Monthly Economic Update | March 2014

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Monthly Economic Update | March 2014

  1. 1. MONTHLY ECONOMIC UPDATE columbusregion.com 614-225-6063 MARCH 2014
  2. 2. Jobs: 50 created, 307 retained Investment: Facilities: Distribution 1 $7.8 million CASE STUDY: KIMBALL MIDWEST COLUMBUS 2020 MONTHLY UPDATE | MARCH 2014 PROJECTS MARCH 2014 AND YEAR-TO-DATE FIRST-TIME VISITS (2013 vs. 2014)NUMBER OF PROJECTS STARTED (2013 vs. 2014) PERCENT OF PROJECTS STARTED - MANAGED BY COLUMBUS 2020 (2013 vs. 2014) 87% 89%100% 72%76% 69% 77% 68%65% 80% 81% 65%85% 79% 70% 0% 20% 40% 60% 80% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 2 5 4 4 7 5 8 5 4 7 4 3 2 3 4 0 4 8 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 23 28 17 25 29 16 22 19 17 20 16 2020 24 20 0 10 20 30 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Kimball Midwest, a national distributor of products for the Maintenance, Repair and Operations (MRO) industries will expand its existing Columbus Region distribution facility. The expansion will retain the 307 existing jobs and create 50 new jobs. The investment includes the addition of 130,000 square feet to the distribution facility, expansion and renovation of the connected office and purchase of new machinery and equipment. The 50 new jobs will include back-office support, warehousing and distribution positions. For the job commitment and expansion, the company cited history and confidence in the Columbus Region.
  3. 3. 2 ATTRACTION PROJECTS: DOMESTIC/INTERNATIONAL ATTRACTION PROJECTS: SUSPECTS AND PROSPECTS ATTRACTION PROJECTS: PROJECTS BY SECTOR ATTRACTION PROJECTS: PROJECTS BY SOURCE COLUMBUS 2020 MONTHLY UPDATE | MARCH 2014 ACTIVE PROJECTS AS OF MARCH 31, 2014 TOTAL ACTIVE PROJECTS (154 PROJECTS) EXPANSION PROJECTS: PROJECTS BY SOURCE EXPANSION PROJECTS: PROJECTS BY SECTOR EXPANSION PROJECTS: DOMESTIC/INTERNATIONAL 81 22 0 20 40 60 80 100 Suspect Prospect Suspects = Projects identified and qualified via direct dialogue with the company or consultant representing the company. Prospects = Projects qualified, parameters defined and the company or consultant has visited the Region. 95% 5% New Existing 64% 4% 32% Columbus 2020 Local ED partners JobsOhio 61%14% 25% Columbus 2020 Local ED partners JobsOhio 18 4 24 5 0 5 10 15 20 25 30 35 40 37 7 50 9 0 10 20 30 40 50 60 51% 49% Domestic International 84% 16% Domestic International
  4. 4. BUSINESS ATTRACTION | DEVELOPMENT ACTIVITIES MARCH 2014 COMPLETED ACTIVITIES APRIL 2014 PLANNED ACTIVITIES Phoenix MRO Americas Conference Pinehurst IAMC Spring 2014 Professional Forum Seattle Global Cities Exchange Session BUSINESS DEVELOPMENT MISSIONS: Boston, Connecticut, Austin, Rhode Island INTERNATIONAL ACTIVITIES: China Mission 3 COLUMBUS 2020 MONTHLY UPDATE | MARCH 2014 Los Angeles/Phoenix: The Columbus 2020 team conducted a business development mission to the west coast to hold meetings with both companies and consultants. Dallas: The Columbus 2020 team attended the Consultant Connect Annual Conference to network with consultants and attend presentations on the site selection process. Chicago: The Columbus 2020 team joined leaders, entrepreneurs and elected officials at the Forbes Reinventing America Summit, Attendees discussed the U.S.'s evolving role in the global economy. Atlanta: The Columbus 2020 team participated in a market visit along with JobsOhio to meet with site selection consultants and promote Ohio and the Columbus Region. Orlando: The Columbus 2020 team attended the Jones Lang LaSalle Academy to network with leading commercial real estate experts, national brokers, and sales professionals. New York/D.C.: The Columbus 2020 team met with venture capital investors and attended the IEDC Federal Economic Development Forum and the Angel Capital Association Annual Summit.
  5. 5. MARCH 2014 Performance: 28 visits in March (87 YTD) Visits conducted by: CASE STUDY: FAMOUS SUPPLY Jobs: 20 created Investment: Facilities: Distribution 4 $2.75 million COLUMBUS 2020 MONTHLY UPDATE | MARCH 2014 BUSINESS RETENTION & EXPANSION | MARCH 2014 BUSINESS DEVELOPMENT VISITS CONDUCTED BY LOCATION VISITS CONDUCTED BY SECTOR Famous Supply, an Akron-based company, is opening a distribution center and show room in an existing Columbus facility. The wholesale supplier of HVAC, plumbing and building products plans to hire 20 full-time-equivalent workers and create $1 million in annual payroll in the facility once setup is complete. Famous Supply received a five-year, 40 percent tax credit to promote the $2.75 million investment and help close the deal. The distribution center is planned to help grow sales outside of Ohio and increasingly in neighboring states. The company cited incentives, access to market and workforce quality as drivers to the project. 25% 71% 4% Columbus 2020 only Local ED partner only Both 2020 and LEDO 5 4 8 1 10 0 2 4 6 8 10 12 9 3 12 4 0 5 10 15 20
