Jobs Come Back to Ohio (JLL Employment Reports)

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By: Andrew Batson, Senior Research Analyst, JLL 

Following a painful recession between 2008 and 2010, during which 8.7 million jobs were lost, the American job market is thriving once again.

In fact, CNNMoney reported, “…there are now more jobs in the country than ever before.” But, we still have work to do. According to the same source, the job market still needs two to three years to fully recover.

In the Midwest, economic and employment growth are following the national upward trend. With new job opportunities and maturing industries, Ohio’s three big cities are contributing to the nation’s ongoing economic health.

Read on for an overview of employment trends, based on JLL’s most recent Office Employment Updates released in January 2015.

Employment News: Cincinnati

Cincinnati reported its highest addition in job growth since June 2012, with 23,000 new jobs year-over-year. Office employment, in particular, helped to accelerate the region’s job growth. Out of the 5,700 new jobs added to the city last year, approximately 65 percent were professional and business services positions, according to the Bureau of Labor Statistics (BLS).

Download the full report for details.

Employment News: Cleveland

New numbers from the BLS showed a year-over-year increase of approximately 13,700 new, non-farm jobs in Cleveland during 2014. Office employment has been on the upswing in recent months, with 3,800 new jobs in the Cleveland metro area. Jobs in the professional and business service sector also performed well, adding 4,800 jobs to the area since 2013.

Cleveland_Unemployement

Download the full report for details.

Employment News: Columbus

Columbus has an impressive unemployment rate at 3.7 percent, outperforming both Cincinnati and Cleveland. In fact, unemployment dropped 20 basis points just last year as the industrial and non-office sectors continued to cultivate new jobs. In total, there are currently 997,300 non-farm employees in Columbus.

Most businesses are looking to save in 2015. From the report:
Real estate is generally the second largest expenditure for companies after personnel costs, so tenants are continuing to keep a close eye on their office space and look for opportunities to consolidate or condense their operations as they manage expenses.” 

Columbus_Jobs

Download the full report for details.

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About the Author
Andrew Batson
Andrew Batson is Senior Research Analyst for the Michigan and Ohio region of Jones Lang LaSalle and is responsible for the publication of quarterly and annual research. Mr. Batson ensures that our clients receive the most thorough, timely, and strategic market information in a way that guides decision-making and identifies risks and opportunities. View Andrew’s bio or connect with Andrew on LinkedIn.

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