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Economy

The City of Cincinnati is well positioned for growth. Economic indicators predict a 9.6% increase by 2014, and resulting in the creation of approximately 103,600 new jobs. The indicators further forecast this growth to occur predominantly in service-providing industries including trade, transportation, utilities, information, financial activities, professional and business services, education, health, leisure and hospitality, and government.
Source: GO Cincinnati Growth and Opportunities study (2007)

While costs increase elsewhere, Cincinnati remains a financially suitable home with its cost of living residing well below the national average.

City of Cincinnati Unemployment Rates
December 2011December 2010Change
City of Cincinnati7.8%9.0%-1.2%

Source: Ohio Department of Job and Family Services Bureau of Labor Market Information

The City of Cincinnati unemployment rate only shows the unemployment rate inside the city limits.

Current Economic Indicators (Cincinnati MSA)
December 2011December 2010Change
Total Civilian Labor Force1,100,5001,112,900 -12,400
Employment1,016,2001,011,900 4,300
Total Unemployed84,400100,900-16,500
Unemployment Rate7.7%9.1%-1.4%

Source: Ohio Department of Job & Family Services

* [a] Area defined as Brown, Butler, Clermont, Hamilton, and Warren Counties, Ohio; Dearborn, Franklin, and Ohio Counties, Indiana; and Boone, Bracken, Campbell, Gallatin, Grant, Kenton, and Pendleton Counties, Kentucky.

Cincinnati MSA Unemployment Rate (12 Month History)
Unemployment Rate
December 20109.1%
January 201110.0%
February 20119.7%
March 20118.9%
April 20118.4%
May 20118.5%
June 20119.2%
July 20119.2%
August 20118.7%
September 20118.7%
October 20118.6%
November 20117.8%
December 20117.7%

Source: Ohio Department of Job & Family Services

* [a] Area defined as Brown, Butler, Clermont, Hamilton, and Warren Counties, Ohio; Dearborn, Franklin, and Ohio Counties, Indiana; and Boone, Bracken, Campbell, Gallatin, Grant, Kenton, and Pendleton Counties, Kentucky.

MSA Unemployment Rate
December 2011December 2010Change
Cincinnati-Middletown MSA7.7%9.1%-1.4%

Source: Bureau of Labor Statistics

* [a] Area defined as Brown, Butler, Clermont, Hamilton, and Warren Counties, Ohio; Dearborn, Franklin, and Ohio Counties, Indiana; and Boone, Bracken, Campbell, Gallatin, Grant, Kenton, and Pendleton Counties, Kentucky.

State Umployment Rate
December 2011December 2010
Ohio8.1%9.5%
U.S.8.5%9.4%

Source: Ohio Department of Job and Family Services (Seasonally Adjusted)

Central Business District Space Profile
Square Feet
Total Inventory18,544,893
Total Vacant3,497,936

Source: The Knowledge Report, Cincinnati, OH, Q3 2011, Colliers International

Class A Office Space Rent Per Square Foot
Rent Per Square Foot
Dwtn. Cincinnati$23.20
Sub.Cincinnati$21.50
Dwtn. U.S. Average$39.00
Sub. U.S. Average$26.00

Source: Colliers International North America Highlights Q2 2011 Office

Dwtn. = Downtown
Sub. = Suburban

U.S. Averages are weighted

Exports by Country
2009 Export Value
Canada$3,538,186,040
Mexico$1,863,181,699
Brazil$1,311,941,623
United Kingdom$1,244,433,472
Other$7,530,930,765

Source: International Trade Administration

Cincinnati USA Metro Exports Value (2009): $15,488,673,599

Foreign Owned Companies
# of Locations%
Japan14830.6%
Germany9519.6%
United Kingdom5812.0%
France408.3%
Canada326.6%
Switzerland245.0%
Netherlands234.8%
Italian153.1%
Other4910.1%
Total484100%

Source: http://www.cincinnatiusa.org

Foreign companies employ more than 45,000 people in Cincinnati USA positioning Cincinnati as an international trade center.

Among these notable companies: BASF, Givaudan, Krupp-Bilstein, LaFarge, L'Oreal, Luxottica, Mitsubishi Electric, Munich Re, Nestle, Siemens, Snecma Tata Group, Toyota Motor Mfg. - North American Headquarters, Valeo, ZF

Cincinnati MSA Gross Domestic Product
201020092008
Cincinnati MSA (In Millions)100,59497,43298,688
U.S. Overall (In Millions)13,071,50212,604,48712,825,351

Source: U.S. Department of Commerce, Bureau of Economic Analysis

Gross Domestic Product: Total output of goods and services produced by labor and property located in the United States, valued at market prices.

Cincinnati MSA Market Strength
200920082007
Personal Income (Thousands of dollars)$82,459,618$84,080,023$81,922,785
Population2,171,8962,158,6432,148,315
Per capita personal income (Dollars)$37,967$38,950 $38,134

Source: U.S. Department of Commerce, Bureau of Economic Analysis

Japanese Investment

Japanese investment in Cincinnati USA comprises nearly 120 companies with close to 130 facilities and approximately 12,000 employees.

