Monthly Economic Update | April 2014

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Monthly Economic Update | April 2014

  1. 1. MONTHLY ECONOMIC UPDATE columbusregion.com 614-225-6063 APRIL 2014
  2. 2. Jobs: 185 retained Investment: Facilities: Business Services 1 PROJECTS APRIL 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) COLUMBUS 2020 MONTHLY UPDATE | APRIL 2014 CASE STUDY: MERRILL CORPORATION $834,000 87% 89%100% 72%76% 69% 77% 68%65% 80% 81% 65%85% 79% 70% 77% 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 5 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 30 0 10 20 30 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Merrill Corporation, a global provider of technology- enabled services for corporate markets, extended its lease in Grove City. The decision includes an $834,000 capital investment in the facility and retains the location's 185 employees. Investment to the 200,000 square foot facility includes internal and external improvements. The company evaluated other possible sites, but remained committed to the Grove City location and cites the city and the Columbus Region as a great place to grow its business.
  3. 3. 2 ACTIVE PROJECTS AS OF APRIL 30, 2014 TOTAL ACTIVE PROJECTS (171 PROJECTS) EXPANSION PROJECTS: PROJECTS BY SOURCE EXPANSION PROJECTS: PROJECTS BY SECTOR EXPANSION PROJECTS: DOMESTIC/INTERNATIONAL COLUMBUS 2020 MONTHLY UPDATE | APRIL 2014 ATTRACTION PROJECTS: PROJECTS BY SOURCE ATTRACTION PROJECTS: DOMESTIC/INTERNATIONAL ATTRACTION PROJECTS: SUSPECTS AND PROSPECTS ATTRACTION PROJECTS: PROJECTS BY SECTOR 83 30 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. 66% 34% New Existing 65% 3% 32% Columbus 2020 Local ED partners JobsOhio 60%19% 21% Columbus 2020 Local ED partners JobsOhio 15 6 31 6 0 5 10 15 20 25 30 35 40 38 7 58 10 0 10 20 30 40 50 60 70 49%51% Domestic International 83% 17% Domestic International
  4. 4. BUSINESS ATTRACTION | DEVELOPMENT ACTIVITIES APRIL 2014 COMPLETED ACTIVITIES MAY 2014 PLANNED ACTIVITIES Atlanta BABC Transatlantic Conference BUSINESS DEVELOPMENT MISSIONS: San Francisco, Seattle, Dallas INTERNATIONAL ACTIVITIES: Japan, Korea, UK, Sweden, Vancouver 3 COLUMBUS 2020 MONTHLY UPDATE | APRIL 2014 Seattle: As part of the Global Cities Initiative the Columbus 2020 team attended a working session hosted by JPMorgan Chase and the Brookings Institution. Phoenix: The Columbus 2020 team attended 2014 MRO Americas conference to network with aviation industry professionals and Austin: The Columbus 2020 team held meetings with consultants as part of the Columbus Region's economic development strategy. Pinehurst: The Columbus 2020 team attended the Industrial Asset Management Council (IAMC) Spring Professional Forum to network with real estate executives and attend business strategy sessions. Boston/Hartford: The Columbus 2020 business development team conducted meetings with compaines and location advidors. China: The Columbus 2020 team conducted an international mission to China, participating in the Pearl River Delta SelectUSA Roadshow and meeting with dozens of companies and consultants.
  5. 5. APRIL 2014 Performance: 37 visits in April (124 YTD) Visits conducted by: CASE STUDY: AMERISOURCEBERGEN Jobs: 100 created Investment: Facilities: Distribution 4 BUSINESS RETENTION & EXPANSION | APRIL 2014 BUSINESS DEVELOPMENT VISITS CONDUCTED BY LOCATION VISITS CONDUCTED BY SECTOR COLUMBUS 2020 MONTHLY UPDATE | APRIL 2014 $14 Million AmericsourceBergen will build a new 87,000 square foot distribution center in Lockbourne. The company is a national prescription drug supplier responsible for distributing nearly one-third of all pharmaceuticals across the U.S. AmerisourceBergen employs 500 within Central Ohio and the expansion will create 100 new jobs in the Lockbourne area including positions in supply chain, management and data processing. Local officials believe the move will help facilitate the Columbus Region as a nationwide hub for the industry. The new facility is planned to open this fall. 43% 38% 19% Columbus 2020 only Local ED partner only Both 2020 and LEDO 11 3 6 5 3 3 6 0 2 4 6 8 10 12 12 2 19 4 0 5 10 15 20 25
