2008

2008

In 2008, home sales in Cincinnati fell over 15 percent behind last year's numbers,
and the average home price in our region is down more than 5 percent compared to
2007 values. An expanded menu of mortgage options, relatively low interest rates
and relaxed down payment conditions by lenders have allowed for home purchases
by various previously underserved groups, including young people. However, it is
evident that many individuals who purchased homes during this period, have
struggled to pay their mortgages and are facing foreclosure.

Solid economic development strategies take advantage of the region's strengths and reflect community conditions. The data below, compiled by the Economics Center at the University of Cincinnati, illustrate some of the economic conditions for the Cincinnati Metropolitan Statistical Area (MSA).

Each year, Fortune magazine compiles and publishes a listing of the top 500 American public corporations. The Cincinnati region is host to 10 Fortune 500 firms — more than Boston, St. Louis, and Seattle. Even more impressive, Cincinnati, which has almost 5 companies per million residents, ranks, on a per capita basis, third in the nation with respect to the number of Fortune 500 companies. This is higher than Chicago at 3.04 per million, New York at 4.48 per million and Los Angeles at 1.68 per million. The Fortune 500 Companies are measured by their gross revenue.

Since 2001, the Port of Greater Cincinnati Authority (Port Authority) has contributed immensely to Greater Cincinnati's economic development through property redevelopment and brownfield remediation. The remediation and development of vacant, abandoned and underutilized properties into good, useable land for private and commercial use is one of the most important contributions of the Port Authority to the Greater Cincinnati community.

Central to Cincinnati's strategy for continued economic development is the expansion of existing and relocation of new employers to the region. This effort is led by the Cincinnati USA Regional Chamber of Commerce in cooperation with over 30 regional economic development partners. Surprisingly, most of the new jobs created and some of the biggest investments in the local economy are due to the large influx of foreign companies that are locating in the Cincinnati Metropolitan Statistical Area (MSA) and hiring local workers.