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Northern Kentucky/Greater Cincinnati 2015 Forecast Cincinnati Consensus Forecasting Committee Prepared October 2014.

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Presentation on theme: "Northern Kentucky/Greater Cincinnati 2015 Forecast Cincinnati Consensus Forecasting Committee Prepared October 2014."— Presentation transcript:

1 Northern Kentucky/Greater Cincinnati 2015 Forecast Cincinnati Consensus Forecasting Committee Prepared October 2014

2 Real GDP – Chained 2009 Dollars (Annual Percentage Change) Data source: U.S. Bureau of Economic Analysis; 2014/2015 forecasts: Cincinnati Consensus Forecasting Committee

3 Real GDP Forecast US since 2009: 5 years real GDP growth US GDP growth continues… 2014: up 2.2% 2015: up 2.9% NKY/Cincy Region since 2003: Slower than US average 2010-2012: Greater than US average (Mfg. uptick) NKY/Cincy Region GDP grows, but slower than US… 2014: up 2.1% 2015: up 2.7% 2.7%

4 Personal Income Trends (Cincinnati MSA, $ thousands)

5 Federal Share of State Revenues Federal Share FY2012 Kentucky: 35.7% Ohio: 34.9% Federal Share Annual Avg. 2000-2008: Kentucky: 31.7% Ohio: 30.6% National avg.: 28.9% Federal Share Annual Avg. 2009-2012: Kentucky: 37% Ohio: 36.3% National avg.: 33.4% Source: The Pew Charitable Trusts’ analysis of the U.S. Census Bureau’s Annual Survey of State Government Finances, accessed January 23, 2014.

6 Employment (Annual Growth Rate in Percent) Data source: U.S. Bureau of Labor Statistics; 2014/2015 forecasts Cincinnati Consensus Forecasting Committee

7 Employment (thousands of jobs) Data source: U.S. Bureau of Labor Statistics; 2014/2015 Cincinnati Consensus Forecasting Committee

8 Employment Forecast Q2 2013- Q2 2014 NKY/Cincy: up 1.9% (19,000 jobs) US: up 1.8% (2.4M jobs) Calendar Year 2015 NKY/Cincy: up 2% (20,850 jobs) US: up 2% 2.0%

9 Manufacturing Jobs (Annual Percentage Change) Data source: U.S. Bureau of Labor Statistics; 2014/2015 forecasts Cincinnati Consensus Forecasting Committee

10 New Privately-Owned Housing Units Authorized (12-month Moving Average) Data source: U.S. Census Bureau; Cincinnati Consensus Forecasting Committee

11 Residential Construction Forecast 2004: Permits peak at 13,000 2010: Permits bottom out at 3,200 (76% drop) Short-term trends GOOD: 2014: Permits up 5 percent 2015: Permits up 7 percent at 4,900 2015: Mortgage Bankers Association forecast- 30-yr. fixed rate BELOW 5.3% all year Long-term trends NOT-SO-GOOD: Housing demand SOFTENS, due to demographic trends 7.0%

12 Unemployment Rate Data source: U.S. Bureau of Labor Statistics; 2014/2015 forecasts Cincinnati Consensus Forecasting Committee

13 Unemployment Forecast GOOD: 2015 Average Unemployment DOWN 5.0% NOT-SO-GOOD: Civilian Labor Force DOWN 2.1 % since 2009 peak BLS: Civilian Labor Force trend DOWN next 10 years 5.0%

14 Civilian Labor Force Data source: U.S. Bureau of Labor Statistics

15 US Retail Sales Forecast OVERALL: 2015: up 5.7% HOLIDAY SEASON: 2014: up, but not sensational 5.7%

16 Annual Inflation (Percentage Change, CPI-U) Data source: U.S. Bureau of Labor Statistics; 2014/2015 forecasts Cincinnati Consensus Forecasting Committee

17 Forecast Risks “Prediction is very difficult, especially about the future” -Niels Bohr, Nobel prize-winning physicist

18 Population Growth Rate Slowing (Annual Percentage Change) Data source: U.S. Census Bureau 1.2% 0.04% 1.4% 0.07%

19 Economic, Population Growth Go Hand-in-Hand 30-50% of economic growth tied to regional population growth Impacts size, composition of workforce

20 US Old Age Dependency Ratios Data source: U.S. Census Bureau

21 Employment to Population Ratio Employment rates for 25 to 54-year-olds remain statistically lower in Ohio and Kentucky Employment to Population Ratio Highest (North Dakota)85.6% Lowest (West Virginia)67.8% Ohio ranked 31st76.2% Kentucky ranked 46th71.8% Source: The Pew Charitable Trusts’ analysis of data from the Current Population Survey, U.S. Bureau of Labor Statistics and the U.S. Census Bureau.

22 Cincinnati Forecast Summary 2.7%2.0%1.7%7.0% 5.0% GDPTotal Emp. MFG Emp. New Dwelling Units Unemp. Rate


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