Cleveland Plus Well-Positioned For Cleantech Economy; Report Indicates Strength in NEO Industries and Expertise

5/10/2010

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
    • The industries that are part of the Cleantech supply chain collectively represent $12.5 billion, or 7.5% of Northeast Ohio’s economy today, and is projected to grow more than 20% between 2010 and 2015
  • NEO Cleantech Supply Chain Stronger than U.S. Average
    • NEO is producing significantly more in 10 Cleantech supply industries as they are in the U.S. as a whole
    • Cleveland Plus is producing 600% more fabricated metal than the national average
    • This strength positions NEO to export goods to wind turbine manufacturers globally
  • Cleveland Plus Workforce in Place for Cleantech Industry
    • In the 27 occupations identified as seeing a growth to meet demand of Cleantech industries, NEO has more than 130,000 workers in these fields
    • Cleveland Plus is above the national average in 20 of these occupations

In addition, every issue of Team NEO’s quarterly Cleveland Plus® 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:

  • NEO GRP Projected to Increase
    • GRP for the region in 2010 is estimated to grow 3.1%
  • Northeast Ohio Employment Declines
    • Total employment declined to 1.87 million in Q1 2010
    • Total employment is down 2% year over year, and 6.6% compared to Q1 2008
  • NEO Unemployment Rate Sees Increase in Q1
  • Industrial Space Demand Remains Stable 
    • Vacancy rate increased slightly to 8.5%, while occupied space remained relatively stable

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 16-county region.  Team NEO uses Moody’s economy.com data, U.S. Bureau of Labor Statistics and Ohio’s Labor Marketing Information to aggregate regional figures. The non-profit organization uses the information to attract businesses worldwide to the Cleveland Plus region.  

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 33 new companies, more than 3,200 new jobs and $100M in annual payroll to Northeast Ohio, leading to a total annual regional payroll benefit of $260M.

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