Jump to content
Oldmanladyluck

Cleveland: General Business & Economic News

Recommended Posts

Didn't that article also state Cleveland has the 26 largest economy out of the 350+?

 

Isn't it harder to grow when you are already have a well established economy?

Would you rather have the fastest growing economy but still ranked dead last in your overall economy or have a steady well established economy?

Share this post


Link to post
Share on other sites

The PLain Dealer was wrong. I wrote a letter to Mr Breckenridge:

 

Mr. Breckenridge,

 

 

I am afraid that the article posted today in the business section reported incorrect information. According to the BEA (which was cited in the article), the Cleveland Metro economy actually grew 3% from 2005 to 2006. Apparently, the number you quoted neglected Medina county, which is in the Cleveland MSA. I attached a link for you to review. If you select 2005 and 2006, you will see that our economy grew from about 98 billion in 2005 to nearly 101 billion in 2006. As someone who is deeply rooted in Cleveland and is working hard to change the perception of the people living here, I believe that this creates more negative press and really adds to the population loss. To me, this is a serious error. I believe a new article would be appropriate. Thanks for your time and consideration.

 

Share this post


Link to post
Share on other sites

The PLain Dealer was wrong. I wrote a letter to Mr Breckenridge:

 

Mr. Breckenridge,

 

 

I am afraid that the article posted today in the business section reported incorrect information. According to the BEA (which was cited in the article), the Cleveland Metro economy actually grew 3% from 2005 to 2006. Apparently, the number you quoted neglected Medina county, which is in the Cleveland MSA. I attached a link for you to review. If you select 2005 and 2006, you will see that our economy grew from about 98 billion in 2005 to nearly 101 billion in 2006. As someone who is deeply rooted in Cleveland and is working hard to change the perception of the people living here, I believe that this creates more negative press and really adds to the population loss. To me, this is a serious error. I believe a new article would be appropriate. Thanks for your time and consideration.

 

 

If you are correct, which I believe you are, thank you for taking the time to do this!!

Share this post


Link to post
Share on other sites

The other problem is that the BEA uses national inflation rates for the Metro GDP, which is misleading. For example, it has Cincinnati at -0.4% and #320 on the list. How could an area of faster growth than Cleveland be lower than Cleveland? Simple. Inflation was much lower in Cincinnati during that time than it was in the rest of the nation. It was lower in Cleveland as well. Using local inflation rates, Cincinnati and Cleveland saw gains in economic activity. IN fact, Atlanta (known as a hot spot although they have employment problems recently) saew a decrease in GDP when using metro inflation rates. 

 

Never mess with an economist!

Share this post


Link to post
Share on other sites

Very interesting stuff!  Where does one get metro inflation rates?  I had no idea such a thing was even tracked.

Share this post


Link to post
Share on other sites

I'm a loser and I calculate it myself. For a more official version, the Cleveland Fed publishes numbers for Ohio, PA and Kentucky regions.

 

I emailed the PD guy back and forth...nice guy, actually. He seemed genuinely interested in the regional deflators and even asked where he could get more info.

Share this post


Link to post
Share on other sites

So what did he say about the story?  Did he acknowledge somekind of mistake or try to justify it because they (at the PD) are not allowed to write a positive story about Cleveland.  (ex. why was Medina county not included)

Share this post


Link to post
Share on other sites

MAN Ferrostaal welcomed with interest in Cleveland

 

Posted by John Funk/Plain Dealer Reporter October 06, 2008 11:16AM

Categories: Breaking News, Economic development, Economy, Manufacturing

MAN Ferrostaal Inc., the U.S. subsidiary of a German engineering and construction service company, is talking to about three dozen local and U.S. companies about possible collaborations.

 

More than 100 calls have poured into the company's Beachwood office since MAN announced two weeks ago that it had moved its headquarters here with an eye toward manufacturing solar power systems, operating just-in-time automotive sub assembly plants, building marine power systems and expanding its defense contracting.

