Team NEO’s quarterly Cleveland Plus Economic Review takes an in-depth look at the cost of doing business in the 18-county region. In addition to benefits such as unsurpassed access to North American and European markets, labor costs, energy costs, state and local taxes and more, the findings include:
- The Cost of Doing Business in NEO is Almost 10% Lower
- Moody’s Analytics defines four components that make up the cost of doing business: labor costs, energy costs, state and local taxes, and office rents. By this definition, Moody’s reports that NEO is almost 10% lower when compared to the U.S. average.
- Median Annual Wage Is 8% Lower than National Average
- NEO’s annual median wage of $19.55 is about 8% lower when compared to the national average of $21.27.
- Industrial Property is 33% Lower Than the National Average
- NEO’s average cost for industrial property is $3.90 per square foot, with the national average at $5.83 per square foot.
- Construction Costs are Lower
- The cost to build facilities in NEO is 2% lower than the national average.
- NEO Resident Enjoy Low Cost of Living
- NEO is 11.4% lower than the national average.
In addition, all of the economic indicators tracked in the report are trending upward year-over-year:
- Total Employment Reaches 1.92 Million
- Up 11,500 jobs year-over-year
- NEO Unemployment Rate Decreases Year-over-Year
- The Northeast Ohio unemployment rate averaged 4.7% in Q3 2015, a decrease from 5.9% in Q3 2014.
- Employment in Manufacturing and Services Sectors Experienced
- The services sector is up about 12,500 jobs from Q3 2014 to Q3 2015 while the manufacturing sector grew 1,400 jobs for this same time period.
- Ohio Utica Well Production Slows in Q1 2016
- From Q4 2015 to Q1 2016, 58 new permits were issued and 19 new wells drilled.
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, accelerates the impact of innovation in the region, 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.