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Oldmanladyluck

Cleveland: General Business & Economic News

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Each day this week, the market would take a dive in the morning, recover some of the losses by midday and take a deeper dive in the afternoon. Today it took the morning dive but stabilized throughout the day. That encouraged me. So I bought back into the market. I was rewarded with a sudden jump in the market in the 15 minutes before closing. Hopefully there won't be any more bad news this weekend. 

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

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3 hours ago, Dougal said:

 

I did the opposite, move too soon into 50% cash last November. Bought a bit of an S&P500 index fund late in trading today, again, probably too soon.  🙂

 

My reason for posting, though, is because a tightening in the debt market (as a result of this huge asset shrinkage)  may delay some of these ground-breakings everyone is looking forward to. Even if the Fed cuts rates a !/4 point in March, that may not save these deals.

 

Was chatting with a realtor friend who is as bullish as ever. Granted, this is for individual homeowners and not big deals, but big financial packages are backed by lots of little financial packages....


Approximate Current Rates:
30-year fixed conventional = 3.125-3.250% ... Lowest in 8 years!!
15-year fixed conventional = 2.625-2.750%
30-year fixed FHA and VA = 3.625-3.750%
First Time Buyers as low as 3.250%, plus up to $2,000 in annual tax credits.

 

EDIT: and this is before any fed rate cut

Edited by KJP

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

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22 hours ago, 3231 said:

I've heard of Glassdoor, but I don't know anything about it's reputation. Can you explain why it's good to hear this from them? 

 

It's a multi-function website used, primarily by people 40 and under. It allows employees/former employees to post feedback about companies, positions, etc. and allows employers to post job opening as well. 

 

As the name implies, it's essentially a glass door through which employers can see who is looking for work and how their company is perceived, and where perspective employees can see job openings and learn about the company's reputation, salary, culture, etc. 

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This could help move lots of smaller deals out there...

 

 

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

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Putting you money where your mouth is

 

L. Goncalves, CEO of Cleveland Cliffs, just filed a Form 4 saying that on 3/11/20 he acquired 200,000 shares of CLF at $4.49, adding to the 3.365 million shares he already owned. The stock is currently at $4.56.

 

http://archive.fast-edgar.com//20200311/ALBFW222Z222Q2Z2222F22ZQ6B3QZT229222/

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There's nothing wrong with optimism, as long as you don't get your hopes up.

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^Why did our labor force and employment drop by 40,000 between Aug and Dec?  That's pretty sizable--particularly the one month drop from Nov to Dec.

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^The labor force numbers for Cleveland that are produced by the BLS have been a gripe of mine for years.  I've come to the conclusion that they will always be inaccurate.

 

The numbers to pay attention to IMO are the Non-Farm Wage and Salary Employment numbers.  The Total Non Farm numbers show consistent growth over the last decade.

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So the numbers should be interesting coming up, to say the least.  The numbers for the year look to have been adjusted- some months showing much less growth than last year's adjustment.

 

January preliminary numbers came out yesterday- and most sectors were in negative growth for that month.  That includes the Education and Health sector, though 1) the numbers are preliminary and 2) the number for the month was ONLY down -0.2%. The sectors which saw growth were mining/logging/construction, trade/transportation/utilities, leisure/hospitality, and other services not grouped together.  Every other sector took a loss.

 

We may have already been headed towards a recession beginning in January.  The overall growth in the job market yoy in January was 0.2%.  

 

Here's the data...

 

https://www.bls.gov/eag/eag.oh_cleveland_msa.htm

 

 

Edited by Oldmanladyluck

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9 minutes ago, Oldmanladyluck said:

We may have already been headed towards a recession beginning in January.  The overall growth in the job market yoy in January was 0.2%.  

 

 

 

0.2% for CLE or for the US?  For context, what was it Jan YoY for 2019 vs 2018?

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Just now, Pugu said:

 

0.2% for CLE or for the US?  For context, what was it Jan YoY for 2019 vs 2018?

 

.02% for Cleveland YOY for January 2020 over January 2019.

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Here are January's numbers for the last 3 years:

 

Jan 18 - 1042.2

Jan 19 - 1059.6

Jan 20 - 1061.2

 

 

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I don't want to say the sky will be falling, but I'm currently trying to apply for benefits on the Ohio JFS website and it keeps crashing.  When you call in to the toll free number, it goes through a menu, says they are experiencing high call volume, then hangs up....

