Cincinnati, Oh and Lawrenceburg, in Executive Summary
As student economic advisor, I will present a comprehensive comparative analysis of two cities in regard to the current trends in economic growth or decline; identify the economic features, both historic and cultural factors that play a role in the economic structure; identify current conditions and trends such as age, race etc., that contribute to GSP; provided a comparative analysis of states focus; and, identify products or capital contributing to the GSP through exports or imports.
The cities that will be compared will be two Ohio River neighbors: Cincinnati, Ohio and Lawrenceburg Indiana. I will attempt to identify products that consistently contribute revenues to the local economies. The report will attempt to provide specific data in regard to per capita tax revenues and will appropriate charts are presented.
Downtown Cincinnati has been getting a facelift. “With the new Paul Brown Stadium and Great American Ballpark, the new Lois and Richard Rosenthal Center for Contemporary Arts and the Arnoff Center for the Arts, and a growing number of restaurants and entertainment, downtown living has become more appealing.” (Housing Profiles – Cincinnati, OH) Cincinnati is a city that has been able to weather economic downturns better than other areas of the nation because it has industrial diversity. Cincinnati encompasses 13 counties throughout southwest Ohio, northern Kentucky, and southeast Indiana and has a population of 330,510 as of the 2000 Census. “Unlike many economies in the Midwest region the manufacturing sector comprises only 16% of total employment, compared with 30% in services and 25% in wholesale trade. The three largest manufacturing sectors are machinery, transportation equipment, and food processing. The three largest nongovernmental employers in the metropolitan area are the University of Cincinnati, with 14,084 employees; Proctor & Gamble Company, with 13,700 employees; and Health Alliance of Greater Cincinnati, with 13,505 employees.” (Housing Profiles – Cincinnati, OH)
The city of Lawrenceburg, Indiana is also going through Downtown Revitalization Program. “The principal thrust of the Downtown Revitalization Program was upgrade of the economic conditions and aesthetic quality of the Business District through a coordinated set of downtown improvements and development programs. The essential objective of the streetscape program was to create a public environment, compatible and supportive of the intended character of the community at a cost the city and downtown property owners could afford.” (Lawrenceburg Downtown Development)
Industrial employers are smaller in the Lawrenceburg area than Cincinnati. However, new business and new blood continue to enter the area. For example, the former Seagram facility in Lawrenceburg was recently purchased by a group consisting of Diageo PLC and Groupe Pernod Ricard. The acquisition has made Groupe Pernod Ricard the largest industrial employer in the county with 600 employees.
Lawrenceburg is also the home of the Argosy Casino and Hotel which employs 2,500 people. The casino enjoys excellent attendance and has partnered with the Perfect North Slopes ski resort to boost sales. The Argosy is the largest grossing riverboat casino in the world. Local media announced that the Argosy reported a 38% increase in their third quarter earnings on a net income of $18.3 million up $13.1 million from the previous quarter.
Current trends: Economic growth or decline
Both Cincinnati and Lawrenceburg are currently enjoying mild economic prosperity. The immediate area has become better educated and therefore more well off than ten years. “Builders and business leaders attribute the dramatic gains in income and education to Cincinnati’s suburban push and the impact of three casinos docked on the Ohio River.” (Alltucker)
Family home’s value has more than doubled throughout the 1990’s and individual household income in the area has increased approximately 55%. Local area education figures look promising: four out of five adults have at least graduated high school and the number of those pursuing higher education continues to increase.
The growth has benefited the area’s economy, but it also has left local governments struggling to pay for growth with new roads, parks and sewers. Ohio County residents enjoyed the biggest gain in household income among the three counties, up 57.6% to $41,348.” (Alltucker)
Economic features: Historic and cultural factors, population trends that contribute to GSP
By far the number one impact on GSP from the Cincinnati and Lawrenceburg area has been the contribution in community revenues directly received from gambling and the Argosy Casino organization. Community leaders agree that the economic and social impact by the area’s new gambling industry has benefited all. With employment figures at all time highs and local income positively effected, Cincinnati and Lawrenceburg have contributed higher revenues in per capita taxes to their respective state coffers. The area currently boasts of higher revenues in the tourism industry such as hotels, motel, and convenience stores; the local travel industry such as gas stations, restaurant and entertainment facilities. Although the gambling revenues are not a complete solution for solving all revenue problems, the Cincinnati and Lawrenceburg area are enjoying the new found prosperity.
