyland (#41), Sherwin Williams (#56), Fifth Third Bank (#63), Cleveland Clinic (#73), and Leaf Home (#76).  Bloomberg included six Ohio companies in its 2023 Gender-Equality Index, tracking the performance of public companies committed to disclosing their efforts to support gender equality; those companies include American Electric Power, Bread Financial, Cardinal Health, Fifth Third Bancorp, KeyCorp, and Procter and Gamble.

Ohio Company News

• Victoriaville & Co. expects to create 100 jobs with a new $1.2M expansion in Cleveland.
• Trivium Aluminum Packaging plans to add 93 jobs as part of a $51M expansion in Youngstown.
• Hana Technologies will move from its 40,000 SF location in Twinsburg to a 111,000 SF facility in Solon with plans to add up to 90 new employees over the next few years.
• Pathfinder Product Labs plans to expand its HQ in Grandview Heights, creating 40 new jobs.
• Mullet Cabinets plans to invest up to $3.6M in an expansion in Holmes County, adding 20 new jobs.
• American Heavy Plate Solutions expects to create 15 jobs as it invests $10M in its Hannibal facility.
• Micro Machine Works plans to add 6 jobs with a $650,000 expansion at its Barlow Township facility.
• FirstEnergy has sold an additional 30% ownership interest in FirstEnergy Transmission to Brookfield Super-Core Infrastructure Partners in a $3.5B all-cash deal.
• The J.M. Smucker Co. will sell several of its pet food brands to Post Holdings in a $1.2B deal.
• Triple Whale has raised $25M in Series B funding from investors, including Shopify.
• Xploro, in Cleveland, has completed its first investment round led by U.S. investors.
• Meridian Bioscience, in Cincinnati, has merged with South Korea-based SD Biosensor.
• Tool Tech, in Springfield, has acquired Lansing, Michigan-based Cameron Tool.
• Preformed Line Products has acquired the injection molding manufacturing company Pilot Plastics.
• Komar Industries, in Groveport, has acquired Philadelphia-based PTR Baler and Compactor.
• TravelCenters and Electrify America plan to build around 1,000 EV fast chargers across the U.S.
• Adelphi Bank in Columbus has won regulatory approval to become the first new U.S. bank in 2023. It will be one of 21 Black-owned depository institutions in the U.S. and Ohio’s first.
• Lightship Foundation plans to expand its Lightship Bootcamp program by hosting 6 three-day boot camps throughout Ohio in 2023, providing mentorship for underrepresented entrepreneurs.
• JPMorgan Chase is investing $3M to help launch the Columbus Urban League's Accelerate Her initiative, a program that aims to support women of color in the Central Ohio business community.
• The KeyBank Foundation is investing a total of $1.25M in seven non-profit organizations in Northeast Ohio to support workforce development, education, and diversity, equity and inclusion (DEI).
• Central State University in Wilberforce will be developing a 24,000 SF farm operations and storage facility, as well as a 40,000 SF research facility, for the university’s land-grant mission and researchers working on projects funded by the U.S. Department of Agriculture and other agencies.
• Bowling Green State University has joined the Midwest Regional Network in partnership with Intel, which has invested $50M into Ohio’s higher education; the Network already includes 12 universities and colleges throughout Ohio, Indiana, and Michigan.