Category Archives: Columbus Business

2014 State GDP

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New 2014 state GDP figures were recently released by the Bureau of Economic Analysis. Where does Ohio stand in comparison to other states?

First, let’s look at the top 20 states for total GDP in 2014.

2014 Total, in Millions
1. California: 2,311,616
2. Texas: 1,648,036
3. New York: 1,404,518
4. Florida: 839,944
5. Illinois: 745,875
6. Pennsylvania: 662,890
7. Ohio: 583,261
8. New Jersey: 549,099
9. North Carolina: 483,126
10. Georgia: 476,483
11. Virginia: 463,613
12. Massachusetts: 459,937
13. Michigan: 451,516
14. Washington: 427,052
15. Maryland: 348,631
16. Indiana: 317,840
17. Minnesota: 316,204
18. Colorado: 306,663
19. Tennessee: 300,604
20. Wisconsin: 292,891

Ohio maintained its 7th-place position through 2014.
Now let’s look at the 20 states that had the biggest increases.

Total GDP Growth in Millions 2013-2014
1. California: +98,625
2. Texas: +90,843
3. New York: +62,927
4. Florida: +39,247
5. Pennsylvania: +22,596
6. Illinois: +21,080
7. Ohio: +20,416
8. Georgia: +20,000
9. Washington: +19,892
10. Massachusetts: +18,470
11. Colorado: +18,325
12. Michigan: +16,842
13. North Carolina: +16,051
14. New Jersey: +11,703
15. Oregon: +10,810
16. Tennessee: +10,479
17. Arizona: +9,422
18. Maryland: +9,222
19. Minnesota: +8,934
20. Virginia: +8,629

So Ohio is growing at the same position as its overall ranking. No states below it are set to pass it anytime in the near future. In fact, the gap is widening from its nearest threats.

What about per-capita GDP, which is a measure of the state’s total GDP divided by its population?

Per-Capita GDP, in Dollars 2014
1. Alaska: 66,160
2. North Dakota: 65,225
3. New York: 64,818
4. Connecticut: 64,676
5. Wyoming: 64,309
6. Massachusetts: 63,005
7. Delaware: 60,551
8. New Jersey: 56,405
9. Washington: 55,298
10. California: 54,462
11. Texas: 54,433
12. Maryland: 53,759
13. Illinois: 52,827
14. Minnesota: 52,801
15. Nebraska: 52,724
16. Colorado: 52,214
17. Virginia: 51,338
18. Oregon: 51,329
19. New Hampshire: 49,951
20. Hawaii: 49,686

27. Ohio: 45,887

Ohio is in the bottom half. Not great, as it indicates that it’s actually underperforming in GDP given its population.

So there you have it, a quick 2014 GDP update. Other Ohio data can be found at the Ohio Demographics and Population page.

Cool Link Mapping Commuting Patterns

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A link mapping commuting patterns can be very beneficial if you are curious to know how people get to work in every county in the United States. Luckily, this link does just that.
http://flowingdata.com/2015/01/20/how-americans-get-to-work/

The map was constructed using 2013 data, so it’s fairly recent. As for Franklin County? Here’s the breakdown:
Drive Alone: 82%
Carpool: 8%
Public Transit: 2%
Walk: 2%
Bicycle: 1%
Taxi or Other: 1%
Work from Home: 4%

The numbers are overwhelmingly auto-centric, as they are nearly everywhere, but what the numbers don’t show are any trends.

Cool Link The Geography of Jobs

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This link shows a time lapse of metros across the US from 1999 to 2014 and how total jobs changed over the months and years. You can click on a metro for more individual details.

http://tipstrategies.com/geography-of-jobs/

May 2014 Jobs Data

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May 2014 jobs data

May was generally a positive month for Columbus and Ohio according to the latest figures from the Bureau of Labor Statistics. Unemployment rates did creep up a bit, but largely because more people came onto the market looking for jobs, which is considered a positive sign. Also positive is that almost every industry saw decent growth in the metro, as shown below in the May 2014 jobs data.

Columbus City
Unemployment Rate: 4.4%
Unemployment Rate Change since May 2013: -1.7%
Unemployment Rate Change since January 2014: -1.4%
Civilian Labor Force: 435,500
Civilian Labor Force Change since May 2013: -2,000
Civilian Labor Force Change since January 2014: +1,800
Employment: 416,400
Employment Change since May 2013: +5,600
Employment Change since January 2014: +8,000
Unemployment: 19,100
Unemployment Change since May 2013: -7,500
Unemployment Change since January 2014: -6,300

Franklin County
Unemployment Rate: 4.4%
Unemployment Rate Change since May 2013: -1.7%
Unemployment Rate Change since January 2014: -1.5%
Civilian Labor Force: 636,400
Civilian Labor Force Change since May 2013: -2,600
Civilian Labor Force Change since January 2014: +2,800
Employment: 608,300
Employment Change since May 2013: +6,100
Employment Change since January 2014: +11,800
Unemployment: 28,100
Unemployment Change since May 2013: -10,700
Unemployment Change since January 2014: -9,000

Columbus Metro Area
Unemployment Rate: 4.4%
Unemployment Rate Change since May 2013: -1.6%
Unemployment Rate Change since January 2014: -1.6%
Civilian Labor Force: 982,412
Civilian Labor Force Change since May 2013: -4,512
Civilian Labor Force Change since January 2014: +2,216
Employment: 939,332
Employment Change since May 2013: +12,108
Employment Change since January 2014: +17,688
Unemployment: 43,080
Unemployment Change since May 2013: -16,620
Unemployment Change since January 2014: -15,472

