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^Interesting. I would have expected Ohio to be bigger. Also, Wisconsin is larger than I would have expected.

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Cleveland economy outperforms Cincinnati, Columbus in 2017

 

Cleveland’s economy grew more than Cincinnati’s and Columbus’ last year,, according to data released Tuesday by the federal Bureau of Economic Analysis.

 

The data show Cleveland has the largest economy of the state’s metro areas and the 28th largest in the nation.

 

The Cleveland area has benefited from a comeback in manufacturing. Last year’s growth also was driven by a strong increase in mining and natural resources industries.

 

The Cleveland economy grew by 2.9 percent last year and was valued at $140 billion.

 

The Cincinnati economy increased by 2.4 percent in 2017 to $138 billion and the Columbus economy was up 2.1 percent to $136.3 billion. Overall, Cincinnati had the 29th largest economy and Columbus was 30th, according to the analysis, which seeks to measure the total value of goods and services in an area.

 

http://www.dispatch.com/news/20180918/cleveland-economy-outperforms-cincinnati-columbus-in-2017

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As many of you know, I track development for fun, including for my blog NeoTrans, and talk to lots of people involved in real estate development (sales, construction, legal, etc). They're all reporting that they're extremely busy and their companies are hiring from small-town Ohio and other parts of the USA and even overseas. It's apparent that what happened in 2017 in Cleveland is continuing through 2018.

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^^ Funny how it's a bunch of back and forth for biggest economy in the state. Each of the 3C's has held this title within the past year, IIRC.

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^^ Funny how it's a bunch of back and forth for biggest economy in the state. Each of the 3C's has held this title within the past year, IIRC.

 

I always wonder what it would be like if all the economic might of Ohio was concentrated in one city (e.g. Indianapolis, Chicago, NYC in their respective states) instead of split between three equally.

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Imagine if we linked all three of them plus Dayton and maybe Akron with a high-speed rail line to unite their combined 8 million population into a more cohesive, productive economic machine.

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^^ Funny how it's a bunch of back and forth for biggest economy in the state. Each of the 3C's has held this title within the past year, IIRC.

 

I always wonder what it would be like if all the economic might of Ohio was concentrated in one city (e.g. Indianapolis, Chicago, NYC in their respective states) instead of split between three equally.

 

I like three city-states instead of one empire, tbh

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As many of you know, I track development for fun, including for my blog NeoTrans, and talk to lots of people involved in real estate development (sales, construction, legal, etc). They're all reporting that they're extremely busy and their companies are hiring from small-town Ohio and other parts of the USA and even overseas. It's apparent that what happened in 2017 in Cleveland is continuing through 2018.

 

It's great to see the Three C's back-to-back-to-back economically in Ohio.  I'll add my comments about Cleveland's economy to Cleveland's thread.

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Imagine if we linked all three of them plus Dayton and maybe Akron with a high-speed rail line to unite their combined 8 million population into a more cohesive, productive economic machine.

 

That would be nice.  But we did give the funding to California and lowered taxes for job creators...so there's that.... ::)

 

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Imagine if we linked all three of them plus Dayton and maybe Akron with a high-speed rail line to unite their combined 8 million population into a more cohesive, productive economic machine.

 

That would be nice.  But we did give the funding to California and lowered taxes for job creators...so there's that.... ::)

 

 

The $400 million went to a few states, including to Michigan to help it upgrade its Chicago-Detroit rail service to 110 mph.

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Ohio and Wisconsin gave back their federal money, totaling $1.2 billion. That money went to California, Florida and Washington. But when Florida gave back $2.4 billion to the federal government for Tampa-Orlando (which is now being revived by Brightline, a backer of the governor who gave back the Obama money!), that money went to California, Michigan, Northeast Corridor, North Carolina, and possibly elsewhere.

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^^ Funny how it's a bunch of back and forth for biggest economy in the state. Each of the 3C's has held this title with in the past year, IIRC.

I don't think that's true.  Providing that we're talking about GDP, the past year Cincinnati maintained Ohio's biggest economy.

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^Actually, Cleveland has always been the largest. Summit and Portage counties are an integral part of Cleveland, but they are not included in OMB's definition of Cleveland, so the numbers reported for Cleveland are not accurate.

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^^ Funny how it's a bunch of back and forth for biggest economy in the state. Each of the 3C's has held this title with in the past year, IIRC.

I don't think that's true.  Providing that we're talking about GDP, the past year Cincinnati maintained Ohio's biggest economy.

 

Maybe it's over the past 3 years or something. I definitely remember reading semi-recently that Cincy had become the top economy. This article says Columbus was the biggest prior to Cleveland taking over:

Among the fastest-growing major metro region's in the Midwest, Cincinnati's 2.4 percent growth eclipsed Columbus' economy (previously Ohio's largest economy)  in size and growth rate.

https://www.cincinnati.com/story/money/2018/09/18/cincinnatis-economy-hits-138-b-beats-us-growth/1346290002/

 

Regardless, they're all really close in size and the ups and downs lead to a lot of jockeying. It's pretty amazing how close they are.