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Maybe a job in construction? Still seems to be humming along.

 

Or maybe at Athersys?

 

 

 


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

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Do we know how many of those workers would be in NEO? I've never been able to discern how many workers they actually have in this area. 

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I don't know numbers either, but Transdigm has a very small HQ staff here.


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

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Even taking out Sherwin Williams, which we've known about for awhile now, that's a nice amount of investments and new jobs in Cuyahoga County.

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

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

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Cleveland Establishes Loan Program to Help Businesses
 

 

CLEVELAND, Ohio — The City of Cleveland is hoping a new business loan program can help calm the economic struggles that come with stay-at-home orders. 

•The City of Cleveland started the Emergency Working Capital Loan Fund

•Businesses with no more than 500 employees can apply for a loan from the fund

•The loan can be for up to $10,000 to reimburse operating costs like rent, payroll, utilities, inventory and marketing, starting from the month of March


https://spectrumnews1.com/oh/columbus/news/2020/04/16/cleveland-establishes-loan-program-to-help-businesses?fbclid=IwAR34IaaE4y0ZBcbKCFXnoRauZQuSKLKo2eaixnR-6AIWpofdttuJOmVbKjM

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A few more commercial-to-residential conversions 

 

Far, far far more longterm vacant storefronts and commercial units. 

 

Etc, etc. The economic catastrophe will have a hell of a greater impact than some nominal WFH changes.

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I think it might have to do with the company itself, outside of the Warehouse District location I believe all of their other locations have closed. Hopefully another grocer will fill the space.

 

And for those who do not wish to drive traffic to cleveland.com the same info can be found in this Cleveland Scene article:

Constantino's Market Has Closed its Uptown Location

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On 4/29/2020 at 3:20 PM, andrew0816 said:

I think it might have to do with the company itself, outside of the Warehouse District location I believe all of their other locations have closed. Hopefully another grocer will fill the space.

 

And for those who do not wish to drive traffic to cleveland.com the same info can be found in this Cleveland Scene article:

Constantino's Market Has Closed its Uptown Location

They also have a cafe/convenient store in the ERNST and YOUNG BUILDING at the East Bank of the Flats and a Convenient Store near West 110 and Clifton.

 

But YES over the last several years they have closed a total of four locations:  Lakewood, Edge Cafe, University Circle, and a location in the state of New York.

Edited by Larry1962
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17 minutes ago, Larry1962 said:

They also have a cafe/convenient store in the ERNST and YOUNG BUILDING at the East Bank of the Flats and a Convenient Store near West 110 and Clifton.

 

The location at W110th/Clifton has not been Constantino's for several years.   It is now officially a run down "Mini Mart" complete with a drain that backs up in the parking lot every time it rains.   

Edited by Cleburger
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1 hour ago, X said:

The owner is quite a piece of work.

 

The owner of Constantino's or the owner of the Mini Mart on Clifton?

 

I am a big fan of the W. 9th Constantinos, lived in WHD and shopped there all the time, I miss it. It's amazing how little square footage a grocery store really needs to supply all the essentials. I had a few specialty products I needed to go elsewhere, but I could easily get 90% of what I needed at Constantino's.

Edited by mu2010
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9 hours ago, mu2010 said:

 

The owner of Constantino's or the owner of the Mini Mart on Clifton?

 

I am a big fan of the W. 9th Constantinos, lived in WHD and shopped there all the time, I miss it. It's amazing how little square footage a grocery store really needs to supply all the essentials. I had a few specialty products I needed to go elsewhere, but I could easily get 90% of what I needed at Constantino's.

 

If you want to see how so little square footage is needed to supply the essentials, check out the Murray Hill Market. I was there on Saturday and they even had toilet paper and paper towels!

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

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Sorry to see Grain Craft's mill in the Flats closing, but maybe it's an opportunity for an upscale miller to take over the property.  King Arthur is probably the best tasting widely-available flour in the country, but there is definitely room for specialty grinding. With all the virus-associated baking going on, the timing may be ripe for a premium brand.  Maybe somebody like Great Lakes Brewing would like to get into the flour business.  

 

https://www.cleveland.com/news/2020/05/last-grain-mill-on-the-cuyahoga-river-to-close-in-july.html


There's nothing wrong with optimism, as long as you don't get your hopes up.

