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Local job numbers improve, housing supply lags behind demand

| City Beat | by German Lopez

news1_banks_condos_ckLocal job numbers continued their positive trend in April, with Cincinnati’s unemployment rate dropping to 6.9 percent and the rest of the region following suit. Michael Jones, research director at the University of Cincinnati Economics Center, attributed the job gains to improvements in manufacturing and continued growth in health care jobs. Still, the public sector continued to lag behind the private sector — a trend Jones says could change in the coming months as government budgets are adjusted to match higher tax revenues resulting from the recovering economy.

Downtown’s population growth slowed last year as available housing failed to match demand, according to Downtown Cincinnati Inc.’s annual report. In the past few years, the city has pursued multiple actions to meet demand, particularly through public-private partnerships. Most recently, City Council approved leasing the city’s parking assets to raise funds that would help build 300 luxury apartments, but that plan is currently being held up in court.

The second phase of The Banks riverfront project will cost $62 million, according to the report from Downtown Cincinnati Inc. That’s smaller than the first phase, which cost $90 million. The second phase of the project is expected to begin this fall, and it should bring 300 apartments and 60,000 square feet of street-level retail space to the area by the end of 2015.

The Banks also plans to build a $45 million hotel, which is also expected to be complete in 2015. The funding for the projects is coming through multiple public-private partnerships.

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