ECONOMIC DEVELOPMENT/URBAN REVITALIZATION

With the population of Columbus projected to reach nearly 3.5 million people by 2050, leaders in the region right now are facing major decisions concerning regional planning and economic development that could pave the way for the region's smooth growth to that size or make the path rockier. Padmini Roy-Dixon, economic development director and regional innovation officer at the Mid-Ohio Regional Planning Commission, joined other leaders in planning for the Columbus region at a recent Columbus Metropolitan Club (CMC) forum to discuss the picture painted by The Columbus Foundation's recently released "Community Benchmarking Report." The report is the eighth such report that the foundation has released since 2007, and the first since 2019.

ECONOMY

The Ohio Council of Retail Merchants (OCRM) released its annual holiday spending forecast in a virtual press conference Thursday, with $30.4 billion expected for this year's season. That would represent a 1.1% increase over 2023. Increases are expected in all nine of the state's major metro areas as well. The University of Cincinnati (UC) Economics Center prepared the report, and the center's Executive Director Brad Evans detailed its findings. OCRM President and CEO Gordon Gough also said the forecast shows growing confidence in the economy and the benefits of post-pandemic economic recovery.

EMPLOYMENT/UNEMPLOYMENT

Ohio's unemployment rate dropped to 4.3% in October, the Ohio Department of Job and Family Services (ODJFS) announced, after having been 4.5% in July, August and September. ODFJS said Ohio's nonagricultural wage and salary employment increased 6,400 over the month, from a revised 5,675,600 in September to 5,682,000 in October. The number of Ohio workers unemployed in October was 256,000, down from 263,000 in September. The number of unemployed has increased by 45,000 in the past 12 months from 211,000. The October unemployment rate for Ohio has increased 0.7 percentage points from 3.6% in October 2023. The U.S. unemployment rate for October was 4.1%, unchanged from 4.1% in September and up from 3.8% in October 2023.