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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


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

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

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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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^Thanks. I agree, I guess. Just a strange way to write something. 

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

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I'm not sure of the best thread in which to post this, but Cleveland is mentioned several times in this article about the water affordability crisis and how it disproportionately affects the poor, leading to further spirals into poverty and foreclosure.

 

https://www.theguardian.com/us-news/2020/jun/23/millions-of-americans-cant-afford-water-bills-rise?CMP=oth_b-aplnews_d-1

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Have we tried the argument with the Feds that when they keep cutting funding for water infrastructure, it acts like a tax causing people to have less money to spend in the economy? Or will they still not care because it'd be a tax on poor people? Imagine the ripple effect on folks in Cleveland having an extra 3-5% of the income to spend at local businesses.

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On 11/15/2019 at 10:52 PM, MuRrAy HiLL said:

Another article, this time from across the pond:

 

London Stock Exchange opens North-American headquarters in Cleveland, Ohio

By Dilara Kucuk - 05/11/2019

 

London Stock Exchange Group announced that it will open its North American headquarters for the Elite initiative in Cleveland, Ohio.

 

London Stock Exchange Group will start operating its Cleveland headquarters by the start of next year. 

 

Cleveland is one of the investment hubs of the United States. It is home to important cultural, educational and financial institutions.  

 

Elite initiative will hire an additional 40 employees with an annual payroll of $5 million.


https://ukinvestormagazine.co.uk/london-stock-exchange-opens-north-american-headquarters-in-cleveland-ohio/

 

I have not heard anything about this lately.  I assume it got waylaid by Covid-19.  

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3 hours ago, skiwest said:

I have not heard anything about this lately.  I assume it got waylaid by Covid-19.  

 

Just delayed. I mentioned it in an article a couple of months ago....

http://neo-trans.blogspot.com/2020/04/coronavirus-crisis-casualties-in.html?m=1

 

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

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UVeye, an Israeli vehicle inspection equipment and systems maker, says they will open operations Ohio and New York as well as manufacturing locations in Ohio, Michigan, or Texas. The plans are vague, but the company has backing from Toyota and Volvo. Their location choices are wide-spread and non-specific, BUT they have hired two Cleveland-area men for their managing director for North America and sales director.

 

Another promising area start.

 

https://www.crainscleveland.com/manufacturing/uveye-names-two-northeast-ohio-residents-its-leadership-team

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

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3 hours ago, Dougal said:

UVeye, an Israeli vehicle inspection equipment and systems maker, says they will open operations Ohio and New York as well as manufacturing locations in Ohio, Michigan, or Texas. The plans are vague, but the company has backing from Toyota and Volvo. Their location choices are wide-spread and non-specific, BUT they have hired two Cleveland-area men for their managing director for North America and sales director.

 

Another promising area start.

 

https://www.crainscleveland.com/manufacturing/uveye-names-two-northeast-ohio-residents-its-leadership-team

 

Wonder if this is related to one or both of the Ford plants that are on the market (Brook Park & Walton Hills)?

 

So when UVeye's vehicle inspection equipment detects a problem, does it say "Oy-vey"?

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

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11 hours ago, KJP said:

 

Wonder if this is related to one or both of the Ford plants that are on the market (Brook Park & Walton Hills)?

 

So when UVeye's vehicle inspection equipment detects a problem, does it say "Oy-vey"?

 

Their "system" looks to be the size of a one-car garage bay. I don't think they'd need anything like Brookpark or Walton Hills to make it.


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

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16 hours ago, KJP said:

 

Wonder if this is related to one or both of the Ford plants that are on the market (Brook Park & Walton Hills)?

 

So when UVeye's vehicle inspection equipment detects a problem, does it say "Oy-vey"?


I think that's hilarious and most of my Jewish friends would too, but it's 2020 so be careful.  🙂

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7 hours ago, Dougal said:

 

Their "system" looks to be the size of a one-car garage bay. I don't think they'd need anything like Brookpark or Walton Hills to make it.

 

What are their production goals? That's a pretty big product so if they plan to mass produce them for use in car dealerships for example, that could be thousands of pieces of equipment per year, plus replacement parts. Would these be just for Volvo and Toyota vehicles or for all types of vehicles? If it's for all types of vehicles, it might definitely need a big factory for them. Maybe not the size of Brook Park or Walton Hills. But probably a pretty big facility.


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

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On 6/26/2020 at 9:50 AM, KJP said:

 

What are their production goals? That's a pretty big product so if they plan to mass produce them for use in car dealerships for example, that could be thousands of pieces of equipment per year, plus replacement parts. Would these be just for Volvo and Toyota vehicles or for all types of vehicles? If it's for all types of vehicles, it might definitely need a big factory for them. Maybe not the size of Brook Park or Walton Hills. But probably a pretty big facility.

 

In manufacturing, if you can afford a lot of space more often than not you can find a use for it.

 

It gives you a lot of flexibility.

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The Cleveland Foundation has announced a list of grants for the quarter, the largest of which is $3.8 million (out of $26.2 million total) for "Neighborhood Connections" which makes small investments in many people and projects. I can't find fault with anything on their list, but I wonder if fewer but larger projects might have more impact. Their list is getting to look like the United Appeal roster. In normal times I'd like to see at least half their budget go for one BIG thing.

 

On the other hand, with so much virus-driven unemployment, many spreading it around is the right thing to do this time.

 

https://www.crainscleveland.com/nonprofits/cleveland-foundation-approves-262-million-grants-second-quarter


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

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