Northeast Ohio Headquarters Employment Grows

Northeast Ohio Headquarters Employment Grows

Northeast Ohio has the fourth strongest headquarters employment share in the nation, reports the second quarterly Cleveland Plus Economic Review released today by Team NEO. From 1990 to 2013 headquarters employment has grown nearly 160%, compared with the US national average of 22% growth.

“Headquarters large and small are abundant here,” said Tom Waltermire, CEO of Team NEO. “One reason headquarters continue to thrive in Northeast Ohio is because we have a comparatively low cost of doing business and the region has an abundance of businesses such as banks, law firms and accounting firms that support corporate headquarters.”

Statistics from the report include:

• Headquarters Employment Grows 
o Northeast Ohio headquarters employment has grown from 19,000 employees in 1990 to nearly 49,000 in 2013
o Headquarters employment in Northeast Ohio has grown nearly 160% from 1990 to 2013, compared with US headquarters employment national average which has increased only 22%

• NEO Headquarters Employment Share Fourth Highest in Nation
o The region outpaces larger markets such as Chicago, Atlanta, New York and Los Angeles

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 – show signs of improvement. Specifically, additional statistics from the report include:

• Total Employment Grows to 2.02 Million
o Employment is up 40,000 jobs from Q1 2013 and 3,000 jobs year-over-year

• NEO Unemployment Rate Lower than National Rate
o Northeast Ohio unemployment rate is 7.1% in Q2 2013, similar to the state of Ohio (7.0%) and lower than the US rate of 7.4%

• Services Sector Sees Year-Over-Year Growth
o The services sector gained 5,000 jobs year-over-year. Construction grew 8% year-over-year, averaging 63,500 workers. Both manufacturing and government sectors declined slightly.

• Well Activity At All-Time High in Ohio
o Since tracking results in Q2 2011, well activity is at an all-time high in Q2 2013 with 175 permitted wells, of which 55 have been 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 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.

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