  6. 6. Source: U.S. Patent and Trademark Office CASE STUDY: 2CHECKOUT.COM Jobs: Dozens created Investment: $60 million 5 COLUMBUS 2020 MONTHLY UPDATE | APRIL 2014 BUSINESS CREATION BUSINESS DISSOLUTIONS, SURRENDERS, WITHDRAWALS PATENTS BY REGION INVENTORS & ASSIGNEES NEW BUSINESS REGISTRATION* 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. Grandview Heights-based company, 2Checkout.com raised $60 million in venture capital for expansion in Columbus and Dublin, Ireland. The payment processing company specializing in e- commerce provides the technology behind the online checkout process for more than 22,000 merchants. It is expected to dominate the international scene because of a niche capability to easily perform currency conversions between merchants and customers. 2Checkout currently handles payments in 26 currencies and 15 languages with continuing build-out plans anticipated. The company also expects to hire dozens of new employees in Central Ohio. 1,078 1,314 1,283 1,446 500 750 1000 1250 1500 Dec Jan Feb Mar 246 269 155 198 0 50 100 150 200 250 300 Dec Jan Feb Mar 84 20 60 21 96 26 60 19 Inventor Assignee Dec Jan Feb Mar
  7. 7. 6 POLICY & ADVOCACYCOLUMBUS REGION IN THE NEWS ECONOMIC DEVELOPMENT NEWS COLUMBUS 2020 MONTHLY UPDATE | APRIL 2014 TRANSPORTATION & INFRASTRUCTURE Columbus Global Connect program launched to make Region a top exporter Columbus Global Connect is a global trade and investment strategy for the Columbus Region. The strategy complements Columbus 2020's existing 10- year goals and international business development efforts. http://bit.ly/1noGqIU A focus on workforce is paying off in logistics Columbus continues to develop its skilled workforce as a competitive advantage in the logistics industry. Paired with access to 46 percent of the U.S. population within a 10 hour drive, Columbus is an attractive and ideal hub for distribution and logistics operations. http://bit.ly/R4rjZu Central Ohio jobless rate hits 6-year low The unemployment rate fell to five percent in March matching the pre-recession levels of 2008. Employers in the region added 1,500 jobs and the unemployed count fell by 2,600 during the past month. The Columbus Region included three of eight counties with rates below 5 percent. http://bit.ly/1kFbb9R For all of the latest news, visit: http://columbusregion.com/Media-center/Recent- News.aspx Central Ohio preparing for influx of 500,000 new residents with insight2050 Mid-Ohio Regional Planning Commission (MORPC), ULI Columbus and Columbus 2020 have retained Calthorpe Associates to develop a set of analytical tools to assist local decision makers in preparation for the future growth and development in the Region. Central Ohio is expected to add 500,000 residents by 2050 and the initiative will allow a public and private sector committee to objectively study several growth scenarios and the impact of each on local municipalities and the Region. For more information, go to: http://bit.ly/1neGKwf Amerijet to set up cargo hub at Rickenbacker Amerijet International plans to establish a new cargo hub at Rickenbacker Airport, on the heels of announcements from the airport's newest carriers Cargolux Airlines International and Cathay Pacific Cargo. Amerijet has signed a lease for a 20,000 square foot space and will run flights six days a week beginning in July. Columbus and Reno, Nevada will serve as its two U.S. air and truck system hubs. According to David Whitaker, Columbus Regional Airport Authority vice president of business development, the growth positions Rickenbacker with an opportunity to become a global gateway for air cargo. Columbus is a growing market and airport officials and local economic development leaders hope the increase in cargo traffic will continue to attract more cargo carriers, warehouse operators and other businesses to the area. For more information, go to: http://bit.ly/1jZw6UE
  8. 8. Source: U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics, Seasonally Adjusted Source: Xceligent Source: Columbus REALTORS 7 NUMBER OF WEEKLY UNEMPLOYMENT CLAIMS (WEEK ENDING 2/8/14 TO WEEK ENDING 5/3/14) COLUMBUS 2020 MONTHLY UPDATE | APRIL 2014 REGIONAL ECONOMIC DATA NUMBER EMPLOYED AND UNEMPLOYMENT RATE (MARCH 2014) Source: Ohio Department of Job and Family Services Direct Asking Rent (per sf) Vacancy Rate Use Office 14.9% COMMERCIAL REAL ESTATE (AS OF APRIL 30) HOUSING SALES $15.65 $2.99 $9.52 Industrial Retail 6.0% 8.9% 6.6% (-1.5) Marion 26,575 (-448) 5.4% (-1.6) Knox 29,005 (+764) Unemployment rate (Mar 2014) Number employed residents (Mar 2014) Change from Mar 2013 to Mar 2014 4.1% (-0.9) Delaware 91.697 (+1,189) 5.1% (-1.4) Fairfield 71,487 (+1,045) 5.2% (-1.2) Franklin 605,693 (+6,983) 4.9% (-1.9) Licking 80,838 (+,244) 5.0% (-0.6) Madison 18,985 (+293) 5.8% (-2.0) Morrow 16,477 (+280) 5.8% (-1.8) Pickaway 23,184 (+345) 4.5% (-1.6) Union 25,790 (+350) 4.8% (-2.2) Logan 22,521 (+640) 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 2/8 2/15 2/22 3/1 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 Continuing New 3,501 3,245 2,007 $148K3,428 3,067 1,796 $159K New Listings In Contracts Closed Sales Average Sales Price Mar 2013 Mar 2014

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