 

More at

http://blog.cleveland.com/business/2008/10/man_ferrostaal_swarmed_with_in.html

Share this post


Link to post
Share on other sites

Good economic news in Northeast Ohio

Posted by Dorothy C. Baunach and Les Vinney October 15, 2008 05:08AM

Categories: Opinion

 

Baunach is president and CEO of NorTech; Vinney is chairman of NorTech.

 

While the debate about the falling economy is pre-eminent in many people's minds, there is a big bright spot right here in Northeast Ohio that should lift our spirits. As a region, we have done an excellent job focusing on technology-based economic development (TBED) and using the physical and human capital of our community to be a global leader in the growth of technology-based industries.

 

More at

http://blog.cleveland.com/pdopinion/2008/10/good_economic_news_in_northeas.html

 

Share this post


Link to post
Share on other sites

Yay! Take that, naysayers!!


"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

Share this post


Link to post
Share on other sites
The average wage of high-tech workers in Northeast Ohio was 77 percent higher than the average wage of all industries in 2006.

 

The gross regional product of Northeast Ohio's high-tech industries increased between 2000 and 2005 and accounted for 12 percent of the total economy in 2005.

 

Wonderful.  This is the tipping point. With the physical development taking place in University Circle and other areas. 

 

Cleveland prosper white collar industry's remain solid compared to the blue collar jobs. 

 

I personally sense the pendulum is swing in the opposite direction (more jobs) and that more and more white collar and equivalent paying jobs are picking up pace.

Share this post


Link to post
Share on other sites

Agilysys moving headquarters back to Cleveland area

 

Posted by Plain Dealer Business Staff October 22, 2008 09:07AM

Categories: Breaking News, Economy, Real Time News, Technology

Agilysys Inc., which moved its headquarters from Mayfield Heights to Boca Raton, Fla., two years ago, said this morning it is moving back to suburban Cleveland.

 

The information technology services company also said that Arthur Rhein, 62, has retired as president and chief executive. Succeeding him is Martin Ellis, 43, formerly executive vice president, treasurer and chief financial officer.

 

More at http://blog.cleveland.com/business/2008/10/agilysys_moving_headquarters_b.html

 

Share this post


Link to post
Share on other sites

Even though the move to Florida only involved the top 5 executives at Agilysys, it was another example of a selfish president of a company "moving it" to where he wanted to be (undoubtedly so he could play golf year around).  In the end Boca Raton is just no match for Cleveland....  Well ok Solon.

 

 

"Retiring as president and CEO and stepping down as chairman and a director, effective immediately, is 62-year-old Arthur Rhein."

 

It was Mr. Rhein who in early 2006 deemed that the company’s top executives should relocate to Boca Raton, where he had bought property the previous year.

that was from the Crains article:  http://www.crainscleveland.com/article/20081022/FREE/810229961/1022

Share this post


Link to post
Share on other sites

I knew that as soon as I read the part about his age, and that they're moving back as they're changing guard.

 

Who else would move to freaking Boca Raton?? :)

Share this post


Link to post
Share on other sites

I knew that as soon as I read the part about his age, and that they're moving back as they're changing guard.

 

Who else would move to freaking Boca Raton?? :)

 

We all know that Florida is God's waiting room East

 

GWR.jpg

Share this post


Link to post
Share on other sites

I knew that as soon as I read the part about his age, and that they're moving back as they're changing guard.

 

Who else would move to freaking Boca Raton?? :)

 

We all know that Florida is God's waiting room East

 

wonder_woman.jpg

 

 

Share this post


Link to post
Share on other sites

Although they are low-paying jobs and they are located way out in Richfield, it's still a positive for the region.

 

 

Toronto company eyes Richfield for call center; up to 400 jobs possible

Posted by Tom Breckenridge October 30, 2008 11:50AM

Categories: Breaking News, Economic development

A growing Toronto-based company that provides customized call centers appears ready to bring up to 400 jobs to Richfield.

