Cleveland Plus Quarterly Economic Reviews
Each quarter, Team NEO publishes a Cleveland Plus Quarterly Economic Review. Each edition contains up to date information on employment, gross regional product, and real estate. However, in each report we take a closer look at a key competitive asset that Cleveland Plus possesses.
Q2 2013 Assessment | Northeast Ohio Headquarters Employment Grows:
Northeast Ohio has the fourth strongest headquarters employment share in the nation, reports the quarterly Cleveland Plus Economic Review. From 1990 to 2013 headquarters employment has grown nearly 160%, compared with the US national average of 22% growth.
Click here to download the Q2 2013 Cleveland Plus Quarterly Economic Review
Q1 2013 Assessment | Northeast Ohio 2022 Employment Projected to be at Highest Point in the Past 20 Years:
Employment is projected to be at 2.57 million workers by 2022, its highest point in the past 20 years, reports the quarterly Cleveland Plus Economic Review. Occupations with the most job openings through 2022 include healthcare, office and similar occupations, and production.
Click here to download the Q1 2013 Cleveland Plus Quarterly Economic Review
Q4 2012 Assessment | Northeast Ohio Manufacturing GRP Projected to Outpace US through 2020:
The shift from traditional manufacturing to advanced manufacturing is playing a critical role in the region’s economic transformation, reports the fourth quarterly Cleveland Plus Economic Review. Between 2010 and 2020, manufacturing Gross Regional Product (GRP) is projected to grow 39%, to a $43 billion sector of the economy. US output is projected to grow 33%.
Click here to download the Q4 2012 Cleveland Plus Quarterly Economic Review
Q3 2012 Assessment | Northeast Ohio Economy Continues to Recover:
The ongoing transformation of Northeast Ohio’s economy continues to improve the industrial base for employment and Gross Regional Product (GRP) performance, reports the third quarterly Cleveland Plus Economic Review. The 30-year period from 1990-2020 shows growth in employment and GRP for most sectors of the Cleveland Plus economy.
Click here to download the Q3 2012 Cleveland Plus Quarterly Economic Review
Q2 2012 Assessment | Northeast Ohio Unemployment Rate Continues to Outperform the US:
Manufacturing continues to play a critical role in the region’s economic recovery, reports the second quarterly Cleveland Plus Economic Review of 2012. Northeast Ohio’s Instruments, Controls and Electronics (ICE) sector – the focus of this report – is contributing to this recovery and is an example of how the region is diversifying, evolving and growing its manufacturing base.
Click here to download the Q2 2012 Cleveland Plus Quarterly Economic Review
Q1 2012 Assessment | Oil and Gas Opportunities Fuel Growth in Northeast Ohio:
Growing activity in the oil and gas industry and an unemployment rate that is outperforming the national average are contributing to the steady growth of Northeast Ohio’s economy, reports the first quarterly Cleveland Plus Economic Review of 2012.
Click here to download the Q1 2012 Cleveland Plus Quarterly Economic Review
Q4 2011 Assessment | Northeast Ohio Shows Signs of Recovery as Unemployment Rate is Lowest in Three Years:
With year-over-year employment growth for six consecutive quarters and an unemployment rate that is outperforming the national average, the Northeast Ohio economy continues to improve. In addition, the Gross Regional Product (GRP) is expected to grow in 2012 for the third consecutive year, with total GRP topping $184 billion. The report also reflects the growing contribution of Northeast Ohio’s food manufacturing industry to the region’s economy.
Click here to download the Q4 2011 Cleveland Plus Quarterly Economic Review
Q3 2011 Assessment | Northeast Ohio Manufacturing GRP Projected to Grow Faster Than U.S.:
The report shows that by 2015, Northeast Ohio’s manufacturing GRP is expected to outpace that of the United States by nearly 10%. Emerging sectors, such as specialty chemicals and fabricated metal manufacturing are driving this growth.
Click Here to download the Q3 2011 Cleveland Plus Quarterly Economic Review
Q2 2011 Assessment | Cleveland Plus Makes Steady Progress Toward Recovery:
Cleveland Plus makes Steady Progress Toward Recovery: Northeast Ohio continues to forge ahead as development activity abounds and employment grows stronger. The Cleveland Plus economy continues to improve but perhaps a bit more slowly than anticipated due to world economic events and conditions.
