|
 |
Dayton Business Journal...
Report: Modest
improvement for Ohio, Midwest economy
Thursday, April 12, 2012
Economic conditions in the Midwest improved at a “modest pace” from
mid-February to late March as small increases in manufacturing and
other industries continued to trend slightly upward, according to the
Federal Reserve’s report on the region’s business activity.
A boost to new orders at the region’s manufacturers late last year has
leveled off, but output continues to trend above 2011 levels, the Fed’s
Cleveland branch reported in its “beige book” report. The branch covers
Ohio, eastern Kentucky and western Pennsylvania.
Job openings increased during those six weeks, mainly in information
technology and health care sectors. Still, hiring across all sectors is
hovering at low levels, the Fed reported, and most new hires were put
on the payroll at manufacturers and freight transport companies.
The Dayton region has seen a flurry of manufacturing activity this year.
Among the recent announcements, Abbott Laboratories
class=”follow-icon”> is building a $270 million plant and bring 240
jobs to Tipp City; Hartzell Industries is investing $2 million to
expand in Piqua and plans to hire more than 50 additional workers
during the next several years; and Westcon Inc. just announced it will
invest $3 million to expand in Piqua.
Other findings include:
Auto production improved over both the previous month and year-ago
levels as car manufacturers solved some of their supply chain problems.
Dealer inventories of vehicles built by foreign automakers are rapidly
increasing.
Some homebuilders are changing interior specifications and building
smaller new homes as they attempt to hold prices level.
Commercial developers still are having trouble financing projects,
which are concentrated in student housing, senior housing, health care,
offices and manufacturing. Banks described demand for business credit
as steady, driven by commercial real estate.
Retail sales improved by single-digits compared with last year, but the
sector does not anticipate significant hiring at existing stores.
Leasing in Ohio’s Utica shale is expanding, but conventional oil and
natural gas drilling is stagnant because of low natural gas prices.
The Fed’s full report on all 12 districts and the Cleveland branch,
plus other articles, is available online at Dayton Business Journal
|
|
|
|
