Team NEO Announces 2008 Results - More than $30 Million New Payroll Attracted to Northeast Ohio in 2008

1/29/2009

Team Northeast Ohio (Team NEO) today released its 2008 results. The non-profit regional business attraction agent, in partnership with the State of Ohio and local economic development partners, recruited more than 10 new companies to the 16 counties of Northeast Ohio in 2008, accounting for nearly 700 new jobs, more than $30 million in new annual payroll, and an estimated incremental annual regional impact of $67 million.

New companies to Northeast Ohio include:

  • Group Travel Planning : Corporate Event Planning (HQ) - 25 new jobs in 3 years
  • M2M Imaging : Imaging Components - (HQ) - 30 new jobs in 3 years
  • ViewRay : Image Guided Radiation Therapy (HQ) - 93 new jobs in 3 years
  • Project Glenda* : Medical Device for Heart Treatment - 25 new jobs in 3 years
  • Clear Catheter : Medical tubing - 15 new jobs in 3 years
  • Affymetrix : Pharmaceutical reagents - 61 new jobs in 3 years
  • SP Data : Contact Management (US HQ) - 400 new jobs in 3 years
  • Proxy Biomedical : Biomaterials: Wound Coverings (US HQ) - 26 new jobs in 3 years
  • Doppstadt : Steel operations - 5 new jobs in 3 years 

    *company does not wish to disclose name  

Of these companies, several are international firms who chose Northeast Ohio for US Headquarters operations, further affirming Northeast Ohio’s prominence in the Headquarters sector, as was found in the December 2008 issue of the Northeast Ohio Economic Review. Currently, more than half of Team NEO’s business development leads are international firms expanding into the US.

In addition, seven of the new companies attracted to Northeast Ohio are in the biomedical field, expanding the rapidly growing industry in Northeast Ohio. Leading global biomedical companies, such as ViewRay, M2M Imaging, and Proxy Biomedical, all chose Northeast Ohio for their US Headquarters in 2008. “These decisions solidify an accelerating trend of global biomedical companies choosing Northeast Ohio for US market expansion,” says Tom Waltermire, CEO of Team NEO. “With our region’s world-renowned biomedical and educational institutions coupled with the low cost of doing business, the State of Ohio’s commitment to the industry, and our central location that provides efficient access to US and Canadian markets, Northeast Ohio offers unparalleled competitive advantage for growing biomedical companies.”

To attract businesses, Team NEO markets the region in targeted industries and to national site selection consultants who influence company expansion projects. The organization markets the Cleveland Plus brand nationally and internationally as an innovative and opportunistic region for business growth. In addition to targeted industry benefits, Team NEO promotes the region’s low cost of operations, Ohio’s new tax reform, and the region’s central location which provides convenient access to US and Canadian markets.

In addition, Team NEO has partnered with the Global Cardiovascular Innovation Center (GCIC) housed at the Cleveland Clinic to specifically focus on attracting cardiovascular companies to the state of Ohio. As of December 31, 2008, five additional companies made the commitment to locate in Ohio, as a direct result of GCIC activities, and three additional companies are locating to Ohio as a result of the growing cluster of cardiovascular companies within the state.  These companies represent a wide geographic mix including international companies from Brazil, Ireland, the Netherlands, Switzerland and Uruguay and domestically from Michigan, North Carolina, Maryland, Massachusetts and Oregon.  The GCIC is a grantee of the State of Ohio’s Third Frontier program.
 
Since focusing on business attraction in January 2007, Team NEO has attracted more than 20 new firms to Northeast Ohio, accounting for 2244 new jobs and nearly $78 million incremental annual payroll, leading to a total regional annual impact of $150 million. The non-profit organization employs 14 people and operates on a $3 million annual budget, with funding from the Fund for our Economic Future, the Cleveland Plus Marketing Alliance, corporate support and regional metropolitan chambers of commerce including the Greater Cleveland Partnership, Greater Akron Chamber, Stark Development Board, Youngstown/Warren Regional Chamber, Team Lorain County and the Medina County Economic Development Corporation.

About Team NEO:
Team NEO advances Northeast Ohio’s economy by attracting businesses worldwide to the 16-county Cleveland Plus region.  The organization is a joint venture of the region's largest metro chambers of commerce.  Since 2007, the organization has attracted more than 20 new companies, 2,200 new jobs and more than $70M in annual payroll to Northeast Ohio, leading to a total regional annual impact of $150M.

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