Report reveals industry changes since 1990 and projections for the next decade
November 20, 2017 – Northeast Ohio’s output, or Gross Regional Product (GRP), grew 48 percent from 1990 to 2017, and is projected to grow another 14 percent in the next decade, reports the quarterly Cleveland Plus Economic Review released today by Team Northeast Ohio (Team NEO). The research identified areas of strength within Northeast Ohio’s economy, including sectors such as healthcare, headquarters, and professional scientific and technical services.
“We have seen strong economic growth in certain key sectors within our economy,” said Team NEO CEO Bill Koehler. “Overall, we have made progress and our projections are positive. As our economy has diversified, we have become a stronger and more resilient region. We are well-positioned for continued growth in GRP and jobs.”
Report findings include major employment growth from 1990 to 2017 in headquarters (150 percent) and professional, scientific and technical services (38 percent), as well as healthcare sectors (65 percent). GRP in these segments also grew, and will continue its upward climb, along with manufacturing GRP, through the coming decade.
Other notable economic indicators related to Northeast Ohio’s 18 counties include:
- GRP projected to reach $236 billion in 2017
- This projection represents the greatest percentage of growth (2.7 percent) since 2011
- Total employment is at 1.88 million
- Employment has increased by 1,500 jobs year-over-year
- The unemployment rate has increased year-over-year
- Northeast Ohio’s unemployment averaged 6.7 percent in Q1 2017, an increase from 6 percent in Q1 2016
- The services sector has grown year-over-year
- The services sector has added more than 5,400 jobs since Q1 2016
- Well production activity continues to grow
- There are 1,024 wells in production statewide
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 this information to attract new businesses and jobs to Northeast Ohio and help those that are here grow.
Team NEO uses Moody’s Economy.com, the 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 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.clevelandplus.com.
JobsOhio is a private, nonprofit corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion efforts. JobsOhio works with six regional partners across Ohio: Appalachian Partnership for Economic Growth, Columbus 2020, Dayton Development Coalition, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobs-ohio.com. Follow us on LinkedIn, Twitter and Facebook.