The Cincinnati metro enjoyed strong jobs growth by recently adding 21,700 payrolls, year-over-year. Total non-farm employment now sits at 1.05 million. Meanwhile, unemployment fell 20 basis points from the previous month to 4.1 percent.

1. Industrial employment trends (12-month change)
Cincinnati
Sources: Jones Lang LaSalle Research, Bureau of Labor Statistics
Industrial employment update
Metro Cincinnati . March 2015
Cincinnati’s industrial employment scene is marked by a number of recently
announced company expansions as explained on page 2 with construction,
manufacturing and distribution all adding to local payrolls or capital
investment. As a result, Cincinnati has posted positive industrial absorption
totals at levels since 2008.
Industrial space demand is improving slowly (but surely), thanks to a steady
recovery of the local – and regional - economy which added approximately
1,800 industrial jobs in the last two years. Another indicator moving in the right
direction in terms of sustained improvement, the warehouse market posted the
four consecutive quarters of positive net absorption for the first time since
2005. Now that vacancies have been tightening for some time, asking rents
are stabilizing and incremental increases in rents may soon begin to surface.
Industrial real estate implications
4.1%Cincinnati unemployment
2.1%Cincinnati 12-month job growth
5.5%U.S. unemployment
2.4%U.S. 12-month job growth
• The Cincinnati metro enjoyed strong jobs growth by recently adding
21,700 payrolls, year-over-year. Total non-farm employment now sits at
1.05 million. Meanwhile, unemployment fell 20 basis points from the
previous month to 4.1 percent.
• Cincinnati’s industrial sector enjoyed strong growth as seen in the latest
data from the BLS, with all supersectors enjoying year-over-year
employment gains. Trade, transportation and utilities fared best, adding
3,800 jobs annually. Manufacturing and mining, logging and construction
saw annual net gains of 2,900 and 2,500 new jobs, respectively.
• Total U.S. nonfarm employment increased by 295,000 jobs in February,
topping consensus forecasts of 235,000 jobs. The private sector has
added 12.0 million jobs over 60 straight months of job growth, extending
the longest streak on record.
• Meanwhile, U.S. unemployment decreased 20 basis points to 5.5
percent, its lowest rate in seven years. One area of continued
apprehension among economists is wage growth, which remained
unchained at 2.0 percent year-over-year in the latest BLS report. In a
healthy economy, annualized wage gains are typically between 3.5 and
4.0 percent.
Total jobs vs. Unemployment rate
Cincinnati
Unemployment
3.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
920,000
940,000
960,000
980,000
1,000,000
1,020,000
1,040,000
1,060,000
1,080,000
1,100,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Peak: 1,074,050 jobs
Total Employment
3.1%
Job growth/loss by sector (12-month change)
Cincinnati
-400
-300
-300
1,100
1,700
2,500
2,900
3,000
3,800
7,700
-2000 0 2000 4000 6000 8000 10000
Educational & Health Services
Information
Government
Other Services
Financial Activities
Mining and Logging
Manufacturing
Leisure & Hospitality
Trade, Transportation & Utilities
Professional & Business Services
Number of Jobs
(30.0)
(25.0)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
2010
2011
2012
2013
2014
Mining, Logging & Construction Trade, Transportation & Utilities Manufacturing Other Services

2. © 2015 Jones Lang LaSalle IP, Inc. All rights reserved.
All information contained herein is from sources deemed
reliable; however, no representation or warranty is made
to the accuracy thereof.
JLL Americas Research • Cincinnati Industrial Employment Update 2
News on the street
Cincinnati businesses expanding, contracting, etc.
Aprecia Pharmaceuticals Co. Ι Pharmaceutical Manufacturing: Expanding
Pennsylvania-based Aprecia Pharmaceuticals Co. will invest $25 million in an existing building at 10901 Kenwood Road to expand its manufacturing operations,
bringing 150 new jobs. The Ohio Tax Credit Authority approved a 55 percent, eight-year job creation tax credit for Aprecia. Aprecia uses 3-D printing technology to
develop and manufacture quick dispensing pharmaceutical products. Aprecia will move into a facility originally built Forest Pharmaceuticals.