 

SP Data LLC announced Thursday that its American headquarters will be in Ohio. The company is probably headed to an office park near Interstates 77 and 271, said officials with TeamNEO, the region's business-attraction group.

 

More at:

http://blog.cleveland.com/business/2008/10/toronto_company_eyes_richfield.html

Share this post


Link to post
Share on other sites

Although they are low-paying jobs and they are located way out in Richfield, it's still a positive for the region.

 

 

Toronto company eyes Richfield for call center; up to 400 jobs possible

Posted by Tom Breckenridge October 30, 2008 11:50AM

Categories: Breaking News, Economic development

A growing Toronto-based company that provides customized call centers appears ready to bring up to 400 jobs to Richfield.

 

SP Data LLC announced Thursday that its American headquarters will be in Ohio. The company is probably headed to an office park near Interstates 77 and 271, said officials with TeamNEO, the region's business-attraction group.

 

The company expects to create 400 jobs within three years after opening, according to state development officials. On Monday, the Ohio Tax Credit Authority approved state tax credits valued at $311,000 over five years, with the company required to stay at the site for 10 years. The company would receive income tax credits totaling $50,000 over five years from Richfield, a TeamNEO official said.

 

Most of the jobs will pay an average of $11 an hour plus benefits, said TeamNEO's Christine Nelson, director of business attraction.

 

Not trying to be a downer but, shouldn't this go in this thread?

http://www.urbanohio.com/forum2/index.php/topic,13444.0.html

 

 

Share this post


Link to post
Share on other sites

Parker keeps buying, even as credit dries up

Posted by Frank Bentayou/The Plain Dealer November 05, 2008 18:30PM

Categories: Breaking News, Economy, Manufacturing

For most Americans, the chance at a new bank loan is remote, at best, since banks turned off the spigot this fall during the greatest financial crisis in decades.

 

As lenders guard their cash, few are able to buy cars and houses these days.

 

So far this year, though, Parker Hannifin Corp., one of Cleveland's biggest companies, has burned through as much as $1 billion in credit buying up companies around the world. This motion and control technologies company has purchased 12 companies worth from about $4 million to more than $300 million. And it's only early November.

 

More at:

http://blog.cleveland.com/business/2008/11/parker_keeps_buying_even_as_cr.html

Share this post


Link to post
Share on other sites

Noticed this tidbit on cnn.com yesterday http://money.cnn.com/2008/11/10/markets/markets_newyork/index.htm

 

"Citigroup (C, Fortune 500) is reportedly in talks to buy an unnamed regional bank, in the aftermath of its failure to buy Wachovia (WB, Fortune 500) last month, according to The Wall Street Journal."

 

Given current events, nothing surprises me any more:

citikeytower.jpg

Share this post


Link to post
Share on other sites

Word (downstairs) is

 

ETA: 

It is a regional bank that overlaps geographically with Citigroup's retail-banking unit, which has its highest concentration of branches in the Northeast, California and Texas

Share this post


Link to post
Share on other sites

Something along these lines, perhaps? ;)

 

usbankciti.jpg

 

Lord.........now im hearing SunTrust & 5/3 but neither of those is strong in California.

 

MayDay....those folks downstairs want you to make logo's on all the banks.  lol

Share this post


Link to post
Share on other sites

I know that city workers haven't had substantial raises comparable to the private sector, but this is still good news:

 

Mayor Jackson projects balanced 2009 budget, no layoffs

 

From cleveland.com

 

Posted by jdubail November 13, 2008 12:14PM

Peggy Turbett/Plain Dealer fileCleveland Mayor Frank Jackson: No layoffs ahead for city workers.

 

CLEVELAND -- Despite financial turmoil in some other Ohio cities, Cleveland will be able to balance its 2009 budget without layoffs, Mayor Frank Jackson said this morning.

 

At a City Hall news conference, Jackson said budget projections for 2009 remain a work in progress.

