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Oldmanladyluck

Cleveland: General Business & Economic News

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3 hours ago, cle_guy90 said:

Cleveland MSA for some reason has their unemployment  way higher than Ohio (23.1 vs. 16.8). Any insight as to why?

 

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

 

 

I'm guessing it's going to be higher in the cities than the rural areas of the state where less shut down. As of right now BLS isn't showing any April data for Columbus, Cincinnati, Toledo, Akron, or Dayton. I'm would be willing to guess their rates are also higher than the state average.

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7 minutes ago, cle_guy90 said:

https://www.crainscleveland.com/manufacturing/ge-lighting-sold-massachusetts-company-savant-systems
 

Big news. They say they will leave the headquarters at Nela Park. Anyone with insights on what this means?

https://www.google.com/amp/s/www.bostonglobe.com/2020/05/27/business/ge-sells-its-historic-lighting-business-cape-cod-company/%3foutputType=amp
I believe they just mean that NELA Park will now be owned by Savant. 

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8 minutes ago, cle_guy90 said:

https://www.crainscleveland.com/manufacturing/ge-lighting-sold-massachusetts-company-savant-systems
 

Big news. They say they will leave the headquarters at Nela Park. Anyone with insights on what this means?

Cannot read the article...your post is confusing.  Are the "leaving" Nela Park or leaving the headquarters at Nela Park after the sale.

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4 minutes ago, Htsguy said:

Cannot read the article...your post is confusing.  Are the "leaving" Nela Park or leaving the headquarters at Nela Park after the sale.

 

Sorry you are right.  I mean leave as it will remain.  They will keep the headquarters there.

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41 minutes ago, Oldmanladyluck said:

If they leave, it’s officially bye-bye East Cleveland. The state will definitely have to step in; this couldn’t have happened at a worse time.

Sorry see my clarification.  It was confusingly worded haha.

Edited by cle_guy90

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The WSJ coverage says GE got about $250 million for the business - I believe GE was hoping for quite a bit more a few years ago.  Optimistically, I suspect NELA Park will remain more or less intact for a good while (five years anyway), because the buyer Savant Systems has only about 170 employees, compared to 700 or so at NELA. 

 

Savant's website makes it appear they assemble "home systems" from probably overseas-sourced parts.

 

https://www.wsj.com/articles/ge-sells-lightbulb-business-for-about-250-million-11590585598?mod=lead_feature_below_a_pos1

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My thought is that Savant may seek a newer, more modern facility. It will ask for and get the sun and the moon from East Cleveland to stay with a new/modernized facility.

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

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Would be a great catalyst for the Opportunity Corridor, or maybe Midtown. If EC is gonna get annexed sooner or later anyway, why not? 

Edited by roman totale XVII
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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, Pugu said:

^Is Cleveland included---or "locations SUCH AS....Cleveland"?

The article doesn’t really specify, but I don’t think they chose the 5 city names as examples of cities they’ll be expanding to.

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