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Benefits of Tort Reform Questioned

November 5, 2021

From 2003 through 2006, Ohio policymakers advanced a responsible package of lawsuit reforms designed to mitigate the wave of frivolous lawsuits being brought against businesses. The reforms to Ohio’s tort or injury laws have been championed by business organizations including the OMA. The reforms rationalized risk for plaintiffs and defendants, enhancing Ohio’s economic competitiveness. Insurance premiums have dropped in the aftermath, reflecting the added predictability.

Ohio Capital Journal this week ran a story on the unexpected consequences of tort reforms. It is believed the article was likely spun by enterprising plaintiffs lawyers looking to build momentum for Ohio to return to a riskier lawsuit environment.

The OMA Government Affairs Committee will dig deeper into the matter at its meeting on Nov 18. All members are welcome; register here. 11/4/2021

Report: Transformation of the American Workforce

November 5, 2021

OMA Connections Partner RSM has just published a fresh edition of The Real Economy. This issue covers:

  • Workforce Transformation: The American Labor Market, Business and the Post-Pandemic Economy;
  • How $15 an Hour Became the De Facto Minimum Wage; and
  • How Businesses are Prioritizing ESG as it Reaches an Inflection Point; among other insights.

Click to download. 11/3/2021

2021 Ohio Business Matchmaker Is Nov. 17-18

November 5, 2021

The virtual Ohio Business Matchmaker, November 17-18, offers a unique opportunity for businesses interested in doing business with the federal, state or local government to meet with representatives to market and sell their goods and services. This event is open to all small and large businesses. 10/29/2021

Survey: Manufacturing Prices Grow at Record Pace

October 29, 2021

The IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index (PMI) slipped from 60.7 in September to 59.2 in October, the slowest pace of growth since March. Meanwhile, supplier delivery times widened to the longest on record, and input and output prices grew the fastest rates in survey’s history, dating back to mid-2007, according to Chad Moutray, chief economist for the National Association of Manufacturers. 10/26/2021

Ohio Sees 156,600 New Businesses So Far This Year

October 29, 2021

Ohio is experiencing a remarkable year of new business filings despite the ongoing pandemic. The Ohio Secretary of State’s Business Services Division recently reported 14,543 new business formations for September, and a grand total of 156,600 new businesses during the first nine months of the year. 10/25/2021

Ohio Manufacturing GDP Surpasses 2019 Record

October 22, 2021

Ohio manufacturing’s economic output has surpassed the sector’s previous highwater mark set in late 2019. According to the U.S. Bureau of Economic Analysis, the Buckeye State’s manufacturing GDP yielded nearly $117 billion in Q2 of this year. That’s up from $94.7 billion in Q2 of last year — during the lockdown period of the pandemic — and from $112.4 billion in Q4 of 2019. 10/21/2021

Small Business Optimism Drops to Lowest Level Since March

October 22, 2021

OMA Connections Partner Fifth Third Bank reports that small business optimism dropped more than expected in September to the lowest level since March. A record percentage of owners said they had open positions they could not fill. Read more. 10/20/2021

Ohio Lawmakers Hear Bill to Fight Online Sales of Counterfeit Goods

October 22, 2021

This week, the Ohio Senate began hearings on Senate Bill 184, which aims to provide online marketplace transparency, while preventing counterfeit and stolen goods from being sold online. Meanwhile, companion legislation in the House (House Bill 272) has already had hearings; the OMA offered support for the measure.

Fake and counterfeit products cost the U.S. $131 billion and 325,000 jobs in 2019 alone, according to research. Therefore, it’s important that online platforms have a minimum standard of seller verification to protect both consumers and legitimate businesses. Requiring retailer validation on the front end will help Ohio manufacturers protect their brands and intellectual property. 10/21/2021

ESG Reporting: Steps to Getting Started

October 22, 2021

Larger businesses are being asked by stakeholders to disclose environmental, social, and governance (ESG) reports. If your company needs guidance to address ESG reports, OMA Connections Partner Plante Moran offers these seven steps to help you align ESG reports with your strategic priorities. 10/20/2021

Ohio Unveils New License Plate

October 22, 2021

Gov. Mike DeWine this week unveiled Ohio’s new license plate design, called “Sunshine in Ohio.” The new plate, which will become the standard beginning Dec. 29, marks the first redesign of Ohio’s license plate since 2013. However, it appears some adjustments will need to be made before the new plate begins mass production. 10/21/2021