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Cleveland: General Business & Economic News

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26 minutes ago, Mov2Ohio said:

 

COLUMBUS, Ohio — The London Stock Exchange has planted a flag in Cleveland, picking the city to host the North American headquarters for its international business-development initiative.

The headquarters for the London Stock Exchange Group’s Elite initiative, which trains small and medium-sized companies to help them grow, is expected to open sometime early next year, officials announced Monday.

 

 

https://www.cleveland.com/open/2019/10/cleveland-chosen-for-london-stock-exchange-programs-north-american-headquarters.html


Any finance guys/gals that can speak to if this is significant or primarily nominal?

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40 jobs to be created with this headquarters.  https://www.wkyc.com/article/news/local/cleveland/british-subsidiary-hq-cleveland/95-e4de2f04-b1d3-4b97-884f-4024f3274e0b

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Like anything else, the "big-dealness" of this announcement depends on how this plays out over time....ie: what companies are blessed with capital resources and what they do with them. If locally based companies win capital, hire lots of people here and the company/jobs stay here, then I'd say its a win. 

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"Those who can make you believe absurdities, can make you commit atrocities."-Voltaire

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Even the 40 jobs is nothing to sneeze at.  These will be decent paying jobs and further development of finance. It seems the Cleveland region has a good amount of business lending employment. This will build on that. 

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I could see a lot of synergy if they are located in Tower City in the midst of all the startup activity

 

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Anyone know where they are going to be putting these new offices? I'm surprised that wasn't part of the new announcement. 

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10 minutes ago, KJP said:

Like anything else, the "big-dealness" of this announcement depends on how this plays out over time....ie: what companies are blessed with capital resources and what they do with them. If locally based companies win capital, hire lots of people here and the company/jobs stay here, then I'd say its a win. 

 

I just hope they transplant some people from London - those accents are quite lovely

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7 minutes ago, YABO713 said:

 

I just hope they transplant some people from London - those accents are quite lovely

 

As long as they're from Yorkshire and not some Cockney from East London. 😄

Edited by KJP
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"Those who can make you believe absurdities, can make you commit atrocities."-Voltaire

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1 hour ago, MuRrAy HiLL said:

We demand a direct Cleveland to London flight !!!  🙂

Its interesting that they didnt choose a city with direct London flights.  Maybe not as important as one is led to beleive

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19 minutes ago, B767PILOT said:

Its interesting that they didnt choose a city with direct London flights.  Maybe not as important as one is led to beleive

 

Or they don't expect that much travel back and forth

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1 hour ago, KJP said:

Like anything else, the "big-dealness" of this announcement depends on how this plays out over time....ie: what companies are blessed with capital resources and what they do with them. If locally based companies win capital, hire lots of people here and the company/jobs stay here, then I'd say its a win. 

 

I have no idea, how big has Alexander Mann gotten in Cleveland?

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The PD is so incompetent, they keep downgrading the news while thinking they're reporting something great.  The LSE announcement is for the AMERICAS----that's North and South America---that's a really really really big deal. It means the LSE won't be opening up shop in Mexico City or Sao Paulo (the New York of south america), but instead do all those deals from Cleveland. But the PD keeps calling it "North America". I think they don't understand what "Americas" means or that they think "North America" is a bigger deal the full hemisphere.

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28 minutes ago, Pugu said:

 

I have no idea, how big has Alexander Mann gotten in Cleveland?

 

I dunno know, but this map always males me smile, to see Cleveland on the list with some true Global cities. http://alexandermannsolutions.com/global-locations

 

Same with Plug and Play:  https://www.plugandplaytechcenter.com/locations/

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https://www.crainscleveland.com/breaking-news/london-based-company-picks-cleveland-north-american-headquarters

 

The Crains article does not reveal the exact location but does say it will be downtown:

 

"The London Stock Exchange Group's Elite, formed in 2012 and currently working with 1,200 businesses in 43 countries, will locate in downtown Cleveland in 2020. The subsidiary of the London Stock Exchange is an international business support and capital-raising company aimed at helping small and midsize enterprises (SME). It selected Cleveland as the headquarters site after a three-day visit in September 2019."

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1 minute ago, mrclifton88 said:

https://www.crainscleveland.com/breaking-news/london-based-company-picks-cleveland-north-american-headquarters

 

The Crains article does not reveal the exact location but does say it will be downtown:

 

"The London Stock Exchange Group's Elite, formed in 2012 and currently working with 1,200 businesses in 43 countries, will locate in downtown Cleveland in 2020. The subsidiary of the London Stock Exchange is an international business support and capital-raising company aimed at helping small and midsize enterprises (SME). It selected Cleveland as the headquarters site after a three-day visit in September 2019."

 

My bet is CityBlock. No insider info. Just seems to fit.

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"Those who can make you believe absurdities, can make you commit atrocities."-Voltaire

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3 hours ago, KJP said:

 

As long as they're from Yorkshire and not some Cockney from East London. 😄

What? You don't want to hear "Shoine ya shooze, guvnahhh?" whilst walking through Public Square? 