Click Here to download the Q2 2011 Cleveland Plus Quarterly Economic Review
Q1 2011 Assessment | Northeast Ohio Shows Signs of Recovery as Employment Rises:
The Cleveland Plus region kicked off 2011 with continued employment increases and a surge of development activity throughout the region. In fact, Northeast Ohio's unemployment rate, at 9.0% in March, is lower than the national rate of 9.2%. Further evidence of the region's recovery from the recession is the year-over-year decline in unemployment. Overall, unemployment dropped two percentage points since Q1 2010. This decline is faster than the U.S., which dropped less than one percentage point for some time frame.
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Q4 2010 Assessment | 16 Counties of Northeast Ohio:
Q4 2010 Assessment | 16 Counties of Northeast Ohio: Q4 2010 Assessment | 16 Counties of Northeast Ohio: Q4 2010 Assessment | 16 Counties of Northeast Ohio:
In Q4 2010, the Cleveland Plus economy continued to show signs of gradual improvement. Compared with Q4 2009 data, manufacturing is up almost 10,000 jobs and the services sector is up 6,000 jobs. Other year-over-year comparisons reveal that initial unemployment claims are down from 7,100 to 5,600 in Q4 2010; the unemployment rate has dropped nearly one percent since Q4 2009.
Click Here to download and share the Q4 Cleveland Plus Quarterly Economic Review
Q3 2010 Assessment | 16 Counties of Northeast Ohio:
In the 3rd quarter of 2010, the Cleveland Plus economy showed signs of improvement. The region saw declines in the unemployment rate and increases in total employment
by more than 80,000 for the year, including 23,000 jobs realized between 2Q and 3Q of 2010. In addition,Gross Regional Product isprojected to grow 3.6% in 2010.
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Q2 2010 Assessment | Cleveland Plus Region Showing Signs of Economic Improvement:
In the 2nd quarter of 2010, the Cleveland Plus economy showed signs of improvement, with declines in the unemployment
rate, increases in total employment by more than 55,000 jobs, a decline in unemployment claims and projected GRP growth of 3.1% in 2010. In addition, the Cleveland Plus Region is performing more similar to the U.S.: Likely due to economic diversification and industry transformation, the Cleveland Plus region is performing more similar to the U.S. during the current recession than previous economic declines, with regard to both economic output (GRP) and employment. The Regions is Experiencing Employment Growth in Services and Manufacturing: Since January 2010, Cleveland Plus has seen employment growth in its two largest sectors. Manufacturing employment grew by approximately 8,000 jobs between January and June of 2010, while service sector employment grew by nearly 48,000 jobs.
Click Here to download and share the Q2 Cleveland Plus Quarterly Economic Review
May 2010 + Cleveland Plus Well-Positioned For "Green" Cleantech Economy
Northeast Ohio is well-positioned for the next generation of energy products, known as “Cleantech” says Team NEO in a report issued today. The report, Team NEO’s May 2010 Cleveland Plus Economic Review, sites that many of the products in the supply chain are the same materials and components used in traditional manufacturing industries such as automotive and aerospace, therefore creating an opportunity to build this industry with existing skills and materials expertise. Team NEO states that hundreds of Cleveland Plus region companies are already producing components for the Cleantech industry, which the report defines as knowledge-based producers or services that improve operational performance, productivity or efficiency while reducing costs, inputs, energy consumption, waste, or pollution. Specifically the report indicates:
- Cleveland Plus Manufacturing Expertise Offers Strong Base for Companies in the Cleantech Supply Chain
- NEO Cleantech Supply Chain Stronger than U.S. Average
- Cleveland Plus Workforce in Place for Cleantech Industry
Click Here to download and share the May 2010 Cleveland Plus Quarterly Economic Review
December 2009 + Northeast Ohio's Diversifying Industries Positively Impacting Economy
Northeast Ohio is trending closer to the U.S. in this current recession than in the 1981 recession, according to the most recent edition of Team NEO’s quarterly Cleveland Plus® Economic Review released today. Compared to the 1981 major recession in which Northeast Ohio significantly lagged behind the U.S. in employment and GRP, these indicators in the 16-county Cleveland Plus region of Northeast Ohio are trending closer to U.S. averages in this recession. The Review indicates that this change is likely due to Northeast Ohio’s change in industry mix. Nearly 30% of the region’s GRP depended on the manufacturing industry in 1981, compared with 12% today. Today, the Cleveland Plus region’s economy is more diversified with increases in Healthcare, Headquarters, Professional, Scientific and Technical Services, and other industries. Specifically, the report indicates:
Northeast Ohio is performing Similar to the U.S. in this Recession
- In the 1981 recession, Northeast Ohio’s employment and GRP rate dropped much more sharply than the U.S.; today’s recession is trending much closer
- Shift in Industry Mix Positively Affecting GRP and Employment
- During 1981 recession, Manufacturing accounted for 28% of employment; today it represents 12%
Diversified mix and shift to higher growth industries may be positively impacting NEO economic stability in this recession
- NEO Biomedical industry has grown by 37% in the last 5 years, outpacing U.S.