  6. 6. Source: U.S. Patent and Trademark Office CASE STUDY: COLUMBUS COLLABORATORY Jobs: 100 created Investment: $28 million 5 Source: Ohio Secretary of State *Note: Registrations are only an indicator of business formation and do not represent actual new businesses. For example, a registration may be filed to reserve a business name or for other reasons in advance of a potential business. Dissolutions, surrenders and withdrawals do not include mergers, consolidations, reinstatements and other changes that may lead to a loss of a business. In addition, not all businesses that close make a filing. BUSINESS CREATION BUSINESS DISSOLUTIONS, SURRENDERS, WITHDRAWALS PATENTS BY REGION INVENTORS & ASSIGNEES NEW BUSINESS REGISTRATION* COLUMBUS 2020 MONTHLY UPDATE | MARCH 2014 The Columbus Collaboratory, an advanced technology company, was founded with a $28 million investment from seven of Central Ohio's top firms. The focus will be to address technology challenges in the areas of big data, analytics and cyber security and create solutions across industries, enhance operational efficiencies and improve service. The venture is expected to create 100 jobs over the next three years and identify the Region as a magnet for top IT talent worldwide. Columbus 2020 was influential in organizing the task force responsible to explore economic growth drivers and job creation opportunities within technology. 962 1,078 1,314 1,283 500 750 1000 1250 1500 Nov Dec Jan Feb 151 246 269 155 0 50 100 150 200 250 300 Nov Dec Jan Feb 95 39 84 20 60 21 96 26 Inventor Assignee Nov Dec Jan Feb
  7. 7. POLICY & ADVOCACY 6 ECONOMIC DEVELOPMENT NEWS COLUMBUS REGION IN THE NEWS COLUMBUS 2020 MONTHLY UPDATE | MARCH 2014 TRANSPORTATION & INFRASTRUCTURE Columbus ranked No. 3 metro for attracting logistics operations Site Selection ranked Columbus among the top metro areas attracting new logistics operations with 40 projects in 2013. Ohio ranked No. 3 with 165 projects behind Texas and Illinois. http://bit.ly/1e8ubQa Columbus among America's most affordable cities Forbes ranked Columbus No. 20 of the 100 largest U.S. metro areas with 600,000 or more population, based on housing affordability, cost-of-living and the Consumer Price Index. http://onforb.es/1lFPB6K Columbus gained 46,000 jobs in 2 years Revised state employment data shows Ohio added twice as many jobs as first thought, with Columbus showing growth in most sectors. http://bit.ly/PStNtt For all of the latest news, visit: http://columbusregion.com/Media-center/Recent- News.aspx State capital budget bill seeks $158 million for Central Ohio tech projects Ohio's two year capital bill includes $157.5 million for Central Ohio technology projects to ramp up State of Ohio agencies for the big data era. The goal is to move more functions toward a state- owned cloud environment allowing for more fluid storage options and lower energy costs. Projects will include new equipment lease-purchases, upgrades to the OARnet high-speed fiber optic network, expansion of the Ohio Supercomputer Center and renovations to the State of Ohio Computer Center. For more information, go to: http://bit.ly/1qeFisq Columbus Regional Airport Authority looking at direct flights to San Francisco Port Columbus is in talks to create more direct routes to Columbus, including a direct nonstop flight to the San Francisco Bay Area. Mobility between locations matters to business. There is a correlation between the economic vitality of a market and its air service says David Whitaker, vice president of business development and communications. The technology segment is growing in the Region and creates increased demand to fly to and from the Bay Area efficiently. For more information, go to: http://bit.ly/1kjHkZ2
  8. 8. Source: U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics, Seasonally Adjusted Source: Xceligent Source: Columbus Board of Realtors 7 $3.10 $9.62 Industrial Retail 6.2% 9.0% Source: Ohio Department of Job and Family Services Direct Asking Rent (per sf) Vacancy Rate Use Office 15.0% COMMERCIAL REAL ESTATE (AS OF MARCH 31) HOUSING SALES $15.64 COLUMBUS 2020 MONTHLY UPDATE | MARCH 2014 REGIONAL ECONOMIC DATA NUMBER EMPLOYED AND UNEMPLOYMENT RATE (FEBRUARY 2014) NUMBER OF WEEKLY UNEMPLOYMENT CLAIMS (WEEK ENDING 1/4/14 TO WEEK ENDING 3/29/14) 7.3% (-0.9) Marion 26,477 (-482) 5.5% (-1.6) Knox 28,920 (+1,214) Unemployment rate (Feb 2014) Number employed residents (Jan 2014) Change from Feb 2013 to Feb 2014 4.3% (-0.9) Delaware 92,240 (+2,674) 5.5% (-0.9) Fairfield 71,389 (+1,063) 5.5% (-0.9) Franklin 604,471 (+14,658) 5.6% (-1.2) Licking 80,730 (+1,197) 5.8% (-1.3) Madison 18,918 (+93) 6.0% (-1.5) Morrow 16,524 (+301) 6.6% (-0.9) Pickaway 23,072 (+420) 4.6% (-1.2) Union 25,890 (+315) 5.2% (-2.0) Logan 22,750 (+1,304) 0 400 800 1,200 1,600 2,000 2,400 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 1/4 1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15 3/22 3/29 Continuing New 2,914 2,583 1,539 $148K 2,310 2,281 1,444 $159K New Listings In Contracts Closed Sales Average Sales Price Feb 2013 Feb 2014

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