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1 hour ago, Dougal said:

Sorry to see Grain Craft's mill in the Flats closing, but maybe it's an opportunity for an upscale miller to take over the property.  King Arthur is probably the best tasting widely-available flour in the country, but there is definitely room for specialty grinding. With all the virus-associated baking going on, the timing may be ripe for a premium brand.  Maybe somebody like Great Lakes Brewing would like to get into the flour business.  

 

https://www.cleveland.com/news/2020/05/last-grain-mill-on-the-cuyahoga-river-to-close-in-july.html

 

The mill has another destiny....

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

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That will also mean that the flats industrial railroad should be going kaput as its pretty much their only customer.  Not sure their 4 miles of right of ways has any significance to anyone.  Perhaps a new hike and bike trail from the flats to the near west side?

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3 hours ago, KJP said:

 

The mill has another destiny....

 

do tell...

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Maybe it’s late & I’m dreaming(because he did say Texas/Nevada), but it would be amazing to steal Tesla’s HQ from Cali and make them a part of the Blockland/Tec Hub deal!!!  Maybe even steal the plant and fill up the old ford spot on I71.

 

Anyone have contacts within City leadership that you can put a bug in the ear of?  It can’t hurt them to make a pitch.

06A17B21-B936-462B-9B27-E2FBA82F5785.jpeg

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3 hours ago, audidave said:

That will also mean that the flats industrial railroad should be going kaput as its pretty much their only customer.  Not sure their 4 miles of right of ways has any significance to anyone.  Perhaps a new hike and bike trail from the flats to the near west side?

 

Note that sources I referenced in my article said that the dominoes fell in the opposite direction. The railroad is shutting down, which is causing the mill to shut down. Everything is for sale and their owners can make more money selling to real estate developers rather than to new railroad and mill users

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

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I hope the older parts of the mill complex are saved!

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11 hours ago, KJP said:

 

Note that sources I referenced in my article said that the dominoes fell in the opposite direction. The railroad is shutting down, which is causing the mill to shut down. Everything is for sale and their owners can make more money selling to real estate developers rather than to new railroad and mill users

 

I hate to see the whole industry shut down.  It would be nice to see the operation move to Opportunity Corridor, but the current owners are probably content to just let it go.


There's nothing wrong with optimism, as long as you don't get your hopes up.

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^ Yeah, they probably are. Tiny margins in that industry and being next to a railroad may well have been the only thing making it relatively sustainable. 


And they reckon that the last thing she saw in her life was
Sting, singing on the roof of the Barbican

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1 hour ago, Dougal said:

 

I hate to see the whole industry shut down.  It would be nice to see the operation move to Opportunity Corridor, but the current owners are probably content to just let it go.

 

Is there rail access on any part of the OC?   I would think so...but not sure.  

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5 minutes ago, Cleburger said:

 

Is there rail access on any part of the OC?   I would think so...but not sure.  

 

Yes, it is served by two class one railroads, CSX and NS as well as Omnitrax (formerly Cleveland Commercial RR) on the southern part.

 

I've responded to the other posts above here:

 

 


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

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On 5/10/2020 at 12:57 AM, KJP said:

 

Note that sources I referenced in my article said that the dominoes fell in the opposite direction. The railroad is shutting down, which is causing the mill to shut down. Everything is for sale and their owners can make more money selling to real estate developers rather than to new railroad and mill users

 

Timing is everything:  From today's NYT article on coronavirus-related shortages - "King Arthur Flour has more than doubled production to 5 million bags of flour a month, up from less than 2 million a year ago."

 

So the flour mill in Cleveland decides to go out of business.  ☹️


There's nothing wrong with optimism, as long as you don't get your hopes up.

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Large transactions in this area:

 

Premier Development Partners purchased the Former ABB headquarters in Wickliffe consisting of a half-million square feet of industrial and office space in two structures at 29801 Euclid Ave for a mere $1.8 million.😲 The 40 acre parcel includes an 11 acre parking lot that is immediately ready for development. 

 

abb.jpg.4465bee2ece6fabdf06de127e945ded7.jpg 

 

Also, the nearby Omni Park tower in Euclid (fall of 2019) became the National Strategic Building after the company purchased the building.

 

omni.thumb.jpg.0fcd4b398b80700badc206b4f6336770.jpg

Edited by WhatUp

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