Report finds Cleveland Plus Region is 4th Strongest Location for Headquarters

1/12/2009

Team Northeast Ohio (Team NEO) released the latest edition of the quarterly Northeast Ohio Economic Review today with a focus on the region’s headquarters sector. Findings include that the Cleveland Plus region is the 4th strongest in headquarter employment share in the nation.  The report compares Northeast Ohio’s share with that of the nation’s largest regions, finding that the sector share is stronger in the Cleveland Plus region than in areas such as Chicago, Houston, Phoenix and Atlanta.

Click here to download the Northeast Ohio Economic Review

Specifically, the report indicates:

Cleveland Plus headquarters employment strong
The Cleveland Plus region ranks 10th in terms of total HQ employment.
The Cleveland Plus headquarters employment share is 4th highest in the nation when adjusted for scale, with 60% more headquarters employment than the national average.
Cleveland Plus significantly strong in high-skill headquarters occupations
Northeast Ohio’s strong national position in corporate headquarters is supported by a higher than average share of the occupations – such as Chief Executive, General and Operations Managers – that are most important to the operation of business headquarters.
In addition, every issue of Team NEO’s quarterly Northeast Ohio Economic Review provides updates of basic economic indicators for the 16-county economy including: current estimates of the region’s annual growth rate, as defined by Gross Regional Product (GRP), and up-to-date information regarding Northeast Ohio’s total employment  rate.  This quarterly report also looks at the Industrial real estate landscape.  The following is a summary of the findings:

Northeast Ohio’s economy is expected to continue modest growth in 2008
Projections reflect soft conditions in the economy, showing estimates at .4% for 2007 and 2008.
The economy has grown at an annual rate of 1.6% over the past 15 years.
Northeast Ohio’s employment mirrors national trends
Reflected of the current national economic conditions, total employment remained just over 2 million works in Q3, and is down approximately 1.5% from last year for the same quarter.
Demand for industrial space continues to grow
Occupied industrial space is higher than at any point in the previous five years.
Vacancy rates of 7.5% are at their lowest point in the past five years.
Click here to view a library of Northeast Ohio Economic Reviews

Team NEO publishes the Northeast Ohio Economic Review on a quarterly to provide a holistic picture of Northeast Ohio’s economy.  It is the only regular source of collective economic data for the 16-county region.  The non-profit organization uses the information to attract businesses worldwide to the Cleveland Plus region.

Team NEO unites the region to accelerate economic growth by serving as the central point for business attraction. The organization is a non-profit joint venture of the region’s largest metro chambers, privately funded to market to the 16 county-area and assist companies in expanding to Northeast Ohio.  In 2007, Team NEO attracted 95 new qualified investment leads, closed $46 million in new annual payroll and created a nearly $100 million regional economic impact.

 

Back to News