 

More at cleveland.com

http://blog.cleveland.com/metro/2008/11/jackson_says_cleveland_will_ba.html

Share this post


Link to post
Share on other sites

That's great!  My girlfriend works at City Hall and she was worrying about cutbacks (like they're doing in virtually every other city, with Chicago apparently taking a huge hit soon)

Share this post


Link to post
Share on other sites

My hope is that Clevelanders in general won't hold Cleveland back from being the amazing city it really can be. I think so many people in Cleveland and its metro area are afraid of change, and at the end of the day, don't really want it to happen because they feel threatened by it in various aspects.

 

I hope that 2009 will be a year of truly moving forward. But Cleveland can only become as great as its citizens allow it to be.

Share this post


Link to post
Share on other sites

I don't really like the idea of loosening visa caps. It's kinda crazy how many doctors and engineers we import from India and China because so many American students major in liberal arts. I guess everyone should follow their passion but maybe we need to provide more scholarships for more technical stuff. I don't know why there's such a shortage of nurses - it seems like every college girl I know majors in Nursing. Must be all those old babyboomers.

Share this post


Link to post
Share on other sites

Cleveland to balance budget despite expected revenue dropBy JAY MILLER

 

11:13 am, January 30, 2009

 

The city of Cleveland expects to be able to absorb a 3.5% spending increase in 2009 without layoffs or service cuts despite a 2.4% drop in revenue.

 

That’s because of a budget cushion achieved through more than three years of cost cutting, Mayor Frank Jackson told 500 city managers Friday morning.

 

Read more at:

 

http://www.crainscleveland.com/article/20090130/FREE/901309957

Share this post


Link to post
Share on other sites

Parker Hannifin Corp. wins $2.5 billion aerospace contract

by Michelle Jarboe | Gazette News Service

Friday January 30, 2009, 11:01 AM

 

Parker Hannifin Corp.CLEVELAND -- Parker Hannifin Corp. expects a new partnership with Rolls-Royce Group PLC to generate roughly $2.5 billion in revenues over 40 years.

 

Parker, based in Cleveland, said Wednesday that its aerospace group has been selected by Rolls-Royce to work on the Trent XWB engine that will power new Airbus A350 XWB aircraft...

 

http://www.mlive.com/business/west-michigan/index.ssf/2009/01/parker_wins_25_billion_aerospa.html

Share this post


Link to post
Share on other sites

While this is good for Parker, I just wish it benefitted manufacturing emloyment in Cleveland...

 

"The work, however, will be performed at the company's Irvine, Calif.; Devens, Mass.; and Fort Worth, Texas, facilities."

 

Share this post


Link to post
Share on other sites

JumpStart commits $275,000 to search firm iGuiders

9:23 am, February 4, 2009

 

A Cleveland company developing a software tool to help people refine complicated Internet searches has received a $275,000 investment from venture development organization JumpStart Inc. of Cleveland.

 

The company, iGuiders Inc., plans to use the money to add sales and marketing staff so that it can begin commercializing its “Guiders” technology.

 

More at

http://www.crainscleveland.com/article/20090204/FREE/902049973

 

Share this post


Link to post
Share on other sites

SMALL BUSINESS

Sky’s the limit

Established ventures illustrate potential in forced entrepreneurship

By JOEL HAMMOND

4:30 am, February 9, 2009

 

Mike Berlin was laid off in 2000 from a web consulting [br]firm, and founded BriteSkies LLC with a laptop and [br]some severance pay. Mr. Berlin is founder and [br]managing member of the Cleveland-based software [br]integration firm.

Photo credit: RUGGERO FATICA 

 

Layoff got you down? Want better control over your future?

 

It’s not a pipe dream, according to some Northeast Ohio entrepreneurs who started their own ventures following a layoff.

 

With hundreds of thousands of job losses nationwide, these so-called forced entrepreneurs can serve as models for displaced workers — or at least represent another option.

