Team NEO Releases Quarterly Economic Review of Northeast Ohio

CLEVELAND, OH - The Northeast Ohio economy is more balanced today than it was in the 1970s, according to an economic report from Team NEO, an economic development organization in Cleveland. The group also found that employment has reached 1.935 million, up 15,000 jobs versus this time last year.

Manufacturing accounts for 20 percent of the total gross regional product (GRP) versus 40 percent in 1970. As a result, the economy is less sensitive to economic cycles that have created significant challenges for the region in past recessions, the report says. Northeast Ohio continues to see an increase in export activity, which has increased 16 percent since 2006.

Through 2025, manufacturing of computers and related equipment is expected to grow 104 percent in Northeast Ohio. Semiconductor and other electronic component manufacturing is predicated to grow 89 percent. This represents a shift away from the more traditional manufacturing of steel, iron, and the like.

Projections through 2025 also indicate continued increases in productivity, with an increase of 73 percent versus today. The report notes that from 1990 to 2015 manufacturing productivity in the region increased 92 percent.

Unemployment in the fourth quarter of 2015 was at 4.5 percent, down from 5.1 percent in 2014.

To view the full report, click here.

Photo from Rick Uldricks, Patch