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.
Cincinnati MSA Unemployment Rate (12 Month History)
| Unemployment Rate | |||
|---|---|---|---|
| May 2009 | 9.1% | ||
| June 2009 | 9.8% | ||
| July 2009 | 9.8% | ||
| August 2009 | 9.6% | ||
| September 2009 | 9.5% | ||
| October 2009 | 9.7% | ||
| November 2009 | 9.6% | ||
| December 2009 | 9.9% | ||
| January 2010 | 10.8% | ||
| February 2010 | 10.9% | ||
| March 2010 | 10.7% | ||
| April 2010 | 10.2% | ||
| May 2010 | 9.7% |
Source: Ohio Department of Job & Family Services
State Umployment Rate
| May 2010 | May 2009 | |
|---|---|---|
| Ohio | 10.7% | 10.3% |
| U.S. | 9.7% | 9.4% |
Source: Ohio Department of Job and Family Services
City of Cincinnati Unemployment Rates
| May 2010 | May 2009 | Change | |
|---|---|---|---|
| City of Cincinnati | 9.9% | 8.6% | 1.3% |
Source: Ohio Department of Job and Family Services Bureau of Labor Market Information Columbus 43215 03/10/10
The City of Cincinnati unemployment rate only shows the unemployment rate inside the city limits.
MSA Unemployment Rate
| May 2010 | May 2009 | Change | |
|---|---|---|---|
| Cincinnati-Middletown MSA | 9.7% | 9.1% | 0.6% |
Source: Bureau of Labor Statistics
Current Economic Indicators (Cincinnati MSA)
| May 2010 | May 2009 | Change | |
|---|---|---|---|
| Total Civilian Labor Force | 1,134,200 | 1,139,900 | -5,700 |
| Employment | 1,024,700 | 1,035,900 | -11,200 |
| Total Unemployed | 109,500 | 104,000 | 5,500 |
| Unemployment Rate | 9.7% | 9.1% | 0.6% |
Source: Ohio Department of Job & Family Services
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.
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.
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/
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.