Economy

an image of the Statue of Liberty with a face mask
BIGSTOCK

Here’s something that might surprise you: A new national survey shows that regardless of political affiliation, Americans mostly agree on how to reopen the economy during the coronavirus pandemic—slowly—and with protective measures like face masks.

Indiana, for example, is currently in “phase 3” of its “Indiana Back on Track” plan, allowing for gatherings of up to 100 people who follow social distancing guidelines from the Centers for Disease Control and Prevention.

Tourism Losses Will Have 'Tremendous Impact' On Columbus Economy

May 27, 2020

Columbus has lost about $145 million in tourist spending due to the coronavirus pandemic.

With most of Ohio’s businesses allowed to open up, experts who’ve worked with the state on the modeling it used to create its COVID-19 policies are evaluating their predictions for what’s ahead.

Budish: Economic Pain Of Coronavirus Is Already Hitting Cuyahoga County

Apr 10, 2020

Cuyahoga County Executive Armond Budish is calling the county’s current economic situation an unprecedented financial crisis caused by the response to the coronavirus epidemic. All non-union county employees will have to take a 10-day unpaid furlough and Budish is directing all county departments to prepare for a 15 percent budget cut. ideastream's "All Things Considered" host Tony Ganzer spoke with Budish about making these tough decisions and what comes next for Cuyahoga County.

CENTERS FOR DISEASE CONTROL AND PREVENTION

Here are your morning headlines for Tuesday, March 24:

a photo of Vertical Adventures in Columbus
DAN KONIK / STATEHOUSE NEWS BUREAU

Thousands of Ohioans are being laid off as businesses have temporarily shut their doors to prevent the spread COVID 19.

Those businesses and state officials are doing what they can to help those workers and keep the companies afloat.

The U.S. economy has never hit the brakes quite like this before.

While the course of the coronavirus pandemic is unpredictable, forecasters are using their economic models and making some educated guesses about just how bad the damage will be. The forecasts are not pretty:

  • Oxford Economics expects the U.S. economy to shrink at an annual rate of 12% between April and June.
  • JPMorgan Chase sees a second-quarter contraction of 14%.

Updated at 4:10 p.m. ET

As odds of a global recession rise, governments and central banks around the world are racing to fend off the economic damage from the spread of the coronavirus.

Study Finds Costly Tradeoffs to Economic Benefits of Shale Boom

Dec 12, 2019
Photo of a natural gas well in Washington County.
REID FRAZIER / THE ALLEGHENY FRONT

A new study by Carnegie Mellon University finds that in the Pennsylvania, Ohio, West Virginia region, the economic boost from shale gas drilling has been less than the cost of premature deaths caused by pollution from the industry. 

Senator Rob Portman is lobbying for the passage of “the new NAFTA,” The trade deal negotiated by the Trump administration between the US, Mexico and Canada, known as the U.S.M.C.A.

The agreement has been awaiting congressional consideration. Portman says the deal will help the US economy.

“and U.S.M.C.A. is better for the ag (agricultural) community, better for our workers, better for industry, better for the auto industry,” senator Portman said. 

Portman says the new agreement will unify working standards for auto workers in each of the three countries.

a photo of Plastic Bags
DAIZUOXIN / SHUTTERSTOCK

Here are your morning headlines for Thursday, May 2: 

The Republican gubernatorial ticket wants to bring together business and technology entrepreneurs to advise the state on creating high-tech jobs and improving state services. But as Statehouse correspondent Karen Kasler reports, right now that won’t help more than a million people who don’t have high speed internet in their homes. One in 11 Ohioans have no access to reliable, affordable broadband, including a third of the state’s rural residents, but also thousands of people in the state’s biggest cities.

photo of Pipeline
NEXUS GAS TRANSMISSION

Here are your morning headlines for Thursday, July 19:

A picture of downtown Cleveland.
WKSU

A new study finds significant disparities between the rich and poor in Cuyahoga County.

