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.
Fortune 500 Companies Headquartered in Cincinnati MSA
| Rank | *Revenue | |
|---|---|---|
| Kroger | 23 | $96.8 |
| Procter & Gamble | 28 | $85.1 |
| Macy’s | 109 | $27.7 |
| Asland | 321 | $8.2 |
| Fifth Third Bancorp | 361 | $7.1 |
| Omnicare | 416 | $6.2 |
| General Cable | 425 | $6 |
| AK Steel Holding | 430 | $5.9 |
| Western & Southern Financial Group | 471 | $5.3 |
| American Financial Group | 485 | $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
City of Cincinnati Unemployment Rates
| February 2013 | February 2012 | Change | |
|---|---|---|---|
| City of Cincinnati | 7.5% | 8.4% | -0.9% |
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.
Cincinnati MSA Unemployment Rate (12 Month History)
| Unemployment Rate | ||
|---|---|---|
| February 2012 | 8.3% | |
| March 2012 | 7.8% | |
| April 2012 | 7.1% | |
| May 2012 | 6.9% | |
| June 2012 | 7.2% | |
| July 2012 | 7.2% | |
| August 2012 | 6.8% | |
| September 2012 | 6.4% | |
| October 2012 | 6.3% | |
| November 2012 | 6.4% | |
| December 2012 | 6.4% | |
| January 2013 | 8.0% | |
| February 2013 | 7.4% |
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.
Current Economic Indicators (Cincinnati MSA)
| February 2013 | February 2012 | Change | |
|---|---|---|---|
| Total Civilian Labor Force | 1,076,700 | 1,081,500 | -4,800 |
| Employment | 997,100 | 993,200 | 3,900 |
| Total Unemployed | 79,600 | 88,300 | -8,700 |
| Unemployment Rate | 7.4% | 8.2% | -0.8% |
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
| February 2013 | February 2012 | Change | |
|---|---|---|---|
| Cincinnati-Middletown MSA | 7.4% | 8.2% | -0.8% |
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
| February 2013 | February 2012 | |
|---|---|---|
| Ohio | 7.0% | 7.5% |
| U.S. | 7.7% | 8.3% |
Source: Ohio Department of Job and Family Services (Seasonally Adjusted)
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 Inventory | 18,544,893 |
| Total Vacant | 3,497,936 |
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 | % | |
|---|---|---|
| Japan | 148 | 30.6% |
| Germany | 95 | 19.6% |
| United Kingdom | 58 | 12.0% |
| France | 40 | 8.3% |
| Canada | 32 | 6.6% |
| Switzerland | 24 | 5.0% |
| Netherlands | 23 | 4.8% |
| Italian | 15 | 3.1% |
| Other | 49 | 10.1% |
| Total | 484 | 100% |
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
| 2010 | 2009 | 2008 | ||
|---|---|---|---|---|
| Cincinnati MSA (In Millions) | 100,594 | 97,432 | 98,688 | |
| U.S. Overall (In Millions) | 13,071,502 | 12,604,487 | 12,825,351 |
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
| 2009 | 2008 | 2007 | |
|---|---|---|---|
| Personal Income (Thousands of dollars) | $82,459,618 | $84,080,023 | $81,922,785 |
| Population | 2,171,896 | 2,158,643 | 2,148,315 |
| 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.
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 |
Job Outlook 2006-2016 - Ohio Metro Areas
| Employment 2006 | Projected Employment 2016 | Growth # 2006-2016 | Growth % 2006-2016 | |
|---|---|---|---|---|
| Akron | 353,000 | 368,000 | 15,000 | 4.2% |
| Canton-Massillon | 185,500 | 188,600 | 3,100 | 1.7% |
| Cincinnati-Middletown | 1,075,300 | 1,163,900 | 88,600 | 8.2% |
| Cleveland-Elyria-Mentor | 1,126,900 | 1,165,900 | 39,000 | 3.5% |
| Columbus | 974,800 | 1,046,200 | 71,400 | 7.3% |
| Dayton | 422,100 | 435,700 | 13,600 | 3.2% |
| Toledo | 347,400 | 359,500 | 12,100 | 3.5% |
| Youngstown-Warren-Boardman | 251,300 | 254,400 | 3,100 | 1.2% |
Source: Ohio Department of Job and Family Services
2010 Median Sale Prices of Existing Homes
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, 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.
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.
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
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.
City of Cincinnati Market Size
| Size | |
|---|---|
| Total Population | 378,259 |
| Total # Households | 170,680 |
| Population Per Acre | 7.4 |
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.