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Columbus, OH – Columbus MSA employment was up 8,200 (0.8 percent) from March to June, ahead of Ohio’s increase of 0.4 percent and the U.S. increase of 0.6 percent, according to the Q2 economic update report produced by One Columbus. Going into the second half of the year, unemployment in the Columbus Region continued to decline at 4.6 percent, compared to June state and national rates of 5.5 and 6.1, respectively. The full report is available at ColumbusRegion.com.
“The Columbus Region did very well in the second quarter and continues to lead much of the nation into the economic recovery,” said G. Scott McComb, president and CEO, Heartland Bank.
Other key findings from the Q2 economic update report include:
- Two sectors – business services and retail – together brought in 8,800 jobs for the Columbus Region, more than the Columbus MSA’s total gain for the quarter. Within business services, administrative support and corporate administration positions made up the majority of jobs gained.
- Manufacturing had a stronger than average quarter with a 0.9 percent increase in employment, up from 0.4 percent in Q1. However, employment in the government sector saw a 1.1 percent decline, due to a decrease of 2,500 jobs in local government.
- Franklin County accounts for 70 percent of total regional employment, which has stayed stable for the last five years. Columbus Region employment rose 2.2 percent in 2012, compared to national and state rates of 1.7 percent and 1.2 percent, respectively. Franklin County drove regional growth, adding 18,151 jobs (2.7 percent). Net growth in other counties was 1.2 percent. Also growing faster than the regional average were Logan (3.6 percent) and Union (4.6 percent) counties.
- Home sales in the Columbus Multiple Listing Service (MLS) area, larger than and somewhat different than the 11-county Region, continued to be less than last year’s totals, with sales reaching 7,620, down 8.8 percent from the same quarter in 2013. Sales nationwide and in the Midwest were also down from last year, with decreases of 4.6 percent and 5.9 percent, respectively.
- House prices in the Columbus Region continue to increase year-over-year, with prices in the first quarter up 8.0 percent from the year before. This is compared to gains of 3.9 percent in Ohio and 6.6 percent at the national level. The local change ranked 28th among the 64 regions in the U.S. with populations greater than one million.
- One Columbus increased the number of new projects added to the pipeline by 18.8 percent from Q1 to Q2, bringing year-to-date totals for new projects to 120. At the end of June 2014, there were 153 active projects, with headquarters and business services representing the majority (44 percent), followed by manufacturing (38 percent).
- In the first half of 2014, 52 projects were announced, yielding 4,705 jobs created or retained. Manufacturing and logistics projects represented 40 and 29 percent of projects, respectively, while international projects comprised 27 percent. These figures are higher than previous years.
“Quarter after quarter, the Columbus Region continues to report increased jobs and decreased unemployment rates that surpass national improvement,” said Kenny McDonald, chief economic officer, One Columbus. “Our team and state and local partners are working hard to keep this momentum going.”
About One Columbus
One Columbus is a public-private partnership that leverages the strengths of the Columbus Region’s talented workforce, small and large businesses, research and academic institutions, and international connections to ignite economic growth and build a healthier, more sustainable future for Central Ohio. The initiative grows our economy by ensuring that our existing companies are growing and thriving, that the world ́s leading companies are attracted to the 11-county region, that innovations are cultivated and commercialized, and that our civic infrastructure is continually improving to meet the challenges of a rapidly evolving world economy. For more information, visit ColumbusRegion.com.