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2 hours ago, bjk said:

 

Or they don't expect that much travel back and forth

But even some travel would indicate that a connection is of no problem to them

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I think what is encouraging about the job creation tax credit that three Cleveland companies received is not the number of jobs created (although 447 is great), but the total payroll the jobs will bring in (41.6 million or ~93k per job).

 

https://www.crainscleveland.com/government/three-cleveland-companies-receive-state-tax-credits-new-projects

Edited by cle_guy90
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That's great news. These are technology companies so hopefully the positions are in software and R&D.

 

Brightedge Technologies Inc

- 9 year, 2.085% for 147 new full time employees

 

eResearch Technology Inc.

- 8 year 2.17% credit for 100 new full-time employees, generating $7 million in new annual payroll.

 

OnShift Inc.

- 7 year 1.289% credit for 200 new full time employees adding $19.5 million in annual payroll

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Cross-posting here...

 

Hi guys and gals - 

 

I'll start off by making all necessary disclaimers. First, I will be speaking at the below event. Second, UrbanOhio isn't sponsoring or sanctioning it. 

 

Having said that - I thought it might at least be of interest to many of you. As I said, I'll be speaking to the Cleveland Engineering Society on November 19th regarding cyber threats currently facing the construction and manufacturing industries. 

 

I promise, I'm not trying to pimp myself out here, rather, just thought I would let everyone know, as I suspect there will be a decent cross-section of industries represented, which may present valuable networking in addition to whatever modest information I may bring to the table.

 

If you want to or intend on coming, please let me know and I'll be sure to come talk to you before or after. Again, sorry if this comes off as shameless self-promotion, just figured some of the industry-relevant professionals on here may be interested. 

 

https://www.cesnet.org/EVENTS#id=165&cid=1275&wid=501&type=Cal 

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On 10/29/2019 at 2:11 PM, YABO713 said:

Cross-posting here...

 

Hi guys and gals - 

 

I'll start off by making all necessary disclaimers. First, I will be speaking at the below event. Second, UrbanOhio isn't sponsoring or sanctioning it. 

 

Having said that - I thought it might at least be of interest to many of you. As I said, I'll be speaking to the Cleveland Engineering Society on November 19th regarding cyber threats currently facing the construction and manufacturing industries. 

 

I promise, I'm not trying to pimp myself out here, rather, just thought I would let everyone know, as I suspect there will be a decent cross-section of industries represented, which may present valuable networking in addition to whatever modest information I may bring to the table.

 

If you want to or intend on coming, please let me know and I'll be sure to come talk to you before or after. Again, sorry if this comes off as shameless self-promotion, just figured some of the industry-relevant professionals on here may be interested. 

 

https://www.cesnet.org/EVENTS#id=165&cid=1275&wid=501&type=Cal 

 

 

interesting timing --- i just read the vanity fair sandworm article yesterday .... and i am mortified!

 

i dk why trump cuddles up to these russians ...

 

anyway, people might want to read it before they come to your talk ... but do so at your own mental health risk folks .... yikes!

 

https://www.vanityfair.com/news/2019/10/the-discovery-of-sandworm-the-worlds-most-dangerous-hackers

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On 10/31/2019 at 2:03 PM, YABO713 said:

^Lol and my wife wonders why I won’t let us get Roombas or Amazon Echo

 

WHAT?  You're living like cave people! 

 

I love my powerbot.  Well, I did.  I'm currently morning the loss of my Darth Vader powerbot.  I think my nephew and the whippersnapper conspired against Darth.

 

evil revenge of the sith GIF by Star Wars

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Some speculation about the future product at the Ford Avon plant. An electric vehicle that was slated for assembly at the Mustang plant in Flat Rock, MI, may instead go to Avon. Interesting to see how that ties into the closed Ford plants in Brookpark and Walton Hills. The name thrown around earlier this year was Rivian as a potential buyer, which Ford is a large investor in.

 

https://www.crainscleveland.com/manufacturing/ford-said-shift-plans-again-underused-mustang-plant

 

Quote

Ford is said to shift plans again for underused Mustang plant

STAN BULLARD

 

Ford Motor Co. is changing course a third time in as many years with its Mustang assembly plant in Michigan, nixing plans to make a new model there and tentatively shifting production to a factory in Ohio, according to people familiar with the matter.

 

Ford no longer intends to build electric vehicles alongside Mustangs at its plant in Flat Rock, south of Detroit, according to the people, who asked not to be identified. The product now appears to be heading to the automaker's plant in Avon Lake, where it's investing $900 million to build an unspecified new product in 2023.

...

 

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Wow, that's very interesting (and potentially huge!) considering that Rivian is supposed to build the frames for the a Mustang-inspired crossover EV. That change of plans by Ford could be a very significant "tell."


