| Issue 3, Vol. 4 | October 2012 |
Greetings!
Cincinnati is Really Starting to Flex Its Economic Muscle!
Things are good in Cincinnati, Ohio. The Reds are in the playoffs. The Bengals have a wining record and Cincinnati has had may positive stories about how strong the economy has been in our city.
Over the last few months good news has been raining down on the Cincinnati economy. We have received praise for how tax friendly we are, how strong our economy is, how low our unemployment rate has been and how good our job growth has been over the last year.
Stories like this don't happen over night. It takes hard work from the residential and business communities. It also take loyalty to the City.
As we continue to do our best to improve the business environment in Cincinnati we have decided to increase our business retention and expansion efforts. Please be on the look out for our development officers reaching out to you business owners as we try to keep Cincinnati moving in this positive direction.
In this issue we will not cover all of the great things that have happened in Cincinnati over the last quarter but make sure to stay in-the-know of all the development projects going on in the City by viewing the City of Cincinnati EDD website at: www.choosecincy.com!
Until next time...
William Fischer
Business Development Manager |
Cincinnati the Most Tax-Friendly U.S. City for Businesses
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Cincinnati is the most tax-friendly large city for businesses in the U.S., according to a new study from KPMG International.
Of 55 large international cities highlighted in the study, Cincinnati was the highest-ranked U.S. city, coming in at No. 16. The Queen City's total tax index was 80.8, representing tax costs 19.2 percent below the U.S. baseline of 100.
Baltimore and Cleveland followed at 83.2 and 85.2, respectively, in the large city category, which includes cities with populations of more than 2 million.
The top city overall was Chennai, India, with a total tax index of 46.4.
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Cincinnati One of the Nation's Strongest Economies
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The Cincinnati economy is one of the strongest in the United States, according to the On Numbers Economic Index.
The index, from the Business Journal's blog On Numbers, measures the economic health of 102 major metropolitan areas. It is generated by an 18-part formula that assesses private-sector growth, unemployment, earnings, housing-price appreciation, and construction and retail activity.
Cincinnati ranked 15th out of 102 major metro areas, with a score of 67.65. Oklahoma City was No. 1, with a score of 91.04.
 | | Cincinnati's one-year private-sector job growth was up nearly 3.4 percent. |
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Cincinnati's Economic Development Division Receives Excellence In Economic Development Award
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The City of Cincinnati's Economic Development Division has received a Gold Excellence in Economic Development Award from the International Economic Development Council for the American Can Building project in Northside.
The American Can Building, built in 1921, was a manufacturing plant until 1973. But then it stood vacant for nearly 30 years.
In 2003, the City of Cincinnati began working with the Bloomfield/Schon and Partners development firm and the community of Northside to redevelop the building.
The City invested a total of $2.35 million into the renovation of the building, leveraging $19.5 million in private investment. The mixed-use building now includes 110 loft apartments, 12,000 square feet of commercial space and other amenities such as conference and fitness rooms. It is listed on the National Register of Historic Places.
"The City of Cincinnati's emphasis on neighborhood investment and economic development lends itself to a stronger Cincinnati for everyone," said City Manager Milton Dohoney. "This award recognizes Cincinnati for its commitment to its communities and its successful practices that set a high bar for other cities around the globe."
 | | The ribbon-cutting ceremony at the American Can Building in Northside. |
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Local jobless rate at 6.7 percent
| The Cincinnati region's unemployment rate declined to 6.7 percent in August, as the local economy continues to outpace the national recovery.
The jobless rate for the 15-county region, which dropped 0.5 points from July, is now at its lowest since November 2008.
The local rate is better than August's seasonally unadjusted rate of 6.8 percent for Ohio, 8.4 percent for Kentucky, and 8.1 percent for the country.
Data released Tuesday by the Ohio Department of Job and Family Services show the region's August jobless rate was almost 2 percentage points below the level of a year ago. Manufacturing was among the region's largest sectors for job growth, adding 7,300 jobs in the past year.
"If you look at where Cincinnati is doing differently than the rest of the country, the primary area is in durable goods production," said Janet Harrah, senior director at Northern Kentucky University's Center for Economic Analysis and Development.
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Top 10 cities, states for job growth
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Research professor Lee McPheters of the W. P. Carey School of Business at Arizona State University provides rankings and analysis based on the latest figures from the U.S. Bureau of Labor Statistics.
Top 10 cities and surrounding metro areas (1 million or more workers) for non-agricultural job growth, comparing July 2011 to July 2012:
1. San Francisco - up 3.5 percent
2. Houston - up 3.2 percent
3. Denver - up 3 percent
4. Phoenix - up 2.9 percent
Seattle - up 2.9 percent
San Diego - up 2.9 percent
7. Cincinnati - up 2.8 percent
8. Riverside, Calif. - up 2.3 percent
9. Portland, Ore. - up 2.2 percent
Boston - up 2.2 percent
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Economic Investment Brings Hundreds of Jobs to Cincinnati
| Rough Brothers, Inc., a greenhouse design and manufacturing firm, will bring 120 new jobs to the City of Cincinnati when it relocates its
headquarters to the Bond Hill neighborhood.
Rough Brothers purchased 20.5 acres of vacant land at the southwest corner of Paddock Road and Regina Graeter Way from the City for $1.3 million. Meyer Tool, Inc., as a result of increasing demand, is making plans to construct a new manufacturing facility and expand at its current location, investing $2 million in Camp Washington. A new 30,000-square-foot facility at 3154 Spring Grove Ave. and an expansion at 3055 Colerain Ave. will create 50 new jobs, as well as allow the company to retain 586 current employees within the city. The project is made possible through tax incentives from the City of Cincinnati.  | | Rough Brothers, Inc. plans to construct a new 150,000 sq. ft. office and manufacturing facility |
 | | Meyer Tool, Inc. will invest $2M in a new 30,000 sq.ft. facility at 3154 Spring Grove |
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Walnut Hills East McMillan Redevelopment
| The City of Cincinnati's Economic Development Division (EDD) is entering the next phase of the East McMillan Redevelopment in Walnut Hills. Having completed the first two phases of property acquisition and demolition of hazardous structures in late 2011, EDD is moving to stabilize and redevelop a number of historic structures within the Neighborhood Business District. Matt Max Construction won the contract to repair a vacant but historic City firehouse at 773 E McMillan by replacing the roof, repairing damaged interior components and exterior brickwork. Stabilization work on 773 E McMillan is expected to be completed by the end of 2012.
Additionally, EDD is working on a lease agreement with the Walnut Hills Redevelopment Foundation (WHRF) in order for the WHRF to apply for State and Federal Historic Tax Credits to redevelop six City-owned properties located at 961-975 E McMillan St. The WHRF is working separately with a developer to obtain private construction financing to complete the restoration of these buildings into market rate units and rentable commercial space. All six properties are within the Peebles Corner historic district and are eligible for federal and state historic tax credits.
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| Did you know? | |
Cincinnati is the most tax-friendly U.S. City for Businesses
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| Contact Us |
City of Cincinnati Economic Development Two Centennial Plaza 805 Central Avenue Suite 710 Cincinnati, Ohio 45202 Phone: (513) 352-2499 Fax: (513) 352-6124 www.choosecincy.comE-mail Us
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