Team NEO Projects 640,000 New Job Openings by 2025

Employment is projected to be at 2.041 million workers by 2025, reports the quarterly Cleveland Plus Economic Review released today by Team NEO.

Occupations with the most job openings through 2025 include healthcare, manufacturing, and sales and administration occupations.

“Jobs are projected to grow by 123,000 by 2025,” said Bill Koehler, CEO of Team NEO. “Overall, nearly 640,000 total jobs openings are expected by 2025 due to new job creation and turnover.”

Statistics from the report include:

  • Sales and Administration Lead Total Job Openings (New and Replacement Jobs)

    • Leading the way in overall job openings from 2015 to 2025 are sales and administrative occupations, with 155,000 projected openings, positions that cut across all industries.
    • Other occupations projected to grow include healthcare with 85,000. Production is also projected to add more than 45,000 jobs due to turnover.
  • Occupations with Highest Concentration of Workers Include Traditional and Growing Industries

    • Production has a 52% higher concentration of workers when Northeast Ohio is compared to the US
    • Healthcare support has a 38% higher concentration and healthcare practitioner and technical workers combined is 22% higher
  • Workforce is Older Than US as a Whole, But Gaining Ground in Education

    • While the region’s workforce skews higher in the 45-and-older age group, the education level is increasing with 25% of the population with a bachelor’s degree or higher.

In addition, all of the economic indicators tracked in the report are trending up year-over-year:

  • Total Employment is at 1.86 Million
    • Employment is up 17,000 jobs year-over-year from Q1 2014 to Q1 2015.
  • NEO Unemployment Rate Declines 1.4%
    • The Northeast Ohio unemployment rate averaged 6.2% in Q2 2015, down from 7.6% for the same time period in 2014.
  • All Sectors See Year-Over-Year Growth
    • The services sector added more than 10,000 workers from Q1 2014 to Q1 2015, while construction gained 2,400 jobs year-over-year and manufacturing added more than 3,400 jobs over the same time period.
  • Well Production Slows from Low Energy Prices
    • While well production has slowed, there are still 966 total producing wells 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 Northeast Ohio and help those that are here grow.

Team NEO uses Moody’s Economy.com and US 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, 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.