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List of applicants for Round 21 of Ohio Historic Tax Credits 

 

Project Name                                  City    Application Number      Credit Request    


First National Bank Building    Cincinnati    FY19001    $5,000,000
OTR Mixed income project    Cincinnati    FY19014    $5,000,000
Union Central Life Insurance Building    Cincinnati    FY19033    $5,000,000
L. Hoster Brewing Co.    Columbus    FY19009    $5,000,000
Fort Industry Square Phase I    Toledo    FY19034    $4,492,220
Ohio Bell Building (AT&T)    Cleveland    FY19018    $4,214,509
Fidelity Medical Building    Dayton    FY19021    $4,133,458
Fort Industry Square Phase II    Toledo    FY19035    $3,764,065
Provident Bank     Cincinnati    FY19004    $3,750,000
Shillito Building (west)    Cincinnati    FY19005    $2,770,000
Hayden Building    Columbus    FY19020    $1,940,000
College Hill Revitalization    Cincinnati    FY19008    $1,779,995
Fidelity Building    Cleveland    FY19019    $1,675,000
Astrup Company Building    Cleveland    FY19003    $1,615,000
Cleveland Masonic Temple    Cleveland    FY19006    $1,400,000
Cooke Building    Sandusky    FY19040    $1,375,000
Rhodes Mansion    Cleveland    FY19017    $1,373,109
Packard Apartments    Warren    FY19015    $675,000
Stedman-Shafer Wholesale Grocery Building    Athens    FY19002    $639,520
Medina Farmers Exchange    Medina    FY19007    $545,000
Everett Building    Akron    FY19023    $470,500
East Carbarn - Columbus Electric Trolley Barns    Columbus    FY19010    $250,000
1505 and 1511 Vine St    Cincinnati    FY19011    $250,000
1513 Vine St    Cincinnati    FY19012    $250,000
1517 Vine St    Cincinnati    FY19013    $250,000
1833 Sycamore    Cincinnati    FY19022    $250,000
Columbus Electrical Works    Columbus    FY19024    $250,000
1714 Vine    Cincinnati    FY19036    $250,000
Andrus Building    Toledo    FY19039    $250,000
Hannon's Block    Toledo    FY19016    $241,186
222-226 Mohawk    Cincinnati    FY19032    $227,000
Belden Seymour    Cleveland    FY19025    $222,000
1223 E. Main St    Columbus    FY19028    $191,000
1704 Elm    Cincinnati    FY19031    $184,681
1662 Blue Rock    Cincinnati    FY19030    $159,000
Levinson Building    Cuyahoga Falls    FY19037    $156,727
Hughes Building    St. Clairsville    FY19038    $149,496
1233 E. Main St    Columbus    FY19027    $110,000
1278 E. Main St    Columbus    FY19026    $60,000
 

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Here are the totals requested by city. Cincinnati is swinging for the fences.

 

Akron    1    $470,500
Athens    1    $639,520
Cincinnati    14    $20,120,676
Cleveland    6    $6,285,109
Columbus    7    $7,801,000
Cuyahoga Falls    1    $156,727
Dayton    1    $4,133,458
Medina    1    $545,000
Sandusky    1    $1,375,000
St. Clairsville    1    $149,496
Toledo    4    $4,255,251
Warren    1    $675,000
 

Edited by Mendo
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I think about 6-7 years ago these credits went mostly to Cleveland projects but now it seems that Cincinnati has figured out the formula.  

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23 minutes ago, freefourur said:

I think about 6-7 years ago these credits went mostly to Cleveland projects but now it seems that Cincinnati has figured out the formula.  

Possibly, and Cleveland is running out of huge historic buildings that would qualify as a lot of already or are currently under renovation with these same credits.

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Historic tax credits are by far the best way to support economic development in this state. Historic renovation is likely to involve small and local contractors. The buildings are likely to be supported by existing infrastructure instead of requiring new roads and sewers and parking lots, so it’s very efficient for government budgets. Historic buildings are more likely to host locally owned small businesses once renovated as well. This program should have been quadrupled in size, yesterday.

Edited by thebillshark
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14 minutes ago, Mov2Ohio said:

Possibly, and Cleveland is running out of huge historic buildings that would qualify as a lot of already or are currently under renovation with these same credits. 

Buildings don't have to be big to qualify. For example, several buildings on this block of Vine Street in Cincy are on the list of applicants.

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Both theories are likely. I hosted a tour of some Cincinnati city council and civic/development/advocacy related people in 2015 and while our tour focused on Transit-Oriented Development, I heard a few remarks of surprise while in downtown Cleveland about how many commercial buildings were under renovation/conversion to apartments. So I started pointing out those that had already been converted (East Ohio/1717 East 9th, Ameritrust Tower, 1010 Euclid, 668 Euclid, etc) and which ones were likely to be converted (Standard, CAC, JHB, 925 Euclid, May Co, etc) and there were a few "wows" in response.

 

There are only a few large, historic commercial buildings that have yet to be renovated/converted in downtown, with 925 Euclid being the notable. There are also quite a few warehouse-type buildings in city neighborhoods to be renovated/converted, but most don't require the same big-ticket tax credits to make them work (except maybe Richman Brothers, Warner-Swasey, Westinghouse, etc). The largest, historic downtown office buildings yet to be converted are still occupied -- Rose Building, Landmark Office Towers, City Club, Superior, etc.

Edited by KJP

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3 hours ago, thebillshark said:

Historic tax credits are by far the best way to support economic development in this state. Historic renovation is likely to involve small and local contractors. The buildings are likely to be supported by existing infrastructure instead of requiring new roads and sewers and parking lots, so it’s very efficient for government budgets. Historic buildings are more likely to host locally owned small businesses once renovated as well. This program should have been quadrupled in size, yesterday.

 

I think they should lift the cap entirely.  Let any project that meets a certain set of qualifications get credits.  This is how the federal credits are done.

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