Northeast Ohio’s Growing Economy Diversifies
Northeast Ohio’s output, or Gross Regional Product (GRP), grew 48 percent from 1990 to 2017, and is projected to grow another 14 percent in the next decade as highlighted in Team NEO’s latest Quarterly Economic Review. The report identifies areas of strength within Northeast Ohio’s economy, including sectors such as healthcare, headquarters, and professional scientific and technical services. While manufacturing still plays a critical role, the report shows that our economy is becoming more diversified, a positive sign for our region’s future growth.
“We have seen strong economic growth in certain key sectors within our economy,” said Team NEO CEO Bill Koehler. “Overall, we have made progress and our projections are positive. As our economy has diversified, we have become a stronger and more resilient region. We are well-positioned for continued growth in GRP and jobs.”
Report findings include major employment growth from 1990 to 2017 in headquarters (150 percent) and professional, scientific and technical services (38 percent), as well as healthcare sectors (65 percent). GRP in these segments also grew, and will continue its upward climb, along with manufacturing GRP, through the coming decade.
As noted in the report, Northeast Ohio employment is projected to grow 5.5% in the next decade. GRP is also projected to grow by $33 billion, or 14%, by 2027 (see below charts).
To learn more about our region’s growing and diversifying economy, download the complete report. For more on the benefits of doing business in our region, visit www.clevelandplus.com/business/why-cleveland-plus/.
Projected Employment and GRP Change: 2017 – 2017