NEO EXPORTS INCREASE 40% SINCE PRE-RECESSION LEVELS
Northeast Ohio’s export activity approached $29 billion in 2014, a 16% increase since 2006 and 40% since pre-recession levels in 2009, reports the quarterly Cleveland Plus Economic Review released today by Team NEO.
“Our strong manufacturing base, along with the region’s transportation/logistics network and business resources, contributes to this upward trend,” said Bill Koehler, CEO of Team NEO. “Manufactured goods represent 81% of all exports from Northeast Ohio.”
Statistics from the report include:
- Transportation Equipment and Chemical
Manufacturing Top List of Export Goods
- In 2014, exports for transportation equipment were at $4.2 billion, with chemical manufacturing exports at $3.5 billion. These two industries represent 27% of total goods exported in 2014.
- Consumer Food and Beverage Companies Lead Growth
- From 2006 to 2014, beverage and tobacco exports increased 144%, to $57 million. Food manufacturing increased 63% for this same time period, to $916 million.
- Royalties Rank Highest Among Services
- In addition to transporting goods, Northeast Ohio provides a variety of services to companies overseas. Royalties topped this list at $1.34 billion, followed by travel and tourism, and financial services, each approaching the $1 billion mark.
In addition, all of the economic indicators tracked in the report are trending upward year-over-year:
- Total Employment Reaches 1.92 Million
- Up 16,000 jobs year-over-year
- NEO Unemployment Rate Decreases
- The Northeast Ohio unemployment rate averaged 5.5% in Q2 2015, down from 6.1% in Q2 2014.
- All Sectors Experienced Year-Over-Year
- The manufacturing sector gained more than 3,100 workers from Q4 2014 to Q4 2015, while the service sector gained more than 1,000 workers and construction grew by nearly 1,000 jobs for the same time period.
- Well Activity Continues to Increase
- The number of producing wells grew to 1,003 currently in production in the state, up 82 wells from Q3 2015 to Q4 2015. There were 168 new permits issued and 82 new wells drilled for this same time period.
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 Northeast Ohio and help those that are here grow.
Team NEO uses Moody’s Economy.com and U.S. Bureau of Labor Statistics data and Ohio’s Labor Marketing Information to aggregate regional figures.
About Team NEO
Team NEO is an economic development organization focused on creating jobs for Northeast Ohio’s residents. In collaboration with our partners, it leads the region’s business attraction efforts, supports business retention and expansion work as Northeast Ohio’s JobsOhio affiliate, and aligns strategies and resources within the economic development network to maximize its impact. In addition, Team NEO provides tools to assist employers in attracting talent to the region.
For more information, visit www.teamneo.org and www.clevelandplusbusiness.com.