The Center for Community Solutions, a non-profit, non-partisan think tank, looked at data on demographics, education, housing, poverty, health and employment in Cuyahoga County Council’s 11 districts.

Here are your morning headlines for Thursday, September 28th:

ROLF PENDALL
FEDERAL RESERVE BANK OF CLEVELAND

The industrial heartland continues to struggle with the legacy of lost jobs and population. But whether it continues to be known as a rustbelt or for its renewal depends on whether Ohio invests in immigrants and young people. WKSU’s M.L. Schultze has more from the national Federal Reserve summit that got underway in Cleveland today.

photo of Tim Keen
OHIO OFFICE OF BUDGET AND MANAGEMENT

For the fourth time in five months, the state has fallen short of predicted revenue. 

March’s personal income tax collections were down $203 million from what was expected. And overall income tax revenue for the year is off by more than half a billion dollars –  $615 million.

Team NEO

The biomedical industry’s growth in Northeast Ohio continues to outpace other sectors in the region. 

The latest economic review by Team NEO shows bio-medical companies have grown by nearly 60 percent since 2000. The regional economic development organization’s Jacob Duritsky says total growth across all regional sectors during that period has only been about 10 percent.

He says Northeast Ohio now has 700 biomedical companies.

Magnet

A survey of more than 300 small- and medium-sized Northeast Ohio manufacturers shows a mix of optimism and concern about the regional economy.

The business-climate poll was conducted by the manufacturing advocate organization Magnet. CEO Ethan Karp says nearly 60 percent of the respondents reported optimism and expect to expand. He believes a lot of that confidence stems from the election of President Trump and business owners’ perception of what his proposed polices will mean for them.

photo of Donald Trump
STATEHOUSE NEWS BUREAU

Donald Trump, campaigned in Cincinnati Thursday. He promised to jump start the Ohio economy if elected.

“No state has been hurt worse by our trade deals than the state of Ohio.  I’m going to bring back your jobs.  You’re going to  have a big expansion of your existing companies, and no more companies are going to leave the state of Ohio without their being serious economic consequence for that company.”  

Northeast Ohio Manufacturers are Looking for Millennials

Sep 19, 2016
Magnet logo
MAGNET

A new study of Northeast Ohio’s manufacturing sector shows the most common concern of company owners is where they can find skilled workers, especially Millennials.  

Gov. John Kasich at Greater Cleveland Partnership
KEVIN NIEDERMIER / WKSU

Gov. John Kasich says manufacturing is still important to Ohio, but high-tech is the future. Kasich was the keynote speaker at  tonight's annual meeting of the Greater Cleveland Partnership, the area’s chamber of commerce. 

photo of money
MARK BELOKOPYTOV / FLICKR

Though Ohio’s jobless rate is below the national average and the state is on a job-gaining trend, a new economic report says there are still some numbers that show workers are still suffering in Ohio. 

At 4.8 percent for July, the state’s unemployment rate is firmly in pre-recession territory. But that doesn’t give the full picture of how things are for working Ohioans, says the state’s leading labor policy issues think tank.

“It’s hard to describe the economy with just one number.”

photo of Rob Portman
ANDY CHOW / STATEHOUSE NEWS BUREAU

U.S. Sen. Rob Portman has been very active with some unconventional activities during the Republican National Convention in Cleveland, from helping Habitat for Humanity to kayaking with wounded soldiers. But Portman says the one thing he still doesn’t plan to do is step onto the convention stage. 

While the party favorite both in Ohio and on Capitol Hill, will not be speaking on the convention stage, he has a few things he’d like to hear from Trump during his primetime slot.

Jacob Duritsky
TeamNEO

It costs less to do business in Northeast Ohio than most other places in the country. And the regional economic development organization, TeamNEO, says the lower wages, cheaper construction and property costs, and low-priced energy are helping create jobs here.  

The new TeamNEO report finds it costs a business about 10 percent less that the national average to operate here. Vice president of research, Jacob Duritsky, says industrial property cost 33 percent less, and hourly pay is lower.

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