Team NEO Releases Third Quarterly 2012 Economic Review
For additional information, contact:
NORTHEAST OHIO ECONOMY CONTINUES TO RECOVER
Team NEO report details diversification of industry sectors over 30-year period
CLEVELAND, Ohio, November 19, 2012 – The ongoing transformation of Northeast Ohio’s economy continues to improve the industrial base for employment and Gross Regional Product (GRP) performance, reports the quarterly Cleveland Plus Economic Review released today by Team NEO. The 30-year period from 1990-2020 shows growth in employment and GRP for most sectors of the Cleveland Plus economy.
“Manufacturing remains a significant contributor to Northeast Ohio’s economy,” said Tom Waltermire, CEO of Team NEO. “However, the growth of other sectors, such as healthcare and professional, scientific and technical services has and will continue to help Northeast Ohio compete both nationally and globally.”
Statistics from the reports include:
Employment growth shifts
• Decline in manufacturing employment (-41%) from 1990-2012 is offset by growth in healthcare (+55%), professional, scientific and technical services (+27%), and headquarters employment (+125%)
Projected GRP Growth
• From 2012-2020 significant increases are expected in manufacturing (23%), real estate (19%), and professional, scientific and technical services (25%)
Cleveland Plus Employment Grows
• Year-over-year, manufacturing employment grew by 10,000 jobs, or 5%.
Initial and Continued Unemployment Claims Decline
• Initial claims averaged 3,900 – the lowest number of average initial claims in a second quarter since 2007
• Continued claims declined by more than 8,000 year-over-year
Cleveland Plus Employment Continues to Track Close to US
• Employment grew to 2.06 million workers in Q3 2012, up 8,000 jobs over Q3 2011. This increase represents nine consecutive quarters of year-over-year growth in the region
Unemployment Rate Lower than National Rate
• Northeast Ohio’s unemployment rate at 7.0% represents a 1.5% year-over-year decline. This compares with the US unemployment rate of 8.1%, a 1% decline year-over year
Manufacturing Employment Continues to Grow
• Year-over-year, manufacturing employment increased 3.1%, adding 7,000 jobs
Northeast Ohio and US Employment Recovery Slower Than Previous Recessions
• Recovery for both Northeast Ohio and the US was quicker in recessions since 1981 than in the current recession
Well Activity Increasing in Northeast Ohio
• Through three quarters of 2012, 87 wells were permitted or drilled, four were completed and/or are producing
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 the Cleveland Plus region.
Team NEO uses Moody’s Economy.com and US Bureau of Labor Statistics data, and Ohio’s Labor Marketing Information to aggregate regional figures.
Team NEO advances Northeast Ohio’s economy by serving as the 18-county region’s private-sector economic development hub. It builds collaboration among the region’s economic development organizations, attracts new businesses from around the world and connects the region to the state’s JobsOhio program. Since 2007, the organization has attracted 63 new company operations, almost 5,900 new jobs and more than $214 million in annual payroll to Northeast Ohio, leading to a total annual regional payroll benefit of $396+ million.
Click here to download the Q3 2012 Cleveland Plus Quarterly Economic Review
Back to News