Two Ohio Children’s Hospitals Ranked Best in the U.S.

Key Economic Insights

• U.S.: Nonfarm payroll employment increased by 209,000 in June and the unemployment rate declined to 3.6%. Job openings declined by 496,000 in May to 9.82M. Real GDP (Q1 23’) was revised higher to +2.0% from previous estimates of +1.3%

• Ohio: Projects recently approved for assistance from the Ohio TCA are expected to create 534 jobs and spur $77M in investment across the state. Cincinnati Children’s was ranked the #1 best children’s hospital by U.S. News & World Report.

U.S. Insights

U.S. nonfarm payroll employment increased by 209,000 and the unemployment rate declined to 3.6% in June. The labor force participation rate remained at 62.6% for the fourth consecutive month. Average hourly earnings for private nonfarm payrolls rose 0.4% in June and have risen 4.4% over the last 12 months.  

Job openings declined by 496,000 in May to a total of 9.82M. The number of hires (6.2M) and separations (5.9M) was little changed from April. Within separations, quits (4.0M) increased and layoffs and discharges (1.6M) were relatively unchanged. Weekly jobless claims rose by 12,000 to a total of 248,000, and continuing claims fell by 13,000 to a total of 1.72M.

The Personal Consumption Expenditures (PCE) price index rose 0.1% in May to a 3.8% annual rate, down from a revised 4.3% in April and below forecasts for 4.6%. Core PCE, the Federal Reserve’s preferred gauge of inflation, rose 0.3% in May to a 4.6% annual rate, down slightly from 4.7% in April but remaining above the Fed’s target of 2.0%.  

Real GDP grew at a 2.0% annual rate in Q1 2023, a sharp upward revision from previous estimates of 1.3% growth according to the “third” estimate released by the BEA. ISM Manufacturing PMI registered 46.0 in June, down from 46.9 in May and marking the eighth consecutive month in contraction.

The Conference Board Leading Economic Index (LEI) for the U.S. declined 0.7% in May, the 14th consecutive month of decline. Over the last six months (Nov 2022 – May 2023) the LEI has declined 4.3%, an acceleration from its 3.8% contraction over the previous six months (May 2022 – Nov 2022).  Consumer Confidence in June rose to the highest level since January 2022, with The Conference Board Consumer Confidence Index increasing to 109.7, up from 102.5 in May.

Ohio Employment & Economic Insights

The Ohio Tax Credit Authority approved assistance for nine economic development projects in June. Collectively, the projects are expected to create 534 new jobs earning over $40M in payroll, retain 1,007 jobs, and spur nearly $77M in investments across the state.  

Ohio recorded 16,409 new business filings in May 2023. Currently, Ohio business filings remain ahead of 2022’s pace by more than 3%, with a total of 83,055 businesses filed so far in 2023. JobsOhio released its 2022 annual report, showcasing a record-setting $1.8B in added payroll and $31.5B in new capital investment throughout the state.  Ohio Governor Mike DeWine signed Ohio's Fiscal Year 2024-2025 operating budget (House Bill 33) into law.

$75M was allocated to create new innovation hubs to compliment the three innovation districts that have already been established in Cincinnati, Columbus, and Cleveland. $667M was allocated to fund “shovel-ready” economic development sites throughout the state to help prepare sites for future investments. The budget also includes notable changes to the Commercial Activity Tax (CAT), Municipal Net Profits Tax, and Income Tax.

Ohio will receive $793.7M from the $42.45B Broadband Equity, Access, and Deployment program from the Bipartisan Infrastructure Law. The Department of Transportation awarded Rebuilding American Infrastructure with Sustainability and Equity (RAISE) Transportation Discretionary Grants totaling more than $30M to various Ohio communities to help fund improvements to transportation infrastructure. $20M was awarded to Toledo; Kent, The Western Reserve Transit Authority, and Cincinnati also received funding.

The Ohio Department of Development approved $720,000 in support for three Ohio businesses during its monthly board meeting. In 2022, more than $9.3M in loans were dispersed to more than 100 minority- and women-owned businesses by the department. A total of $50.6M in tax credits will support 38 rehabilitation projects, restoring 59 historic buildings as part of the Ohio Historic Preservation Tax Credit Program. The investment into 16 communities is expected to leverage $523M in additional private investment.

Two Ohio children’s hospitals ranked in the best in the U.S. according to U.S. News & World Report. Cincinnati Children’s Hospital ranked #1 best children’s hospital, taking the top spots in cancer, diabetes & endocrinology, neonatology, and urology. Nationwide Children’s Hospital ranked #6 overall. 

Ohio built vehicles sold by Honda Motor Company accounted for five of the top 20 vehicles in Cars.com American Made Index. Colliers named Cincinnati, Cleveland, and Columbus top 25 industrial markets in the U.S., based on vacancy, inventory, rent, and supply, among others. WalletHub ranked Ohio 4th best in the country, and the best in the Midwest, on its 2023 Best & Worst States for Summer Road Trips.

Ohio Company News

• Amazon Web Services plans to invest $7.8B by 2029 to expand data center operations in Central Ohio
• Shape Corp. has opened its 330,000 SF, 170 employee, automotive aluminum facility in Trenton.
• Brock Air Products expects to create 120 jobs as a result of an expansion project in Troy and Vandalia.
• Sofidel intends to invest $185M to expand its facility in Circleville, adding 100 employees.
• CFD Research expects to invest $7.4M to expand in Beavercreek, growing its workforce by 78.
• Sweep America Intermediate intends to add 72 positions as a result of an expansion in Seven Hills.
• Yaskawa America plans to add 70 new positions with a $22M, 190,000 SF, expansion in Miamisburg.
• INEOS will relocate the North American HQ for its Enterprises division to Grandview Heights, OH.
• Solar FlexRack plans to hire 45 as part of its HQ expansion in Highland Hills.
• Speyside Bourbon Cooperage plans to add 42 jobs with a $7.5M expansion in Jackson and Waverly.
• Wilson Sporting Goods expects to create 30 jobs as it expands its production capacity in Ada; Wilson supplies all balls used in the NFL and NBA.
• Liquid Manufacturing Solutions intends to hire 29 as part of a $1.5M expansion in Franklin.
• Romanoff will relocate its HQ and expand in Gahanna, investing $2.5M and adding a planned 17 jobs.
• Chillicothe Fire & Security plans to invest over $140,000 and add 8 jobs as part of an expansion.
• Alpha Tire intends hire 6 as part of a new $400,000, 9,600 SF, warehouse facility in Barnesville.
• Nth Cycle plans to invest $25-30M building a lithium-ion battery recycling facility in Fairfield.
• Andelyn Biosciences inaugurated its new 180,000 SF cell and gene therapy manufacturing headquarters in Columbus’ Carmenton Innovation District.
• Western & Southern Financial plans to join the University of Cincinnati’s 1819 Innovation District.
• Arlington Valley Farms was awarded a $21.2M loan from the USDA to expand in Hudson.
• Delta Air Lines added seasonal service to Cancun and daily trips to Raleigh-Durham from Cincinnati.
• Breeze Airways plans to reinstate nonstop service from Columbus to Tampa, FL beginning in October.
• OhioHealth plans to partner with Columbus State Community College on a $120M, 10-year venture to double the number of students in healthcare fields.
• Altafiber and the city of Dublin announced plans to provide every premise access ultra-fast fiber.

For more information, contact:                      

Drew Peters & Matthew Ellerbrock,

JobsOhio Research

peters@jobsohio.com / ellerbrock@jobsohio.com