Employment Update Archives - Spaces Commercial Real Estate Blog | Ohio, Michigan, Kentucky and Western Pennsylvania

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.

By: Andrew Batson, Senior Research Analyst, Great Lakes Region

Cleveland has been labeled an up-and-coming city by various national media outlets. Cincinnati’s market is gaining interest from outside investors, like Hines Interest LP. And, in Columbus, industrial space is a hot commodity.

Ohio’s three most popular cities are all making a comeback for different reasons. As a result, things are looking up for the local economies.

Below, I’ve included an overview of employment trends, based on JLL’s most recent Office Employment Updates released in July 2014.

Employment Update: Cincinnati

Cincinnati’s unemployment rate sits at a full percentage point below the national average. And, to put that into perspective, the national average (6.1%) is at “the lowest level since September 2008.

Economists are calling for a 1.4% increase in jobs through the rest of the year.

Download the full report for details.

Employment Update: Cleveland

Cleveland’s unemployment rate decreased 0.6 percentage points year-over-year (sitting at 6.6%). Most new jobs have been added in the professional and business sector. However, because we are seeing a trend toward condensed spaces, “more job growth will be necessary to spur office demand and absorb the supply of vacant space.”