April 2014 QER | Northeast Ohio Biomedical Industry Grows to $5.6B
Team NEO report indicates that most economic indicators are up year-over-year
Northeast Ohio’s biomedical industry has surpassed pre-recession levels to become a $5.6 billion sector in 2014, reports the April 2014 Cleveland Plus Economic Review released by Team NEO. The sector grew 59% from 2000 to 2014 while other industries remained relatively flat.
“The rapid growth of the biomedical industry in Northeast Ohio has been fueled by innovative regional collaborations, a diverse range of sources for funding, and major biomedical real estate projects such as the Health Tech Corridor and the Global Center for Health Innovation,” said Tom Waltermire, CEO of Team NEO. “We also have the unique capacity to take an idea from “bench to bedside” in one market. All of the resources are here – from world-class research hospitals to access to patient populations to manufacturing expertise.”
Additional statistics from the report include:
- Biomedical industry employs more than 33,000 people in Northeast Ohio
- $1B+ has been invested in more than 200 start-ups since 2003
In addition, most of the economic indicators tracked in the report – total employment, unemployment rate, change in employment by sector, gross regional product, industrial and office vacancy and Ohio Utica well activity – were up year-over-year with the exception of unemployment, which remains steady.
Other statistics from the report include:
- Total Employment is at 1.894
- Employment is up 9,900 jobs from Q3 2012 to Q3 2013
- NEO Unemployment Rate Holds
- Northeast Ohio unemployment rate is 7.1% in Q3 2013, the same as the state of Ohio and lower than the US rate of 7.3%
- Service, Construction Experience
- The service sector gained 10,000 jobs from Q3 2012 to Q3 2013, while construction added more than 1,200 workers. Manufacturing sector remained flat adding just under 500 jobs
- Well Production Activity Grows in Q1
- As mid-stream infrastructure projects are brought online, the number of producing wells has increased significantly. There are 381 currently in production in the state.
Team NEO publishes the Cleveland Plus Economic Review quarterly to provide a holistic picture of Northeast Ohio’s economy. It is the only regular source of collective economic data for the 18-county region. The nonprofit organization uses the information to attract new businesses and jobs to the Cleveland Plus region.
Team NEO uses Moody’s Economy.com and US Bureau of Labor Statistics data and Ohio’s Labor Marketing Information to aggregate regional figures.
- economic data
- regional data