Central Ohio job creation sputters

Central Ohio’s jobcreation machine is showing signs of cooling.

The region has consistently outperformed the state and the U. S. since the recession ended, growing at a rate of least 2.3 percent from 2010 through 2016 and then 1.8 percent in 2017.

But through the first eight months of 2018, the rate of job creation has slowed below the U. S. average, running at a rate of 1.1 percent compared with the first eight months of 2017, says economist Bill LaFayette, owner of local economics consulting firm Regionomics. Meanwhile, the U. S. rate over that period is 1.6 percent.

“That is not good,” LaFayette said.

In August, the region actually lost 2,700 jobs, he said.

The two big culprits for the slower job rate were the same sectors that were driving so much growth over the years: professional and business services and private education and health care.

Construction also has been weak.

“They were carrying the water the whole expansion. I’m wondering if they got ahead of themselves,” LaFayette said of the two key sectors.

The reason for the slowdown isn’t clear.

Is the local economy starting to slow? Are there too few people available to work with employers routinely complaining that they can’t find workers? After so many years of strong growth, was the area due for a slowdown?