Northeast Ohio Post-Recession Exports Rebound Faster Than US
Northeast Ohio’s 2012 export activity reached $31 billion, exceeding pre-recession levels, reports the quarterly Cleveland Plus Economic Review released today by Team NEO. From 2009 to 2012 exports increased 34%, exceeding the rate of US exports, which improved 26% over the same time period.
Our export uptick is a result of our strong manufacturing base, said Tom Waltermire, CEO of Team NEO. While manufacturing goods representing 83% of all exports from Northeast Ohio, they make up 65% of all US exports. This has contributed to a quicker post-recession recovery.
Statistics from the report include:
Healthcare, Food and Agriculture Lead Growth Segments
Exports for medical equipment devices have increased 112% from 2003 2012, food products 87%, and agriculture 83% for same time period
Chemicals and Transportation Equipment Top List of Exported Goods
In 2012 exports were at $4.3 billion for chemicals, with transportation equipment exports at $4.2 billion
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. Specifically, additional statistics from the report include:
Total Employment at 2.016 Million
Employment is up slightly 4,000 jobs year-over-year
NEO Unemployment Rate Holds Steady
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%
Construction Sees Year-Over-Year Growth
The constructions sector gained 2,700 jobs year-over-year, a 4% gain. The Services sector held steady, averaging 1.23 million workers up about 5,400 workers from last year. Both manufacturing and government sectors declined slightly.
Well Production Activity Grows in Q3
As mid-stream infrastructure projects are brought online, the number of producing wells has more than doubled since Q2 2013. There are 244 currently in production in the state.
Team NEO publishes the Cleveland Plus Economic Review quarterly to provide a holistic picture of Northeast Ohios 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 Moodys Economy.com and US Bureau of Labor Statistics data and Ohios Labor Marketing Information to aggregate regional figures.
- economic data