News and Analysis
Gallup reports that small-business owners are highly engaged in the 2020 presidential election campaign, as 60% say they are paying “a lot” and 30% “some” attention to it.
According to findings from Gallup’s Jan. 15-24 nationwide online survey of small-business owners, 60% approve of the job that Donald Trump is doing as president. When presented a list of six federal policy issues important to small businesses, taxes (32%) received the most mentions, followed by regulations (21%), health care (20%), tariffs (15%), climate change (7%), and immigration (5%). 2/11/2020
This week, the Ohio Office of Budget and Management (OBM) released its monthly financial report. Findings include:
- The Leading Index for Ohio — which predicts growth over the next six months — increased to 1.3% in December, up slightly from 1.2% in November.
- In January, Ohio’s general revenue fund exceeded revenue estimates by $44.7 million (2.0%). Year-to-date tax revenues are $138 million (1.0%) above forecasts.
- Ohio’s manufacturing production increased 0.2% in December after a 1% increase the previous month.
OBM notes that the Purchasing Managers Index (PMI) increased to above the neutral level after five consecutive months of contraction, “suggesting the trend in manufacturing activity might be turning up.” 2/10/2020
The coronavirus is starting to affect the supply chains of critical industries across the globe. OMA Connections Partner RSM notes that roughly 30% of all imported manufacturing inputs in the U.S. came from China in 2015, so “the potential for a ripple effect across the world and to the middle market is enormous.” See RSM’s analysis. 2/13/2020
The J.P. Morgan Global Manufacturing PMI expanded for the third straight month, rising to a nine-month high by increasing from 50.1 in December to 50.4 in January. This suggests the manufacturing sector last month was experiencing slight expansionary growth worldwide. However, the bulk of the sentiment surveys and economic data used by the study predated recent worries about the coronavirus and related production disruptions. 2/13/2020
This week, the Ohio Senate continued to hear testimony on House Bill 251. Supported by the OMA, the bill would reduce the statute of limitations for oral and written contracts.
Under HB 251, the statute of limitations for written contracts would be reduced from the current eight years to six; for oral contracts, it would be reduced from six years to four. The OMA testified in support with the Ohio Alliance for Civil Justice. 2/13/2020
Ohio’s primary election is less than six weeks away — and there’s much at stake this election year. Studies show that employees trust information from their employers on voting and elections. You can provide non-partisan resources to your employees for the purposes of registering to vote or understanding the elections overall. However, all communications should remain unbiased.
Take a moment to remind employees that the deadline to register to vote in Ohio’s March 17 primary election is Tuesday, Feb. 18. Ohioans can register online, or obtain a form to update their home address. Those who are unsure if they’re already registered can check their voter registration online.
There’s a lot of other useful voter information at the Secretary of State’s website — including how to request absentee ballots, as well as finding your polling place. 2/3/2020
This week, OMA staff participated in a ribbon cutting at the headquarters of Cleveland-based MAGNET, which is part of the Ohio Manufacturing Extension Partnership (Ohio MEP). The event marked the official opening of MAGNET’s “Manufacturing Technology Experience.”
Lt. Gov. Jon Husted, who oversees the Governor’s Office of Workforce Transformation, led the ceremony to showcase new “Industry 4.0” technologies — including collaborative robots, AI, AR/VR, machine vision, 3-D printing devices, and more.
Acquired with the help of state and federal funds, these advanced technologies will enhance MAGNET’s consulting and engineering work with Northeast Ohio’s small and mid-sized manufacturers. The new technology will also offer manufacturing executives a hands-on showroom to evaluate these technologies. View pictures of this week’s event, or email MAGNET to schedule your personal tour of the facility. 1/28/2020
Leading this week’s ribbon cutting ceremony at MAGNET were (from left) Ethan Karp, president and CEO of MAGNET; Felix Brueck, MAGNET board chairman; Lt. Gov. Jon Husted; Robert “Bob” Smith, JobsOhio board chairman; and Eric Burkland, OMA president.
The Ohio Senate this week heard sponsor testimony on House Bill 251. The bill, which is supported by the OMA and the business community, would reduce the statute of limitations for oral contracts from six years to four years — and for written contracts from eight years to six years.
As introduced, HB 251 would have reduced the statute of limitations for both types of contracts to three years. However, the House amended the bill after much discussion with the interested parties. The bill is expected to have several more hearings in the near term. 1/30/2010
In its latest issue of The Real Economy, OMA Connections Partner RSM provides a snapshot of manufacturing conditions across the globe. The issue also examines the “equipment-as-a-service” concept in manufacturing, as well as consumer outlook for 2020. 1/28/2020
The Huntington National Bank, an OMA Connections Partner, has published its most recent state economics report — an overview of economic conditions in Ohio and neighboring states. As of December 2018, Ohio’s real GDP for all industries was $2.42 trillion — seventh highest in the U.S. — while median household income was $61,633. The state’s home price appreciation was above the national average as of September 2019, “reflecting strong housing markets overall.” 1/28/2020