Columbus Economy June 2022



Columbus economy June 2022

For the Columbus economy June 2022 report, we find the metro area continues to post generally positive numbers versus 2021 and 2020. The data comes from the Bureau of Labor Statistics.

Overall Metro Area June 2022 and Change from June 2021
Labor Force: 1,130,201 +7,231
Employed: 1,087,813 +24,480
Unemployed: 42,388 -17,249
Unemployment Rate: 3.8% -1.5
Total Non-Farm Jobs: 1,125,000 +26,400
Numbers improved versus a year prior across the board, though with relatively slow labor force growth.

Overall Metro Area June 2022 and Change from February 2020 (Pre-Pandemic)
Labor Force: 1,130,201 +9,397
Employed: 1,087,813 +10,973
Unemployed: 42,388 -1,576
Unemployment Rate: 3.8% -0.1
Total Non-Farm Jobs: 1,125,000 +13,600
The metro area continues to be above pre-pandemic levels on all measurements.

Now let’s view the results by industry.

Mining/Logging/Construction
6/2020———–6/2021———-6/2022

45,000————46,300———48,500
This industry has fully recovered from the pandemic and is the highest since at least 1990.

Manufacturing
6/2020———–6/2021———-6/2022

69,600———–72,400———-72,900
Manufacturing has recovered from the pandemic period, but isn’t growing nearly as fast as other industries.

Trade/Transportation/Utilities
6/2020———–6/2021———-6/2022

213,300———-222,500———239,800
Fully recovered, this industry is at all-time highs.

Information
6/2020———–6/2021———-6/2022

15,500———–15,600———-16,700
The pandemic didn’t affect this industry much, as it was already in a general decline since the late 1990s-early 2000s.

Financial Activities
6/2020———–6/2021———-6/2022

84,300———–84,700———-85,400
Numbers for this industry have kind of been all over the place in recent years, but seem to be mostly stagnant since around 2016, so the pandemic didn’t have a strong effect either way.

Professional and Business Services
6/2020———–6/2021———-6/2022
171,000———-179,400———179,900
As with the financial activities industry, this one has been rather stagnant since about 2015-2016.

Education and Health Services
6/2020———–6/2021———-6/2022

149,700———-158,800———158,600
Education and Health were hard hit during the pandemic, and while they have recovered most of their lost jobs, have been unable to date to push past pre-pandemic highs.

Leisure and Hospitality
6/2020———–6/2021———-6/2022
86,400———-100,500———-109,600
The hardest hit industry by far, it has recovered the vast majority of lost jobs, but still remains a bit below pre-pandemic levels.

Other Services
6/2020———–6/2021———-6/2022

35,800———–40,400———-42,000
This industry is basically recovered.

Government
6/2020———–6/2021———-6/2022

171,200———-177,000———171,600
Government jobs have struggled to recover, and 2022 is not moving in the right direction, though this may not have anything to do with the pandemic.

Best States for Retirement




best states for retirement

Perhaps the beaches of Florida aren’t the best place to retire after all?

There are a LOT of rankings out there related to the best states for retirement. And yet none of them produce the same list. Because of different criteria used, websites produce vastly different rankings. Some lists prioritize climate, others tax rates, others still healthcare costs. Some others having a long criteria list. No two are exactly alike. Further complicating the matter is that while there are hundreds of websites that list rankings, the vast majority of them just reprint a half-dozen or so studies from other websites, but with slightly different framing.
What I haven’t seen, however, is an average of all those rankings. That is what I attempted here. I tried to find as many rankings using original criteria and that ranked all 50 states and DC, and then averaged all those rankings into a new number. This helped to smooth out the varying criteria that can offer wildly opposing results into a more consistent ranking.

Average State Ranking Position Across All Studies Reviewed
1. North Dakota: 9.0
2. Delaware: 12.2
3. New Hampshire: 12.8
4. Virginia: 13.0
5. Iowa: 13.8
6. Florida: 14.4
7. Maine: 14.8
8. South Dakota: 15.0
9. Idaho: 15.4
10. Wyoming: 16.4
11. South Carolina: 19.2
12. Montana: 19.6
13. Pennsylvania: 19.8
14. Nebraska: 21.2
15. Alabama: 21.8
16. Colorado: 22.2
17. North Carolina, Ohio: 23.8
18. Vermont: 24.0
19. Missouri: 24.2
20. Georgia, Minnesota: 24.6
21. Wisconsin: 24.8
22. Tennessee, Utah: 26.0
23. Arizona: 26.6
24. Kansas, Michigan: 27.0
25. Mississippi: 28.0
26. Hawaii, Indiana, West Virginia: 28.4
27. Kentucky: 28.6
28. Oregon: 28.8
29. Arkansas: 29.0
30. Nevada: 29.2
31. Connecticut: 30.6
32. Alaska, Rhode Island: 31.2
33. Massachusetts, Oklahoma: 33.2
34. Washington: 34.6
35. Louisiana: 34.8
36. Maryland: 35.0
37. Texas: 35.6
38. New Mexico: 36.2
39. Illinois: 36.4
40. California: 37.6
41. New Jersey: 38.4
42. New York: 38.6
43. Washington, DC: 42.5

I definitely went into this thinking that Florida, Arizona, Texas and other warm-weather states would all come out near or at the very top, but it didn’t quite work out that way. Instead, the top 25 positions were much more mixed, and the Sunbelt region did not have the most states. Instead, the Midwest led the way with 10, followed by the Southeast with 8, the West with 6 and the Northeast with 5.
If going purely by average score, here is the breakdown of states by region with a score of under 25 versus those with an average score over 25, indicating the line between top and bottom-ranking states.
Score Below 25
Midwest: 9
Southeast: 6
Northeast: 5
West: 4
Score Above 25
West: 9
Southeast: 8
Northeast: 7
Midwest: 4

This all suggests that the Midwest is the best overall region to retire. The cold winters may not be everyone’s favorite, but favorable tax rates, quality of life metrics, low healthcare costs, low housing costs and other metrics make it otherwise a very attractive region. Ohio, too, comes in fairly favorable in the overall rankings, though it seems many retirees don’t consider Ohio or the greater Midwest as a retirement destination, and that’s to their detriment. It all comes down to what individuals prefer and prioritize, of course. The US Census does “Reason for Move” estimates of those people who move from one state or region to another, and they support that most people move for family, employment, education or health reasons. Contrary to popular belief, change of climate is way down at the bottom of the list. Cold-weather states, then, are perhaps just not capitalizing on their own net positives to attract more people.