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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.

Current Economic Indicators (Cincinnati MSA)
April 2013April 2014Change
Total Civilian Labor Force1,092,9001,097,6004,700
Employment1,020,4001,043,00022,600
Total Unemployed72,50054,500-18,000
Unemployment Rate6.6%5.0%-1.6%

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
April 20136.6%
May 20136.8%
June 20137.4%
July 20137.2%
August 20136.9%
September 20136.9%
October 20136.9%
November 20136.5%
December 20136.1%
January 20146.5%
February 20146.5%
March 20145.8%
April 20145.0%

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.

City of Cincinnati Unemployment Rates
April 2014April 2013Change
City of Cincinnati5.2%7.1%-1.9%

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.

MSA Unemployment Rate
April 2014April 2013Change
Cincinnati-Middletown MSA5.0%6.6%-1.6%

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
April 2014April 2013
Ohio5.7%7.3%
U.S.6.3%7.5%

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

Cincinnati MSA Housing Occupancy
Estimate
Total housing units919,561
Occupied housing units805,714
Vacant housing units113,847
Homeowner vacancy rate2.4%
Rental vacancy rate11.3%

Source: Source: U.S. Census Bureau, 2011 American Community Survey

Cincinnati MSA Receipts
Number of establishmentsReceipts ($1,000)
Total for all sectors133,719 $5,549,281
Construction16,375$791,332
Retail trade10,838417,972
Real estate and rental and leasing15,3181,362,544
Professional, scientific, and technical services19,929765,866
Administrative and support and waste management and remediation services12,314239,217
Health care and social assistance11,440304,148

Source: U.S. Census Bureau, 2010 Nonemployer Statistics.

Nonemployer Statistics originate from tax return information of the Internal Revenue Service. The data are subject to nonsampling error such as errors of self-classification by industry on tax forms, as well as errors of response, nonreporting and coverage. Values provided by each firm are slightly modified to protect the respondent's confidentiality.

Cincinnati MSA Income
Income
Median income (dollars)$52,373
Mean income (dollars)$68,161

Source: U.S. Census Bureau, 2011 American Community Survey

Cincinnati MSA Market Size
Size
Total Population2,128,603
Total # Households805,714

Source: U.S. Census Bureau, 2011 American Community Survey

Cincinnati Cost of Living Index
2010 Annual Average
Composite93.8
Groceries96.4
Housing 81.9
Utilities103.8
Transportation98.0
Health Care95.8
Misc.98.7

Source: C2ER, Arlington, VA, ACCRA Cost of Living Index, Annual Average 2010

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.

2010 Cost of Living Index - Selected Metro Areas
Composite
Indianapolis, IN87.2
Louisville, KY87.7
Dayton, OH91.4
Pittsburgh, PA91.5
Dayton-Springfield, OH91.9
Houston, TX92.2
Cincinnati, OH93.8
Atlanta, GA95.6
Cleveland, OH101.0
Denver, CO103.2
Miami-Dade, County, FL106.0
Chicago, IL116.9
Washington-Arlington-Alexandria, DC-VA140.1
San, Francisco, CA164.0
New, York, (Manhattan), NY216.7

Source: C2ER, Arlington, VA, ACCRA Cost of Living Index, Annual Average 2010

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.

Fortune 500 Companies Headquartered in Cincinnati MSA
Rank *Revenue
Kroger23$96.8
Procter & Gamble28$85.1
Macy’s109$27.7
Asland321$8.2
Fifth Third Bancorp361$7.1
Omnicare416$6.2
General Cable425$6
AK Steel Holding430$5.9
Western & Southern Financial Group471$5.3
American Financial Group485$5.1

Source: Fortune Magazine, May 2013

*Revenue in billions
http://money.cnn.com/magazines/fortune/fortune500/2013/full_list/index.html?iid=F500_lp_toprr
Bold indicates companies located inside the City of Cincinnati limits

map: Fortune 1000 Companies

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.

Figures in thousands

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

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.

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.

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

Source: 2007 Social Compact, Inc.

 

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