Columbus forecast 2024

Abstract

The economic story of Columbus for the past 100 years has been one based in manufacturing. Since the early 1900s, Columbus has been a hub for manufacturing. This manufacturing base generated between 40% and 60% of the GDP for the Columbus Metropolitan Statistical Area (MSA) between 2001 and 2021. As a durable goods manufacturing-based economy, the Columbus MSA experienced significant economic volatility due to global supply chain issues and fluctuations in consumer spending related to the pandemic. Columbus concluded 2022 with lower annual average unemployment than 2021. During 2023, the unemployment rate moved to 3.0% or higher during five of the first eight months. Current expectations are for local economic output to increase during 2023 in light of vehicle production and sales projections. This article explores the 2023 data, as well as what is anticipated for 2024. We will begin our exploration of Columbus’ economic activity by focusing on one of our manufacturing keystones, Cummins.