Northeast Ohio Healthcare Sector Invigorates Economy
Northeast Ohio’s healthcare industry is an important contributor to the region’s economy. It is a nearly $14 billion sector with 177,000 employees, reports the quarterly Cleveland Plus Economic Review released by Team NEO. In addition, the research expenditures by medical institutions and universities have nearly doubled, growing to more than $660 million in 2012, creating new opportunities for the region.
“Our world-class hospitals add to the region’s economy by employing about 8.5% of the region’s workers,” said Tom Waltermire, CEO of Team NEO. “In addition, we have a unique infrastructure of medical institutions and universities that attract research dollars that ultimately lead to innovative products and therapies that can create new business opportunities for the region.”
Additional statistics from the report include:
- NEO healthcare employment grew 20% from 2000 – 2014, making it the largest employment growth sector in the region’s economy
- Healthcare GRP grew 25%, or $3 billion, from 2000 – 2014
In addition, most of the economic indicators tracked in the report are trending up year-over-year:
- Total Employment is at 1.9 Million
- Employment is up 9,700 jobs from Q4 2012 to Q4 2013
- NEO Unemployment Rate Increases Slightly
- Northeast Ohio unemployment rate is 7.1% in Q4 2013, up slightly from 7.0% for the same time period in 2013
- Construction, Service Sectors Experience Year-Over-Year
- The construction sector gained 1,200 jobs from Q4 2012 to Q4 2013, while service added more than 9,000 workers
- Well Production Activity Growing
- As mid-stream infrastructure projects are brought online, the number of producing wells has increased significantly since 2011. There are 462 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.