- NEO Professional, Scientific and Technical Services has grown 79% in the past 15 years with Scientific Research and Development growth doubling U.S.
- NEO Aerospace-Related Industry has grown by 59% in the last 15 years
Cleveland Plus Workforce Transitioning
- Since 1981, individuals with some college education have increased about 120%
- Individuals with bachelor’s or an advanced degree have increased by nearly 75%
Click Here to download and share the December 2009 Cleveland Plus Quarterly Economic Review
September 2009 + Aerospace-related Sectors Piloted Northeast Ohio to New Heights
Team Northeast Ohio (Team NEO) released the latest edition of the quarterly Cleveland Plus® Economic Review today with a focus on the region’s growing aerospace-related sector. Findings include that Northeast Ohio GRP for the sector has grown 59% since 1993, now representing 24% of all manufacturing. With significant regional growth in the industries that supply to the aerospace sector, the collective $8 billion cluster of these industries is helping to transition the Cleveland Plus regional economy.
- This is a Sector Comprised of Highly Sophisticated Industries: Fabricated Metal is 21%, Navigational, Measuring & Control Instruments is 20%, and Aerospace Product & Parts is 12% of aerospace GRP
- Higher Paying Jobs: The skills needed for this sophisticated sector are more advanced and reflected in 36% higher average wages than other industries in the region
- Strength Throughout Region: The more than 2,300 firms whose products and processes are instrumental to the aerospace sector are disbursed throughout the entire Cleveland Plus region
- Major aerospace suppliers headquartered in Northeast Ohio include: NASA Glenn Research Center, Parker Hannifin, The Timken Company, Goodrich
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June 2009 + Professional, Scientific and Technical Services Generating Opportunities in Cleveland Plus Economy
Team Northeast Ohio (Team NEO) latest edition of the quarterly Cleveland Plus® Economic Review takes a look at region’s growing Professional, Scientific and Technical (PS&T) Services sector. GRP for the sector has grown 79% since 1993, outpacing the nation’s average in several industries. Fueling this growth is the region’s strong heritage of invention, a strong base of significant research institutions, and a growing entrepreneurial sector. Also noted in the report:
- PS&T has added 21,000 new jobs in the Cleveland Plus region since 1993 – 20% of total job creation (1 in 5 new jobs)
- Scientific Research and Development growth in Northeast Ohio has more than doubled U.S. growth in the same time period
Click here to download and share the full report
March 2009 + Biomedical is a Driving Force in the Cleveland Plus Economy
The latest edition of the quarterly Cleveland Plus® Economic Review puts a focus on the region’s biomedical sector. Findings include:
- The Cleveland Plus region’s bio sector has grown an average of 7.4% annually, outpacing the U.S. average of 6.8%
- NEO Bio GRP has grown more than 37% over the past five years
- The share of the total NEO GRP for biomedical sector has increased 33% - from 2.1 to 2.8 over the past five years
- In the past 5 years, the State of Ohio has attracted $783.9 million in VC funds
- The Cleveland Plus region has attracted 60% of these funds: $493.2 million since 2006
Click here for full report.
December 2008 + Regional Strength in Headquarters
This edition of the Northeast Ohio Economic Review is a focus on the Cleveland Plus regional strength in headquarters.
