Business Growth in Mentor Despite National Decline
The US Census Bureau recently released the Survey of Business Owners (2012) which indicated that the number of non-farm business filings declined 5% across the nation between 2007 and 2012. The largest countywide drop in Northeast Ohio was noted in Medina County at 16.4%. The smallest drop was in Lake County at 3.7%. During that same period of time, the City of Mentor experienced a net increase of 0.03%.
Home Sales Strong in Mentor
Residential home sales in Q4 2015 were up 19% in comparison to Q4 2014. The average home price in the City increased by 3% in that same period of time. Days on the market also increased 9% compared to 15% countywide.
Mentor Unemployment Rate at 3.1%
The unemployment rate in the City of Mentor was reported at 3.1% for the month of December, 2015 which is an increase of 0.2% from November. The unemployment rate in the State of Ohio during that same period was 4.6%.
New Business Filings Increase in the City of Mentor
The number of new business filings in the City of Mentor increased 22% from 2014 and 2015. The State of Ohio has seen a 6% increase of new businesses in that time.
Need Space for your Growing Business?
The 2015 Industrial Vacancy Report indicates that industrial vacancy rates dropped from 6.0% to 5.4% in Greater Cleveland. The City of Mentor has approximately 880,000 square feet of industrial space available for occupancy. The largest space is 259,600 square feet in the former Caterpillar building while an additional 114,000 square feet can be had in the former National Screw building.
The City of Mentor can assist in site selection, market information and financing. Contact Ronald M. Traub, Director of Economic and Community Development for more information at (440) 974-5740 or traub@cityofmentor.com.