Business, Economy Booming in Cincinnati
Cincinnati and the Northern Kentucky area are currently enjoying notable economic growth. In April the Greater Cincinnati metro area saw a 6.17% increase in job openings. Other metros with significant job increases during that period include Pittsburgh, PA (5.27%) and Seattle-Tacoma, WA (4.94%). Of the top 25 largest metro areas in the US, only Minneapolis-St. Paul, MN, saw a dip in job openings (-0.29%) over this period.
“The Simply Hired Employment Outlook shows steady gains in job listings over the last quarter,” said James Beriker, President and CEO of Simply Hired. “New grads are benefiting from a stronger job market than in years past with nearly 20% more full-time entry-level jobs available this year as compared to last.”
In Cincinnati the good economic news has been accompanied by significant increases in tourism in the area. A series of studies on travel and tourism in the region has found that ,”Visitors… spent $4.4 billion in 2013, a 5.1% increase over 2012, including $629 million on hotels, $898 million on retail and $1.4 billion on food and beverage. The region hosted 24.1 million visitors in 2013, an increase of 4% over 2012. 90% percent of visitors came for leisure and 40% stayed at least one night.”
But growth in the greater Cincinnati area isn’t due solely to tourism. The Federal Reserve Bank of Cleveland has suggested that this trend will continue, due to proposed expansions by major companies in the area. The bank also noted, “Unemployment in the area now stands at 4.5%, nearly a point lower than the national average. Wages are also growing faster than the rest of Ohio and other nearby metros. Wages are poised to reach an average of $840 a week – a level not seen since 2007.” The Federal Reserve Bank of Cleveland has suggested this trend will continue, due to proposed expansions by major companies in the area.
According to Simply Hired’s data, the top growing industries during April in the Cincinnati and Northern Kentucky area were financial services, healthcare and manufacturing. The top hiring occupations were April were office and administrative workers, motor vehicle operators, IT workers, and sales representatives.
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