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.
2009 Cost of Living Index - Selected Metro Areas
| Composite | ||
|---|---|---|
| Louisville, KY | 88.4 | |
| Indianapolis, IN | 89.1 | |
| Houston, TX | 89.2 | |
| Cincinnati, OH-KY-IN | 90.3 | |
| Dayton-Springfield, OH | 91.9 | |
| Pittsburgh, PA | 92.3 | |
| Atlanta, GA | 93.2 | |
| Cleveland-Lorain-Elyria, OH | 99.9 | |
| Denver, CO | 104.1 | |
| Miami, FL | 110.3 | |
| Chicago, IL | 112.2 | |
| Boston, MA | 132.5 | |
| Washington, D.C. | 140.0 | |
| San Francisco, CA | 162.7 | |
| New York, NY | 217.5 |
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.
Total Number of Employees
The City of Cincinnati is located within Hamilton County, Ohio.
† Source: County Business Patterns 2006 U.S. Department of Commerce, Bureau of the Census. Released 03/2008.
∆Source: Social Compact, Inc.
Construction Cost Index
| Index | |
|---|---|
| San Antonio, TX | 83.0 |
| Nashville, TN | 87.8 |
| Cincinnati, OH | 92.2 |
| Indianapolis, IN | 93.6 |
| Pittsburgh, PA | 98.9 |
| Kansas City, MO | 103.1 |
| Detroit, MI | 105.0 |
| Chicago, IL | 113.3 |
Source: RS Means Building Construction Cost Data 2007.
Current Economic Indicators (Cincinnati MSA)
| November 2009 | November 2008 | Change | |
|---|---|---|---|
| Total Civilian Labor Force | 1,110,200 | 1,122,000 | -11,800 |
| Total Unemployed | 105,700 | 69,300 | 36,400 |
| Unemployment Rate | 9.5% | 6.2% | 3.3% |
Source: Ohio Department of Job & Family Services
Fortune 1000 Companies Headquartered in Cincinnati MSA
| Rank | *Revenue | |
|---|---|---|
| Procter & Gamble | 20 | $85,503 |
| Kroger Company | 22 | $76,000 |
| Macy’s | 96 | $24,892 |
| Fifth Third Bancorp | 302 | $8,554 |
| AK Steel Holding | 334 | $7,644 |
| Western & Southern Financial Group | 441 | $5,391 |
| Chiquita Brands International | 508 | $4,524 |
| American Financial Group | 527 | $4,292 |
| Cintas | 561 | $3,937 |
| Cincinnati Financial | 570 | $3,824 |
| Convergys | 721 | $2,785 |
| E.W. Scripps | 960 | $1,806 |
Source: Fortune Magazine, May 4, 2009 issue
*Revenue in millions
http://money.cnn.com/magazines/fortune/fortune500/2009/full_list/
City of Cincinnati Unemployment Rates
| July 2009 | July 2008 | Change | |
|---|---|---|---|
| City of Cincinnati | 10.4 | 7.1 | 3.3 |
Source: Ohio Bureau of Employment Services, Kentucky Department of Employment Services, Indiana Department of Workforce Development
The City of Cincinnati unemployment rate only shows the unemployment rate inside the city limits.
State Umployment Rate
| December 2009 | December 2008 | |
|---|---|---|
| Ohio | 10.9% | 7.4% |
| U.S. | 10.0% | 7.4% |
Source: Ohio Department of Job and Family Services
MSA Unemployment Rate
| November 2009 | November 2008 | ||
|---|---|---|---|
| Cincinnati-Middletown MSA | 9.5% | 6.2% |
Source: Bureau of Labor Statistics
2008 Median Sale Prices of Existing Homes
Source: National Association of Realtors
Median sale prices of existing single-family homes.
2008 Median Sale Prices of Existing Homes
| Home Price | |
|---|---|
| Atlanta-Sandy Springs-Marietta, GA | $149,500 |
| Charlotte-Gastonia-Concord, NC | $197,800 |
| Chicago-Naperville-Joliet, IL | $245,600 |
| Cincinnati-Middletown, OH-KY-IN (MSA) | $131,800 |
| Columbus, OH | $139,300 |
| Dallas-Ft. Worth-Arlington, TX | $145,800 |
| Houston-Baytown-Sugar Land, TX | $151,600 |
| Indianapolis, IN | $111,200 |
| Lexington, KY | $144,300 |
| Minneapolis-St. Paul-Bloomington, MN-WI | $202,000 |
| Raleigh-Cary, NC | $223,400 |
| Tampa-St. Petersburg-Clearwater, FL | $173,000 |
Source: National Association of Realtors
Median sale prices of existing single-family homes.
Industrial Space Profile
| Square Feet | |
|---|---|
| Total Inventory | 287,428,263 |
| Central City Inventory | 77,604,245 |
| Total Vacant | 18,408,812 |
| Suburban Inventory | 209,824,018 |
Source: The CoStar Industrial Report, Cincinnati Industrial Market, First Quarter 2008
Gross Domestic Product
| In Billions (Current Dollars) | |
|---|---|
| 2007 | 13,841.3 |
| 2005 | 12,433.9 |
| 2003 | 10,960.8 |
| 2001 | 10,128.0 |
| 1999 | 9,268.4 |
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.
Cost of Living Index
| 2009 Secord Quarter | 2008 Annual Average | United States Average | |
|---|---|---|---|
| Composite | 90.3 | 92.6 | 100.0 |
| Groceries | 90.1 | 90.8 | 100.0 |
| Housing | 83.0 | 84.7 | 100.0 |
| Utilities | 97.5 | 104.4 | 100.0 |
| Transportation | 97.3 | 98.2 | 100.0 |
| Health Care | 92.2 | 92.0 | 100.0 |
| Misc. | 92.1 | 94.7 | 100.0 |
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.
City of Cincinnati Market Size
| Size | |
|---|---|
| Total Population | 378,259 |
| Total # Households | 170,680 |
| Population Per Acre | 7.4 |
Source: 2007 Social Compact, Inc.
Cincinnati MSA Market Size
| Size | |
|---|---|
| Total Population | 2,133,678 |
| Total # Households | 822,100 |
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
Cincinnati MSA Market Strength
Source: Demographics USA, 2007 County Edition
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 Economy | 5.20 |
Source: 2007 Social Compact, Inc.
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 Stability
| % | |
|---|---|
| % Owner Occupancy - Unit | 38.8% |
| % Owner Occupancy - Building | 71.9% |
| Median Home Sale Value | 140,499 |
Source: 2007 Social Compact, Inc.