- Cleveland Plus headquarters employment is strong, ranking the 10th in terms of total HQ employment and 4th highest in the nation when adjusted for scale.
- Cleveland Plus has 60% more headquarters employment than the national average, supported by a higher than average share of the operational headquarters occupations, such as Chief Executive, General and Operations Managers.
Charts and data contained within this report include location quotient for headquarters, headquarters occupations, employment, vacancy and gross regional product. Click here for full report.
September 2008 + Focus on Office Real Estate
This edition of the Northeast Ohio Economic Review looks at office real estate in the Cleveland Plus region.
- Today, the Cleveland Plus region has more occupied space than anytime in the past 5 years with total occupied space having increased to almost 112 million square feet.
- In addition, vacancy rates have drastically decreased by nearly 6% in the past 5 years.
Charts and data contained within this report include office space use, occupancy and vacancy, employment, unemployment, and gross regional product. Click here for full report.
June 2008 + Focus on Industrial Real Estate
Team Northeast Ohio looks at the overall climate of industrial real estate in our 16-county Cleveland Plus™ region. The industrial real estate market is strong, and demand is growing in Northeast Ohio. Charts and data contained within this report include industrial space use, occupancy and vacancy, employment, unemployment, and gross regional product. Click here for full report.
March 2008 + Industry and Talent Forecast
The first edition in 2008 of our quarterly Northeast Ohio Economic Review begins by comparing our mix of industries with the U.S. as a whole, and then focuses on projections for the next 10 years.
- While noting that Manufacturing and Headquarters Industry Sectors in the Cleveland Plus™ Region Have Higher Share Than U.S
- This report also finds that finance, insurance, and health care comprise a larger portion of the Northeast Ohio economy than they do nationally.
- Also, projections indicate that higher paying jobs will grow faster, meaning that Northeast Ohio's workforce is expected to continue to gain more talent and skills.
Click here for full report.
December 2007 + Talent & Cost of Living Comparison
This installment takes a deeper look at the occupations that are growing and the effect our mix of jobs has on the standard of living in Northeast Ohio.
- Higher paying jobs are growing faster
- Cleveland Plus cost of living is more than 10% lower than the national average.
- Northeast Ohio unemployment rate has decreased, while U.S. rate is on the rise.
- In addition, employment is on track to be the highest since 2002.
Key data and indicators included: occupational change & annual wage, metropolitan area comparison of per capita income adjusted for cost of living comparison, regional employment and regional real GRP. Click here for full report.
Our economy's growth of 32% in the last 15 years surprises many. Regional unemployment has risen slightly from last year, as has job seekers. Jobs are at a 5 year high. Ohio manufacturers have improved output by 50% since the early 1990s. Key data and indicators included: Real GRP changes by sector & manufacturing sector, manufacturing productivity & employment, unemployment. Click here for full report.
Northeast Ohio continues to grow, although moderately. 2007 is expected to be the sixth consecutive year of growth. Key data & indicators included: employment, wages, GRP, as well as output, employment and productivity for key sectors. Click here for full report.
Overall, the economy remains stable, with a modest gain in regional gross product and generally steady employment levels. Surprising to some, our manufacturing sector is stronger than most believe. Key data and indicators included: unemployment, employment and wages, wage comparison, housing permits & value, as well as manufacturing GRP, employment & wages. Click here for full report.
Team NEO uses a number of data sources for the Regional Economic Review. One of the primary sources is the Moody’s Economy.com (www.economy.com) regional modeling system. This firm is the leading independent provider of economic, financial and industry research and data that specializes in national and metropolitan economic growth forecasts. Moody’s Economy.com county level output, employment and payroll historical data are estimated from several publicly available sources and are summarized into the Team NEO regional footprint. It is important to understand data provided by Economy.com are estimates of economic activity.
Team NEO also uses data from federal and state sources as part of the report. As with Economy.com, the information for the Team NEO footprint is derived from data reported at either the county or metropolitan level. We rely heavily on data from the U.S. Bureau of Labor Statistics (www.bls.gov) and Ohio’s Labor Market Information (www.lmi.state.oh.us) for information on wages, unemployment and both general and industry-specific employment. In addition, Team NEO uses data from the Census (www.census.gov) to track housing-related activity including the number of single and multifamily permits, as well as their values.