News and Analysis
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
On Monday, Feb. 3, the 2020 Iowa Democratic caucuses will take place, kicking off the nominating process in the Democratic Party presidential primaries. Interestingly, personal finance website WalletHub.com looked at 31 key measures — including sociodemographic, economic, educational and religious metrics — and found that Iowa is an 89% match with U.S. demographics. The Hawkeye State predicts 70% of Democratic nominees, the study shows. 1/30/2020
Ohio is recognized as a key manufacturing state for everything from transportation equipment, metal products, machinery, food products, plastics, rubber, mineral products, appliances and much more. Now, according to a report by Area Development magazine, Ohio is an emerging leader in biopharmaceutical manufacturing, too.
Last year, the Buckeye State was home to more than 5,500 biopharm jobs — good for 15th nationally. From 2015 through 2019, Ohio experienced the country’s fourth-largest job growth rate (15%) in this sector. 1/29/2020
This week, during his “State of Manufacturing” address, National Association of Manufacturers (NAM) President and CEO Jay Timmons urged U.S. lawmakers to make permanent the 20% deduction for pass-through entities — a key provision in the 2017 federal tax law. Like other changes in the 2017 overhaul, the pass-through deduction is scheduled to expire at the end of 2025.
In other comments, Timmons credited the Trump administration for reaching a “phase one” trade deal with China, passing the U.S.-Mexico-Canada trade agreement, and making “progress on 91.5% of the regulations that NAM members identified as needing to be modernized.” Read Timmons’ full address. 1/22/2020
News this week that production of Boeing’s 737 Max has been halted until as late as mid-September will have consequences for the company’s supply chain, as well as the U.S. economy.
In a recent post, OMA Connections Partner RSM writes: “It cannot be overstated just how important the domestic and global supply chains associated with Boeing are to the small- and medium-sized businesses that populate the real economy.” The post includes an eye-opening infographic on the 737’s supply chain. 1/22/2020