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Cleveland Plus Regional Economic Reviews (published quarterly)

Each quarter, Team NEO publishes a Cleveland Plus Regional 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. 

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

Click Here to download and share the report

June 2009 + Professional, Scientific and Technical Services Generating Opportunities in Cleveland Plus Economy

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 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.

September 2007

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.

June 2007

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.

March 2007

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. 

 

Data Sources
Team NEO uses a number of data sources for the Regional Economic Review. One of the primary sources is the Moody’s 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 () and Ohio’s Labor Market Information () for information on wages, unemployment and both general and industry-specific employment. In addition, Team NEO uses data from the Census () to track housing-related activity including the number of single and multifamily permits, as well as their values.