Our 2012 Q4 report, with updates on job growth, industry sectors, and more.

1. QUARTERLY ECONOMIC UPDATE | Q4 2012

2. Th
e QUARTERLY ECONOMIC UPDATE | Q4 2012
EMPLOYMENT, LABOR FORCE, UNEMPLOYMENT RATES
TOTAL PAYROLL EMPLOYMENT COLUMBUS REGION UNEMPLOYMENT
 Columbus metro area employment declines in the
RATE
fourth quarter: Columbus MSA employment fell 5,200
(0.6%) in the fourth quarter, while statewide and national 12%
102.0
employment increased 0.1% and 0.3% respectively. 10%
100.0
Index: 1/08 = 100.0
Employment growth in the 12 months of 2012 was 16,200
98.0 8%
(1.8%) for the MSA, 1.8% for Ohio, and 1.4% for the U.S.
96.0
6%
 Columbus Region unemployment rate unchanged
94.0
from September: The 11- 4%
92.0
seasonally-adjusted unemployment rate was 5.8% in 2%
90.0
December, compared to a 6.7% Ohio rate and a 7.8% U.S.
88.0 0%
4/08
10/08
4/09
7/08
10/09
4/10
4/11
10/12
7/11
4/12
1/10
7/09
7/12
1/08
1/09
10/10
10/11
1/12
7/10
1/11
rate.
4/08
4/09
4/10
7/10
10/11
4/12
1/08
4/11
1/09
10/10
7/11
1/12
7/08
10/08
7/09
10/09
1/11
7/12
10/12
1/10
 The number of employed residents fell 15,100 from
September while the labor force declined 6,500, Columbus MSA Ohio US Columbus Region Ohio U.S.
maintaining the unemployment rate at its September Source: Current Employment Statistics, U.S. Bureau of Labor Statistics. Source: Local Area Unemployment Statistics, Bureau of Labor Stats.
level. Seasonal adjustment of MSA employment by Regionomics LLC. Seasonal adjustment of regional rate by Regionomics LLC.
 Gap between normal and actual labor force growth
continues to widen: The difference between reported
labor force and the level assuming normal growth
COLUMBUS REGION LABOR FORCE
averaged 56,000 during the quarter, up slightly from
55,000 during the third quarter.
1,120
1,070
Thousands
1,020
970
920 The Columbus 2020 economic update for the fourth
10/08
10/09
4/08
4/09
4/11
10/10
10/12
7/08
7/09
7/11
4/12
1/09
4/10
7/12
10/11
1/08
7/10
1/10
1/11
1/12
quarter of 2012 covers regional economic data and
economic development activities year to date, with a
Labor force
focus on October to December. The analysis of the
Labor force, normal growth
Resident employment regional economy (pages 1 to 9) was prepared by Bill
Source: Local Area Unemployment Statistics, Bureau of Labor Stats. LaFayette, Ph.D., RegionomicsTM LLC.
Seasonal adjustment of regional rate by Regionomics LLC.
1