View the Japanese Investment Map and Companies

European Investment

European investment in Cincinnati USA comprises nearly 250 companies with more than 290 facilities, and close to 30,000 employees. These European coutries include:

Austria Germany Luxembourg
Belgium Greece Netherlands
Finland Ireland Russia
France Italy Spain
Sweden Switzerland United Kingdom

 

View the European Investment Map and Companies

Fortune 500 Companies Headquartered in Cincinnati MSA
Rank *Revenue
Kroger25$82.1
Procter & Gamble26$79.6
Macy’s107$25.0
Ashland272$9.0
Fifth Third Bancorp326$7.2
Omnicare371$6.1
AK Steel Holding383$5.9
Western & Southern Financial Group456$4.9
General Cable465$4.8
American Financial Group489$4.4

Source: Fortune Magazine, May 2011

*Revenue in millions
http://money.cnn.com/magazines/fortune/fortune500/2011/full_list/

map: Fortune 1000 Companies

Job Outlook 2006-2016 - Ohio Metro Areas
Employment 2006Projected Employment 2016Growth # 2006-2016 Growth % 2006-2016
Akron353,000368,00015,0004.2%
Canton-Massillon185,500188,6003,1001.7%
Cincinnati-Middletown1,075,3001,163,90088,6008.2%
Cleveland-Elyria-Mentor1,126,9001,165,90039,0003.5%
Columbus974,8001,046,20071,4007.3%
Dayton422,100435,70013,6003.2%
Toledo347,400359,50012,1003.5%
Youngstown-Warren-Boardman251,300254,4003,1001.2%

Source: Ohio Department of Job and Family Services

2010 Median Sale Prices of Existing Homes
Home Price
U.S.$173,200
Northeast$244,000
Midwest$140,800
South$153,700
West$221,000

Source: National Association of Realtors

Median sale prices of existing single-family homes.

2010 Median Sale Prices of Existing Homes
Home Price
Atlanta-Sandy Springs-Marietta, GA$114,800
Charlotte-Gastonia-Concord, NC$191,000
Chicago-Naperville-Joliet, IL$191,800
Cincinnati-Middletown, OH-KY-IN (MSA)$128,000
Columbus, OH$137,600
Dallas-Ft. Worth-Arlington, TX$148,400
Houston-Baytown-Sugar Land, TX$155,000
Indianapolis, IN$121,900
Lexington, KY$143,200
Minneapolis-St. Paul-Bloomington, MN-WI$170,600
Raleigh-Cary, NC$217,600
Tampa-St. Petersburg-Clearwater, FL$134,200

Source: National Association of Realtors

Median sale prices of existing single-family homes.

2009 Cost of Living Index - Selected Metro Areas
Composite
Louisville, KY88.4
Indianapolis, IN89.1
Houston, TX89.2
Cincinnati, OH-KY-IN90.3
Dayton-Springfield, OH91.9
Pittsburgh, PA92.3
Atlanta, GA93.2
Cleveland-Lorain-Elyria, OH99.9
Denver, CO104.1
Miami, FL110.3
Chicago, IL112.2
Boston, MA132.5
Washington, D.C.140.0
San Francisco, CA162.7
New York, NY217.5

Source: ACCRA Cost of Living Survey, 2009 Second Quarter

The survey measures relative price levels for consumer goods & services in participating areas. The index reflects cost differentials for a mid-management standard of living. Taxes are excluded.

Construction Cost Index
Index
San Antonio, TX83.0
Nashville, TN87.8
Cincinnati, OH92.2
Indianapolis, IN93.6
Pittsburgh, PA98.9
Kansas City, MO103.1
Detroit, MI105.0
Chicago, IL113.3

Source: RS Means Building Construction Cost Data 2007.

Cost of Living Index
2009 Secord Quarter2008 Annual AverageUnited States Average
Composite90.392.6100.0
Groceries90.190.8100.0
Housing 83.084.7100.0
Utilities97.5104.4100.0
Transportation97.398.2100.0
Health Care92.292.0100.0
Misc.92.194.7100.0

Source: ACCRA Cost of Living Survey, 2009 Second Quarter, 2008 Annual Average

The survey measures relative price levels for consumer goods & services in participating areas. The index reflects cost differentials for a mid-management standard of living. Taxes are excluded.

Cincinnati MSA Market Size
Size
Total Population2,133,678
Total # Households822,100

Source: 2007 Social Compact, Inc

Retail Revenue - City of Cincinnati
Revenue
Estimated Retail Revenue$2,300,000
Food & Beverage Stores (Grocers-Retail)$574,200
Food Service & Drinking Establishments (Restaurants)$380,900
Apparel$122,900

Source: 2007 Social Compact, Inc.

Figures in thousands

Retail Sales - Cincinnati MSA
Sales
Total Retail Sales$29,649,428
Food & Beverage Stores$3,972,491
Food Service & Drinking Establishments$3,553,605
General Merchandise$3,016,127
Furniture & Home Furnishings and Electronics & Appliances$1,515,167
Motor Vehicles & Parts Dealers$7,253,337

Source: 2007 Social Compact, Inc.

City of Cincinnati Market Size
Size
Total Population378,259
Total # Households170,680
Population Per Acre7.4

Source: 2007 Social Compact, Inc.

City of Cincinnati Market Strength
Income
Average Household Income$54,083
Median Household Income$39,893
Aggregate Neighborhood Income$9,231,000
Aggregate Income per Acre$181,700
% Informal Economy5.20

Source: 2007 Social Compact, Inc.

City of Cincinnati Market Stability
%
% Owner Occupancy - Unit38.8%
% Owner Occupancy - Building71.9%
Median Home Sale Value140,499

Source: 2007 Social Compact, Inc.

 

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