Ohio Overall
Unemployment Rate: 5.5%
Unemployment Rate Change since May 2013: -1.9%
Unemployment Rate Change since January 2014 : -1.4%
Civilian Labor Force: 5,721,891
Civilian Labor Force Change since May 2013: -48,893
Civilian Labor Force Change since January 2014: -41,237
Employment: 5,406,014
Employment Change since May 2013: +60,405
Employment Change since January 2014: +38,259
Unemployment: 315,877
Unemployment Change since May 2013: -109,298
Unemployment Change since January 2014: -79,496

Metro Non-Farm Jobs
Total: 995,600
Change from May 2013: +11,100
Change from January 2014: +29,800

By Industry
Mining/Logging/Construction Total: 33,700
Change from May 2013: +1,900
Change from January 2014: +4,400

Manufacturing Total: 67,700
Change from May 2013: -100
Change from January 2014: +1,700

Trade/Transportation/Utilities Total: 187,900
Change from May, 2013: +3,900
Change from January 2014: +1,500

Information Total: 18,100
Change from May 2013: +100
Change from January 2014: +0

Financial Activities Total: 73,500
Change from May 2013: -2,000
Change from January 2014: -300

Professional and Business Services Total: 162,500
Change from May 2013: -700
Change from January 2014: +4,100

Education and Health Services Total: 142,500
Change from May 2013: +2,800
Change from January 2014: +5,300

Leisure and Hospitality Total: 103,00
Change from May 2013: +1,800
Change from January 2014: +9,100

Other Services Total: 38,900
Change from May 2013: +900
Change from January 2014: +600

Government Total: 167,800
Change from May 2013: +2,500
Change from January 2014: +3,400




April 2014 Jobs Data

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April 2014 jobs data

I haven’t given jobs data for awhile and thought it was time to update, so here is the April 2014 jobs data report. Overall, there was more good than bad with the report. Unemployment was well below the national average and falling rapidly. Employment was up and unemployment was down. The only real negative was that the labor force remained stagnant to down a bit. All data comes from the Bureau of Labor Statistics

Columbus City
Unemployment Rate: 4.3%
Unemployment Rate Change since April 2013: -1.6%
Unemployment Rate Change since January 2014: -1.5%
Civilian Labor Force: 432,300
Civilian Labor Force Change since April 2013: -1,400
Civilian Labor Force Change since January 2014: -1,400
Employment: 414,000
Employment Change since April 2013: +5,800
Employment Change since January 2014: +5,600
Unemployment: 18,400
Unemployment Change since April 2013: -7,100
Unemployment Change since January 2014: -7,000

Franklin County
Unemployment Rate: 4.3%
Unemployment Rate Change since April 2013: -1.6%
Unemployment Rate Change since January 2014: -1.6%
Civilian Labor Force: 631,700
Civilian Labor Force Change since April 2013: -1,700
Civilian Labor Force Change since January 2014: -1,900
Employment: 604,700
Employment Change since April 2013: +8,400
Employment Change since January 2014: +8,200
Unemployment: 27,000
Unemployment Change since April 2013: -10,100
Unemployment Change since January 2014: -10,100

Columbus Metro Area
Unemployment Rate: 4.3%
Unemployment Rate Change since April 2013: -1.6%
Unemployment Rate Change since January 2014: -1.7%
Civilian Labor Force: 976,173
Civilian Labor Force Change since April 2013: -2,530
Civilian Labor Force Change since January 2014: -4,023
Employment: 934,261
Employment Change since April 2013: +13,053
Employment Change since January 2014: +12,617
Unemployment: 41,912
Unemployment Change since April 2013: -15,583
Unemployment Change since January 2014: -16,640

Ohio Overall
Unemployment Rate: 5.7
Unemployment Rate Change since April 2013: -1.6%
Unemployment Rate Change since January 2014 : -1.2%
Civilian Labor Force: 5,741,473
Civilian Labor Force Change since April 2013: -27,006
Civilian Labor Force Change since January 2014: -21,655
Employment: 5,413,615
Employment Change since April 2013: +67,409
Employment Change since January 2014: +45,860
Unemployment: 327,858
Unemployment Change since April 2013: -94,415
Unemployment Change since January 2014: -67,515

Metro Non-Farm Jobs
Total: 982,500
Change from April 2013: +8,600
Change from January 2014: +16,700

By Industry
Mining/Logging/Construction Total: 32,200
Change from April 2013: +2,100
Change from January 2014: +2,900

Manufacturing Total: 67,700
Change from April 2013: +0
Change from January 2014: +1,700

Trade/Transportation/Utilities Total: 185,400
Change from April 2013: +2,900
Change from January 2014: -1,000

Information Total: 18,100
Change from April 2013: +0
Change from January 2014: +0

Financial Activities Total: 73,800
Change from April 2013: -1,100
Change from January 2014: +0

Professional and Business Services Total: 160,400
Change from April 2013: -1,800
Change from January 2014: +2,000

Education and Health Services Total: 140,600
Change from April 2013: +900
Change from January 2014: +3,400

Leisure and Hospitality Total: 99,400
Change from April 2013: +1,800
Change from January 2014: +5,500

Other Services Total: 38,400
Change from April 2013: +600
Change from January 2014: +100

Government Total: 166,500
Change from April 2013: +2,200
Change from January 2014: +2,100

May’s preliminary numbers look very good, and when those are fully released, I will do another report.