Frutarom USA Inc. Ι Seasoning & Dressing Manufacturing: Expanding
Frutarom USA was approved for a 50 percent, six-year Job Creation Tax Credit to create 45 full-time jobs while retaining 61 jobs, generating $2.5 million in
additional annual payroll at the company's expansion project in West Chester Township. The manufacturer will also add $3.1 million in capital investment. Frutarom
USA creates, develops, manufactures and markets a variety of flavors and ingredients in the food, beverage and other industries.
Gorilla Glue Co. Ι Handtool, Cutlery, & Flatware Manufacturing: Relocating
Gorilla Glue Co. is moving its operations, including the company's headquarters, to Sharonville from the Cincinnati neighborhood of Madisonville. The family-owned
company that manufactures adhesives, moisturizers and tools recently closed on the purchase of the more than 1 million-square-foot Gateway 75 building. Gorilla
Glue purchased the building, located at 2101 E. Kemper Road, from an affiliate of Neyer Properties for more than $22.3 million.
Mitsubishi Electric Automotive America Inc. Ι Automobile Parts Manufacturing: Expanding
Mitsubishi Electric Automotive America Inc. is expanding in the Tri-State and creating 100 new jobs. The 145,000-square-foot expansion at its current 500,000-
square-foot Mason site won a 55 percent, eight-year tax credit by the Ohio Tax Credit Authority. Mitsubishi also considered sites in Mexico and Japan for the project,
but chose the Mason location because of available land, a skilled workforce, proximity to the company's customer base and existing production capabilities.
NPW-USA Ι Wholesale Sector: Expanding
Internationally-based NPW-USA was approved for a 40 percent, six-year Job Creation Tax Credit to create 17 full-time jobs, generating $1.5 million in additional
annual payroll at the company's new location project in Cincinnati. NPW designs gift ideas with decorative packaging for the home furnishing, personal care and toy
industries. The company is looking to move its U.S. facility to Cincinnati from Colorado.
SSB Manufacturing Co. Ι Furniture Stores: Expanding
The leading mattress manufacturer in the U.S. is planning to create a "mega-site" for the Midwest in Greater Cincinnati. SSB Manufacturing Co. expects to create
106 new jobs as part of a proposed expansion in Monroe. The project was approved for a 50 percent, six-year tax credit estimated to be worth $494,000. The tax
credits would be used to expand SSB's manufacturing capacity and purchase new machinery and equipment.
Cody Brooks
Research Analyst
tel +1 513 297 2509
Cody.Brooks@am.jll.com
312 Walnut St,
Suite 3030
Cincinnati, OH 45202
www.jll.com/cincinnati
Robert Kramp
Senior Vice President – Americas
Midwest & Great Lakes Research Director
tel +1 312 228 2470
Robert.Kramp@am.jll.com
200 East Randolph Street,
47th Floor
Chicago, IL 60601
www.us.joneslanglasalle.com/research
December 2012 December 2013 December 2014
Total Non-farm
Employment
1,019,300
1.4%
1,033,000
1.3%
1,054,700
2.1%
Unemployment Rate 6.8% 6.1% 4.1%
Cincinnati Supersectors December 2012 December 2013 December 2014
Mining, Logging and Construction 38,100 -1.3% 38,300 0.5% 40,800 6.5%
Manufacturing 105,800 0.1% 106,800 0.9% 109,700 2.7%
Trade, Transportation, & Utilities 206,200 0.0% 207,500 0.6% 211,300 1.8%
Information 14,200 1.4% 14,000 -1.4% 13,700 -2.1%
Financial Activities 65,300 2.5% 65,600 0.5% 67,300 2.6%
Professional & Business Services 162,500 2.3% 165,900 2.1% 173,600 4.6%
Educational & Health Services 155,000 2.2% 159,100 2.6% 158,700 -0.3%
Leisure & Hospitality 104,500 3.7% 105,700 1.1% 108,700 2.8%
Other Services 39,700 3.4% 39,900 0.5% 41,000 2.8%
Government 128,000 0.1% 130,200 1.7% 129,900 -0.2%
Employment statistics
Cincinnati
Industry employment stratification
Cincinnati
Trade, transportation
and Utilities,
211,300, 20%
Professional and
Business Services,
173,600, 17%
Educational and Health
Services,
158,700, 15%
Government,
129,900, 12%
Manufacturing,
109,700, 11%
Leisure and Hospitality,
108,700, 10%
Financial Activities,
67,300, 6%
Other Services,
41,000, 4%
Mining, Logging and
construction,
40,800, 4%
Information,
13,700, 1%