Leadership

Ohio Sees 156,600 New Businesses So Far This Year

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

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

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

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

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

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

Inflation Hits 30-Year High

The consumer price index (CPI) climbed 0.4% last month, bumping the annual U.S. inflation rate to 5.4% — a 30-year high, according to MarketWatch.com. The core rate, which omits volatile food and energy costs, is growing 4% annually.

Inflation at the wholesale level (final demand index) rose 8.6% in September compared to a year ago.

One alternative inflation gauge, the Cleveland Federal Reserve Bank Median CPI — which has a superior record of forecasting price trends — rose to 3.6% in September compared with the same month a year ago, well above its 2% average between 2012 and 2019. 10/13/2021

Here’s the State Report Card for Your Local Schools

This week, the Ohio Department of Education released state report cards to evaluate the performance of school districts and schools statewide. This year, the report cards don’t contain grades or ratings due to the pandemic and its impact on K-12 learning. They do, however, include performance data, and data on literacy, graduation, and other categories. See the report card for your local school. 10/14/2021

Examining the Ripple Effect of Supply Disruptions

Middle-market businesses should prepare for more supply disruptions. That’s one takeaway from the October edition of “The Real Economy” — published monthly by OMA Connections Partner RSM, which this month examines the ripple effect of supply chain disruptions. This as surveys show 85% of Americans are now concerned supply chain problems could lead to shortages of basic items. 10/11/2021

OMA Backs Creation of Electric Vehicle Commission

This week, the OMA testified in support of House Bill 292, which would establish the Electric Vehicle Commission and a temporary sales tax exemption for the production of electric vehicle parts. By studying critical issues like workforce needs, production capacity, and industry constraints, the commission would aim to help lawmakers better diagnose EV industry needs and adopt policies that ensure Ohio retains its dominant role in the automotive industry. 10/14/2021