 

More at

http://www.crainscleveland.com/article/20090209/SUB1/902069953#

Share this post


Link to post
Share on other sites

^It is such a change from the White Administration, where he would hire political appointees and put them in charge of the finances.  IIRC, no one even had an accounting degree, and no one actually knew how much money the city had.

Share this post


Link to post
Share on other sites

From cleveland.com:

 

Marketing, communications industry employs more than 39,000 in Northeast Ohio, analysis shows

 

Posted by kkroll February 19, 2009 17:01PM

 

Dick Clough, who runs a one-man advertising, marketing and publishing firm in Lakewood, always knew the Northeast Ohio communications industry was larger and more influential than most people realize.

 

He just didn't have any way to quantify it. Until now.

 

More at cleveland.com

http://blog.cleveland.com/business/2009/02/marketing_communications_indus.html

Share this post


Link to post
Share on other sites

Wasn't sure where to post this, but good news I suppose (unless we were already at the bottom and couldn't fall further  :cry:).

 

http://blog.cleveland.com/business/2009/02/us_home_prices_fell_185_percen.html

 

U.S. home prices fell 18.5% last year; Cleveland among areas with lowest annual declines

Posted by Michelle Jarboe/Plain Dealer Reporter

February 24, 2009 10:18AM

 

CLEVELAND -- Prices of U.S. single-family homes fell 18.2 percent during the fourth quarter of last year, posting their largest drop in the history of a key index reported by Standard & Poor's.

 

The S&P/Cash-Shiller index of 20 major metropolitan areas fell 18.5 percent last year and dropped 2.5 percent in from November to December, alone. That compared with a 2.3 percent drop in the index from October to November, indicating a quickening in the rate of home price declines.

 

The Cleveland-Elyria-Mentor area was among the better-faring markets. Although price declines increased here in December, Cleveland posted a 6.1 percent decline for all of 2008 -- compared with drops of more than 20 percent in Sunbelt cities and plunges topping 30 percent in the formerly booming markets of Phoenix, Ariz., Las Vegas and San Francisco...

 

Share this post


Link to post
Share on other sites

So, how do you just slip something like this into an article and not make a bigger deal about it??

 

http://blog.cleveland.com/medical/2009/02/clinic_continues_to_grow_despi.html

 

Clinic continues to grow, despite recession, but will delay some construction

Posted by Sarah Jane Tribble/Plain Dealer Reporter

February 25, 2009 11:25AM

 

 

The Cleveland Clinic is poised to continue to grow, despite a struggling economy, Dr. Delos "Toby" Cosgrove, president and CEO, said.

 

The Cleveland Clinic's expanding operations, which have given it international reach and made it the region's largest employer, have positioned the health system to continue to grow even as the city's population declines and the nation endures a recession.

 

Cosgrove The Clinic has forged relationships for new operations in Las Vegas and Abu Dhabi, completed construction on a new facility in West Palm Beach,and will soon announce the location of a national research laboratory that could employ 1,000 on its main campus in Cleveland....

Share this post


Link to post
Share on other sites

Yeah, they were going to build it around E.55th & Euclid, but now it's likely to be built on the MC.  It's just going to be a big warehouse type thing, which is why they were not originally going to build in on MC.

 

 

Share this post


Link to post
Share on other sites

Yeah, they were going to build it around E.55th & Euclid, but now it's likely to be built on the MC. It's just going to be a big warehouse type thing, which is why they were not originally going to build in on MC.

 

 

 

Does anyone know what the use the Clinic is employing for that large factory/WH on the corner of Euclid and London in Collinwood?  I drive by it quite frequently on my way to the inbound east shoreway but, always approaching from the east, I never noticed that there was a Cleveland Clinic sign on the western side of the building.  That complex is massive.  Storage perhaps? 

Share this post


Link to post
Share on other sites

Does anyone know what the use the Clinic is employing for that large factory/WH on the corner of Euclid and London in Collinwood? That complex is massive.

 

Developement of the clone armies for sinister phase II?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...