3. QUARTERLY ECONOMIC UPDATE | Q4 2012
EMPLOYMENT BY INDUSTRY
MSA SHARE OF EMPLOYMENT BY INDUSTRY, LOGISTICS: TRANSPORTATION, MANUFACTURING
DECEMBER 2012 WAREHOUSING & WHOLESALE
110.0 110.0
Other Logistics
13% 9% 105.0
Manufacturing 105.0
Index: 1/08 = 100.0
Index: 1/08 = 100.0
7% 100.0
100.0
95.0
Retail trade Professional &
11% 95.0 90.0
business svcs
13% 85.0
90.0
Computer 80.0
design & 85.0
75.0
Government related svcs
16% 3% 80.0 70.0
10/08
4/11
4/08
7/09
10/12
4/09
10/09
4/10
7/08
7/11
4/12
1/08
1/09
7/12
1/10
7/10
10/10
10/11
1/12
1/11
4/09
10/09
10/11
4/12
1/08
1/09
10/08
1/10
4/10
4/11
1/12
10/12
4/08
7/09
7/08
7/10
10/10
1/11
7/11
7/12
Finance &
insurance
Leisure & 6%
Healthcare &
hospitality
social
10% Columbus MSA Ohio US Columbus MSA Ohio US
assistance
13%
PROFESSIONAL & BUSINESS SERVICES COMPUTER DESIGN & RELATED SERVICES FINANCE & INSURANCE
110.0 150.0 110.0
105.0 140.0 105.0
Index: 1/08 = 100.0
Index: 1/08 = 100.0
Index: 1/08 = 100.0
130.0 100.0
100.0
120.0
95.0 95.0
110.0
90.0 90.0
100.0
85.0 85.0
90.0
80.0 80.0 80.0
10/08
4/09
7/09
10/09
10/10
10/12
4/08
7/08
4/10
7/10
1/11
4/12
7/12
1/08
1/09
4/11
10/11
1/12
1/10
7/11
10/08
10/08
4/11
4/08
10/09
10/12
4/08
10/09
4/11
7/09
7/08
4/09
7/09
4/10
7/11
7/11
4/12
10/12
7/08
4/09
4/10
10/10
4/12
7/12
1/08
7/10
1/08
1/09
1/09
1/10
1/10
10/10
1/11
10/11
10/11
7/12
1/12
7/10
1/11
1/12
Columbus MSA Ohio US Columbus MSA Ohio US Columbus MSA Ohio US
Source: Current Employment Statistics, U.S. Bureau of Labor Statistics.
Seasonal adjustment of MSA employment by Regionomics LLC.
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4. QUARTERLY ECONOMIC UPDATE | Q4 2012
EMPLOYMENT BY INDUSTRY (continued)
 Charts on pages 2 and 3 show that the Columbus metro HEALTHCARE & SOCIAL ASSISTANCE LEISURE & HOSPITALITY
area experienced greater-than-average employment
gains in logistics, healthcare, and finance and insurance, 130.0 110.0
and government. The MSA suffered losses in business 125.0
105.0
Index: 1/08 = 100.0
120.0
Index: 1/08 = 100.0
services (including IT) leisure, retail, and manufacturing. 115.0 100.0
 All estimates will be revised, perhaps significantly, March 110.0
105.0 95.0
18. The Q1 report will discuss these revisions.
100.0
 The 1,200 net loss in retail indicates smaller-than- 90.0
95.0
average impacts from holiday hiring. 90.0
85.0
85.0
 The 1,000-job gain in healthcare brings the gain for the 80.0 80.0
4/08
7/08
4/09
10/10
7/09
4/12
4/10
7/10
1/11
7/12
1/08
10/09
4/11
10/08
1/09
7/11
10/12
10/11
1/10
1/12
4/08
4/09
4/10
4/12
7/10
4/11
10/11
1/08
1/09
7/09
10/09
10/10
1/12
7/08
10/08
1/10
7/11
1/11
7/12
10/12
year to 6,500 (5.7%).
 Government employment, which has been unusually
volatile, gave back most of its third-quarter gain. Columbus MSA Ohio US Columbus MSA Ohio US
Federal, state, and local government employment each
declined.
Industry MSA empl. chg. OH US GOVERNMENT RETAIL
No. % % %
110.0
Logistics +1,900 +2.3 +1.2 +0.3 110.0
Manufacturing -400 -0.7 +0.5 +0.3 105.0
105.0
Index: 1/08 = 100.0
Index: 1/08 = 100.0
Business services -2,300 -1.5 +0.2 +0.6 100.0 100.0
Computer-related -1,200 -1.2 -0.2 +1.3 95.0 95.0
Finance & insurance +1,200 +2.1 +1.0 +0.3
90.0 90.0
Healthcare & social assistance +1,000 +0.9 +0.5 +0.7
85.0 85.0
Leisure & hospitality -900 -1.0 -1.6 +0.6
80.0 80.0
Government -2,000 -1.3 +0.2 -0.4
4/08
10/08
10/09
10/12
4/09
4/11
7/08
4/10
10/10
7/09
7/11
7/10
4/12
1/08
1/09
1/10
10/11
1/12
7/12
1/11
4/08
4/09
4/10
10/11
1/08
10/08
10/09
4/12
1/09
1/10
4/11
1/12
7/08
7/09
7/10
10/10
7/11
10/12
1/11
7/12
Retail -1,200 -1.2 +0.2 +0.6
Columbus MSA Ohio US Columbus MSA Ohio US
3

5. QUARTERLY ECONOMIC UPDATE | Q4 2012
COLUMBUS REGION PER CAPITA INCOME
 The charts on pages 4 and 5 show growth in per-capita
DELAWARE COUNTY FAIRFIELD COUNTY
personal income (PCPI, adjusted for inflation) over the 60,000 46,000
last decade for residents of the Columbus Region and
44,000
55,000
each of its component counties.
42,000
Constant dollars
 As a result of weak employment growth prior to the
Constant dollars
50,000
40,000
recession, regional PCPI fell below the national
45,000 38,000
average in 2004. However, the 2009 decline was only
36,000
4.2% versus 7.0% for the U.S., and growth subsequently 40,000
has been 5.2%, slightly better than average. 34,000
35,000
 As the dominant county, Franklin County's growth 32,000
pattern is similar to the region's. However, PCPI peaked 30,000 30,000
2010
2011
2007
2008
2001
2010
2003
2006
2009
2004
2002
2005
2011
2001
2003
2008
2004
2006
2007
2009
2005
2002
in 2006 before falling 7.0% in the following two years
and rising only 3.4% after the recession.
Delaware Ohio U.S. Fairfield Ohio U.S.
COLUMBUS REGION FRANKLIN COUNTY KNOX COUNTY
46,000 46,000 44,000
44,000 44,000 42,000
42,000 42,000 40,000
Constant dollars
Constant dollars
Constant dollars
38,000
40,000 40,000
36,000
38,000 38,000
34,000
36,000 36,000
32,000
34,000 34,000
30,000
32,000 32,000
28,000
30,000 30,000 26,000
2010
2011
2003
2008
2001
2002
2004
2005
2006
2009
2007
2011
2010
2001
2002
2005
2007
2003
2006
2008
2004
2009
2010
2011
2001
2004
2007
2008
2003
2006
2009
2002
2005
Region Ohio U.S. Franklin Ohio U.S. Knox Ohio U.S.
Source: Bureau of Economic Analysis.
4