Ohio’s Dashboard Shows Improving Numbers
The “Ohio Economic Dashboard” is indicating some positive numbers in job creation, wages, job retention, the housing market and new business. Based on the latest update in mid-January, here are some highlights:
Job Creation is Up
Ohio ranks ninth in the nation in job creation, up from 47th four years ago.
Ohioans created nearly 160,000 new private sector jobs from January 2011-November 2013. January 2007-November 2009: 47th in the nation, January 2011-October 13: ninth in the nation.
Source: U.S. Bureau of Labor Statistics
Wages Are Up
Since January 2011, Ohio incomes are growing twice as fast as the national rate.
Weekly Wages, January 2011-November 2013 Ohio: +9.3 percent
US: +4.5 percent
Source: U.S. Bureau of Labor Statistics
Labor Market Grows
The number of Ohioans with a job or looking for one has increased over the past 12 months, reflecting increased strength and confidence in Ohio’s economy. This contrasts with the national level, where the size of the labor force decreased during the same period.
Source: U.S. Bureau of Labor Statistics
Job Retention is Up
More Ohioans are staying on the job – initial claims for unemployment in 2013 were the lowest since 2000; down 8 percent from last year, and down 24 percent from 2010.
January 2013-December 2013: 587,340 initial unemployment claims
January 2012-December 2012: 638,021
January 2010-December 2010: 768,594
Source: Ohio Department of Jobs & Family Services
Housing Market Is Strong
Ohio’s housing market is reflecting our state’s strengthening economy and is experiencing its 29th straight month of year-over-year growth—an all-time record—and home values are up more than 5 percent in 2013.
January 2013-November 2013: $142,295 average home price
January 2012-November 2012: $135,258 average home price
Source: Ohio Association of Realtors
New Businesses Are Being Created
In 2013, 89,735 businesses were created in Ohio, the most in state history, surpassing the old record set in 2012.
January 2013-December 2013: 89,735 new businesses
Source: Ohio Secretary of State