Provided a comparative analysis of states focus
Ohio is currently in the black. When all the books for the year were reconciled on Monday, state coffers wound up $180.7 million in the black, said Budget Director Tom Johnson. The extra cash will go into the state’s zeroed-out Rainy Day Fund. (Ohio ends in black; Dems see red)
Indiana on the other hand is deep in red. Indiana legislators adjourned early this year, an improbable accomplishment considering what they faced in 2003: divided government, a projected deficit of $800 million for the next biennium and pressure to pass a major economic stimulus plan. Fixing the deficit was helped by early agreement on key issues by leaders in both parties: neither wanted to raise taxes, and both sought to increase education funding. (State targets economic expansion)
Products or capital contributing to the GSP through exports or imports
Lawrenceburg and Cincinnati are both major exporters utilizing the local Ohio River waterways. Cincinnati businesses expect to dramatically increase their exporting capabilities through new initiatives. Cincinnati is on the cutting edge of the global import/export experience and their local Chamber of Commerce was one of only 14 recipients in the United States to receive the President’s Award for Exporting. Cincinnati’s winning strategy included:
Develop international trade for member companies.
Create a globally educated community.
Support the global Cincinnati initiative.
Businesses that use the waterways to move their products were recently surveyed by Xavier University business majors who found that the expectations of increased levels of import and export for the region were very promising.
The area businesses in both Lawrenceburg and Cincinnati identified the top markets in which they plan to continue do business: Canada, Western Europe, Australia and New Zealand, and Taiwan.
For Lawrenceburg, gaming taxes will continue to help build community tax revenues. “Lawrenceburg, the gaming facility in that community has contributed $129 Million for improvements to roads, the local river front, and the restoration of historic buildings. In 1997, the gaming facilities entered into a revenue sharing agreement with the neighboring communities southeast of Lawrenceburg. In the last four years, those towns have received more than $23 Million.” (Myths & Facts – NH Citizens Against More Taxes)
Cincinnati has been gradually raising revenue expectations. “The revenues, which began falling below budget estimates after 2000 and decreased last year from the year before, typically have been a reliable early indicator of local and national economic trends. City officials, however, aren’t yet ready to declare a recovery. During the first quarter of this year, the city’s income tax collections were up $3.9 million, an increase of 8.7%, compared with the same period in 2002. Also, the city’s total general fund revenues were up $6 million, an increase of 7.4%, compared to the same period last year. City officials are cautiously watching the trend, hoping that it means the economy has bottomed out and is starting to rebound from recession.” (Osborne)
Indiana State Revenues
Ohio State Revenues
Alltucker, Ken. “Census Shows SE Indiana Perked Up By Prosperity” Cincinnati Enquirer [Cincinnati] 15 May 2002.
Drake might seek hefty hike in tax revenue. Ed. Dan Monk. Business Courier. 7 Dec. 03 http://www.bizjournals.com/cincinnati/stories/2003/10/20/tidbits1.html?jst=s_rs_hl.
Greater Cincinnati Chamber of Commerce earns President’s Award for Exporting. Ed. Unknown. June 4, 2002. Cincinnati Chamber of Commerce. 3 Dec. 2003 http://www.gccc.com/quick_links/news/6_04_02export_award.asp.
Housing Profiles – Cincinnati, OH. Ed. Unknown. HUD. 3 Dec. 2003 http://www.huduser.org/periodicals/USHMC/summer03/oh.html
Lawrenceburg Downtown Development. Ed. Unknown. City of Lawrenceburg. 3 Dec. 2003 http://www.gbbn.com/portalpha/lawrenceburg.htm.
Myths & Facts – NH Citizens Against More Taxes. Ed. Unknown. NH Citizens Against More Taxation. 3 Dec. 2003 http://www.nomorenhtaxes.com/answers.htm.
Ohio ends in black; Dems see red. Ed. FreeRepublic. 7/02/2003. FreeRepublic.com. 3 Dec. 2003 http://www.freerepublic.com/focus/f-news/939190/posts.
Osborne, Kevin. “Higher tax revenues may signal recovery.” Cincinnati Post [Cincinnati] 21 May 2003.
State targets economic expansion. Ed. Tim Anderson. 5/13/2003. NASVF. 3 Dec. 2003 http://www.nasvf.org/web/allpress.nsf/pages/6874.
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