Q3 2011 Northeast Ohio Manufacturing GRP

11/14/2011

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Jenny Febbo
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NORTHEAST OHIO MANUFACTURING GRP PROJECTED TO GROW FASTER THAN U.S. 
Team NEO Report Shows Manufacturing a Driving Force in region’s Economy

CLEVELAND, November 14, 2011 — Team Northeast Ohio (Team NEO) released the latest edition of its quarterly Cleveland Plus Economic Review today with a focus on the region’s manufacturing sector. The report shows that by 2015, Northeast Ohio’s manufacturing GRP is expected to outpace that of the United States by nearly 10%. Emerging sectors, such as specialty chemicals and fabricated metal manufacturing are driving this growth.

“The diversification in our manufacturing sector is helping to fuel the region’s gradual recovery from the 2007 recession and continues to play a prominent role in our economy,” said Tom Waltermire, CEO of Team NEO. “Manufacturing GRP accounts for more than 18% of output in Northeast Ohio compared with only 12% nationally, and in 2011, manufacturing accounted for 13% of all jobs in our region compared with 8.5% of all jobs in the U.S.”

Waltermire noted that the region’s manufacturing employment continues to grow – up 2.5% from Q2 and up 3.7%, or 8,000 jobs, year-over-year. The unemployment rate for the region overall is at its lowest point (8.5%) since December 2008 and is lower than that of the United States (9.1%).

Additional statistics from the report include:
• Cleveland Plus Employment Grows 
    - Employment rose 1.2%, by nearly 24,000 jobs, Q3 2011 over Q2 2011. 
    - Employment grew by almost 30,000 jobs in Q3 2011 as compared with Q3 2010, to 2.07 million workers.
• Unemployment Rate Continues to Improve Faster Than National Average 
    - Northeast Ohio outperformed both Ohio (8.8%) and the U.S. (9.1%) with its Q3 2011 unemployment rate of 8.5%.
• Manufacturing Employment Continues to Press Upward 
    - Year-over-year, manufacturing employment gained 8,000 jobs, or 3.7%.
• Unemployment Claims Down Year-Over-Year 
    - Initial claims in Q3 remain among the lowest since Q3 2007. 
    - For Q3 2011, continued claims averaged 34,900.
• Cleveland Plus Employment Outpacing U.S. 
    - Through 16 quarters of the 2007 recession, the Northeast Ohio employment index is trending about 1% better than the U.S. This regional recovery compares with a dramatic gap through 16 quarters of the 1981 recession, when Cleveland Plus trailed the national average by 6%.

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 U.S. 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 48 new company operations, 4,800 new jobs and almost $173 million in annual payroll to Northeast Ohio, leading to a total annual regional payroll benefit of $281 million.

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