Pittsburgh-based PNC Bank recently released its 3rd Quarter 2013 outlook for four Ohio markets. The comprehensive reports include details on job growth and unemployment; income growth and median household income; home sales and price growth; demographic growth and net migration; and long-term predictions. Here are a few highlights from each region:
Northeast Ohio – "Federal tax increases, cuts to government employment and weak income growth weighed heavily on local consumption and spending." The depressed labor market is expected to improve as income gains materialize as a result of the continued development of the Utica shale. The region's aging population is keeping its healthcare industry a "consistent growth driver."
Columbus – After a rough start to 2013, this market smoothed out mid-year and continues to show improvement. "Payroll job growth is outpacing both Ohio and the U.S.," with the private sector experiencing a lift from education and healthcare. The area's weak spot is a decline in government employment that beats the national average.
Southwest Ohio – This region had a moderate start to 2013, but has "a number of positive factors working its favor" that could help it in the second half of the year. Growth in manufacturing, a key player in the region, is "spilling over into transportation and distribution." With a "diversified service sector and the presence of large employers and corporate headquarters," Cincinnati continues to be "the impetus for the regional recovery," while Dayton has been "a weak performer in the past few quarters."
Toledo – A lift in service industries – particularly in leisure, hospitality and business services over the past six months – has helped job growth during the second quarter. "An improving labor market has spurred a decisive turnaround in the labor force and job growth is struggling to keep up with new entrants into the labor market."
For more, read this full Vindicator story.