The northeast region continues to receive national recognition for its economic revitalization, as it builds upon its traditional manufacturing strengths to become a hub of emerging technologies, biomedicine and other growth industries.
The 18-county northeast region includes:
- 4.3 million residents
- 2 million workers
- $236 billion economy
- Cleveland, Akron, Canton and Youngstown metropolitan areas
- Advanced manufacturing
- Specialty chemicals
- Headquarters and business services
- The region’s output grew 48% from 1990 to 2017, with the greatest growth in healthcare, headquarters, and professional, scientific and technical services. Its manufacturing sector is outpacing the U.S. in productivity, which has increased by 16% from 2007 to 2017. (U.S. productivity has increased by 12% in that time.)
- The region’s automotive industry is expected to grow 19% by 2024, despite a projected decline in national automotive employment. General Motors and Ford each have recently announced investments of more than $200 million in their local facilities.
- $20 billion in development from 2009 to 2016 spanned business investments, transportation infrastructure, higher education, healthcare, hotels, and entertainment and cultural projects.
- 20 Fortune 1000 companies are headquartered in the region. Headquarters employment increased 150% from 1990 to 2017, representing the greatest growth of any sector.
- Known as “The Medical Capital,” Northeast Ohio is a $5.6 billion biohealth industry with 700 companies, including the Cleveland Clinic and University Hospitals. Cleveland has been named a top 10 location for medical innovation by Qmed, in part because of its numerous supply chain assets in diagnostic devices, contract manufacturers and telemedicine, among other areas. In the software and services area, companies such as IBM Explorys and Hyland Software are dedicated to using information to improve healthcare delivery.
- The region is building innovation clusters in the areas of smart devices & systems/IoT, additive manufacturing and energy storage to nurture innovation that will generate continued growth and competitiveness in the region’s driver industry companies.
For more information, visit Team NEO.