Dayton and Ohio Economy - Mixed Signals
As Realtors, we're always interested in and watching the economy, scanning for news about jobs and economy because of its direct impact on the real estate industry. Overall, I'd say things are headed in a positive direction, and house value prices continue to tick upward. Take a look at a bigger picture, and you'll see some positive trends and activity, but that doesn't mean we're out of the woods yet.
There are a number of things I've noticed lately in the news and on the grapevine that will probably benefit the Greater Dayton Metro area. The Air Force Research Lab awarded a $45 million dollar contract for high end research on jet engine combustion through August 2022 according the Defense Department, and to be conducted at facilities at Wright Patterson Air Force Base.
A fellow Realtor, colleague and friend of mine, Greg Hancock made a couple of job and economy related posts recently that point to better economy for the southwestern Ohio region as well. In particular, about Dayton and Cincinnati working together. Dayton and Cincinnati Mayors are working together to increase the area's attraction for legal immigration and the influx of revenue would be a boom for the area, though, as Greg pointed out, let's not ship jobs back overseas and keep a sharp eye out for illegal immigration.
Manufacturing Designation Could Mean Many Jobs
Another post he did a while back about these two major areas and politicians working together highlighted the strong efforts both cities are working on together to win a highly coveted manufacturing designation, one of twelve, and a share of the $1.3 billion dollars that could be huge for the region. Keep your fingers crossed with Greg and me, and news on the wire is we'll know before the end of 2014.
Additionally, as reported by the Dayton Daily News, I see a lot of little signs of economic improvement, a new bakery just opened in Centerville; Boosalis Baking and Cafe located at 175 E. Alex Bell Road, and just one of many new small businesses and expansions. A local gun shop in in Miami Valley near the Dayton Mall is doubling in size, expanding their retail store, and Dayton area students participated in a nine week internship, developing game based modeling and simulation tools to be put to use by the United States Air Force and can lead to high tech jobs.
A Grain of Salt for Ohio Unemployment
These observations are just a few of the things I see going on in southwest Ohio. In fact, in April, The Ohio Department of Labor and Jobs reported unemployment fell to 5.7%, down from 6.1%, but also cites that a shrinking labor force accounts for some of this "progress" with losses in some industries contrasting gains in others. Government jobs, it would seem have experienced the largest decline year over year, but showing improvement. Before we get excited about unemployment rates, you may want to take a look at this article, especially some of the comments:
All of these factors play a part with their collective effect on Ohio real estate markets overall, and watching with great interest through this time next year to see how some of these events unfold. Again, fingers crossed.
Juanita Limes - Your Greater Dayton Area Ohio Realtor - Give me a shout for all your real estate needs,
937-776-6903 or just email me.