Ohio is set to have steady continuous business growth from now into next year, according to multiple metrics. Local entrepreneurs can work with business consulting specialists for guidance as economic conditions change. In the near future, companies can benefit from holiday sales and increased local traffic. The increase in revenue and workforce will also impact performance, so owners have to anticipate this.
Industries as diverse as manufacturing and retail may expect an ease of hiring as well as a fast-growing local economy that includes other Midwestern states. The following factors come from different statistical sources and may impact how business owners decide to plan their upcoming activity:
- Higher end-of-year sales: The retail spending forecast from the Ohio Council of Research Merchants and the University of Cincinnati projected a 4.2 percent increase in sales for the end of the year, especially in Cincinnati and Columbus. Between January and July 2015, the state’s retail sales grew by 3 percent.
- More population growth: Crain’s Cleveland Business quotes Huntington National Bank director of economics George Mokrzan on the ways local industry growth could attract more residents from out of state. This, in turn, could have a positive impact on employment, with nominal wage growth also possibly tracking upward.
- Strong employment rates: According to the Q4 2015 Manpower Employment Survey, 21 percent of surveyed Midwestern employers intend to grow their staff during this period. Among specific industries, leisure and hospitality employment is expected to have the highest increase at 37 percent, with wholesale and resale trade rating second-highest at 26 percent.
Growth Capital Corp. can provide capital financing services for local Ohio businesses in need of professional guidance.