"Those who can make you believe absurdities, can make you commit atrocities."-Voltaire

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@KJPyou will appreciate this...I am oddly obsessed with logistics as I feel, in general, there is a lot of potential streamlining to be done...With that being said, I just looked on google maps and realized something AWESOME. Ford Motor's former plants in Walton Hills and Avon as well as the half operating engine plant in Brook Park are all directly along or just off of Norfolk Southern's mainline. Ford could theoretically stamp out frames for new electric vehicles in Walton Hills, build the engines in Brook Park, and assemble everything at Avon. Ohh and move everything by local rail service along the entire way. This could be huge and a very large win for the region.

 

**Edit** I should say that they would partner with Rivan while doing this. Who would own and mange which production at which factory is hopefully being discussed

Edited by YO to the CLE
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6 minutes ago, YO to the CLE said:

@KJPyou will appreciate this...I am oddly obsessed with logistics as I feel, in general, there is a lot of potential streamlining to be done...With that being said, I just looked on google maps and realized something AWESOME. Ford Motor's former plants in Walton Hills and Avon as well as the half operating engine plant in Brook Park are all directly along or just off of Norfolk Southern's mainline. Ford could theoretically stamp out frames for new electric vehicles in Walton Hills, build the engines in Brook Park, and assemble everything at Avon. Ohh and move everything by local rail service along the entire way. This could be huge and a very large win for the region.

 

And, as I noted in my Sept. 23 blog, the Rivian factory in Illinois is also on Norfolk Southern -- https://neo-trans.blogspot.com/2019/09/future-of-two-idled-cleveland-area-ford.html


"Those who can make you believe absurdities, can make you commit atrocities."-Voltaire

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The recent list of privately-held companies published by Crain's is revealing.  More extensive than ever it shows 117 area firms of which 35 make the print-version cut off.

18 of them are billion-dollar size in sales. Ok, #18 is only $995 million, but that's close enough. That's a lot of business activity that doesn't show up in the Fortune 1000 world.

 

https://www.crainscleveland.com/data-lists/10573/privately-held-companies-2019

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And quite a few of them are fast growing. 


"Those who can make you believe absurdities, can make you commit atrocities."-Voltaire

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This article talks about the multiplying affect the 1500 jobs in Avon Lake will have on the economy. 

 

https://www.cleveland.com/business/2019/11/fords-1-billion-investment-in-avon-lake-and-brook-park-plants-could-boost-greater-cleveland-economy.html

 

Could someone tell me what is trying to be said in these two paragraphs?  Is the first paragraph talking about additional jobs that would be created directly related to auto manufacturing and the second group of jobs is related to retail, government jobs, and so forth by people spending their paycheck and paying their taxes? 

 

 

For every 100 jobs created in light-truck and utility vehicle manufacturing, 925 additional jobs could be created, Duritsky said. The economic activity generated from the investment and creation of these jobs could bring in an additional $7.8 million annually in state and local taxes.

 

For every 100 jobs created in auto manufacturing, an additional 73 jobs could be created, generating an additional $506,000 in state and local taxes, he said.

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47 minutes ago, cle_guy90 said:

This article talks about the multiplying affect the 1500 jobs in Avon Lake will have on the economy. 

 

https://www.cleveland.com/business/2019/11/fords-1-billion-investment-in-avon-lake-and-brook-park-plants-could-boost-greater-cleveland-economy.html

 

Could someone tell me what is trying to be said in these two paragraphs?  Is the first paragraph talking about additional jobs that would be created directly related to auto manufacturing and the second group of jobs is related to retail, government jobs, and so forth by people spending their paycheck and paying their taxes? 

 

 

For every 100 jobs created in light-truck and utility vehicle manufacturing, 925 additional jobs could be created, Duritsky said. The economic activity generated from the investment and creation of these jobs could bring in an additional $7.8 million annually in state and local taxes.

 

For every 100 jobs created in auto manufacturing, an additional 73 jobs could be created, generating an additional $506,000 in state and local taxes, he said.

 

When you make more money you spend more.  For instance, if you're working at a job paying X $$ you may dine out more.  You may grocery shop twice a month. You may shop at retail once a month.  If you have a job paying X $$$$ you may dine out more and at higher scale locations.  You may shop and at high scale locations.  You may live in a home where you employ a Lawyer, maid, Gardner, and renovate the home, creating X number of jobs.

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5 minutes ago, MyTwoSense said:

 

When you make more money you spend more.  For instance, if you're working at a job paying X $$ you may dine out more.  You may grocery shop twice a month. You may shop at retail once a month.  If you have a job paying X $$$$ you may dine out more and at higher scale locations.  You may shop and at high scale locations.  You may live in a home where you employ a Lawyer, maid, Gardner, and renovate the home, creating X number of jobs.

 

Okay so my understanding is right then I believe.  The first paragraph is talking about additional jobs actually related to the vehicle manufacturing and the second paragraph is related to those people spending their money?

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13 minutes ago, cle_guy90 said:

 

Okay so my understanding is right then I believe.  The first paragraph is talking about additional jobs actually related to the vehicle manufacturing and the second paragraph is related to those people spending their money?

that is how I interpreted that passage.

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