Economic Development

Team NEO Reports 4Q Development Numbers

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CLEVELAND — Economic development efforts in the region helped to attract or support the expansion of 16 businesses in northeastern Ohio during the fourth quarter, Team NEO reports.

In addition, for all of last year, efforts by Northeast Ohio’s economic development organizations and JobsOhio, resulted in 79 projects that helped support the creation and retention of 17,001 jobs, $1 billion in payroll and $1.3 billion in capital investment.

The Q4 2014 Regional Economic Development Report was released last week by Team NEO, a private-sector, collaboration of major businesses, foundations, chambers of commerce, economic development organizations and JobsOhio.

Attraction, expansion and retention projects during the fourth quarter resulted in 3,000 total jobs, $126 million total payroll and $132 million in total capital investment, Team NEO reported.

According to the report, the region’s economic development organizations were involved with 52 new projects and 37 site visits during the final quarter of 2014. The largest number of inquiries came from advanced manufacturing companies, including several established firms from Germany and China, along with company in the bio-health and energy industries.

Of the total jobs created last year, fewer than 2,000 came from new businesses attraction efforts, the report noted.

“The results in this report underscore the importance of focusing our economic development resources on the growth of those businesses already in our region to accelerate the pace of job creation in Northeast Ohio,” said Grant Goodrich, interim CEO of Team NEO, in a prepared statement. “Economic development organizations across the region continue to spur this growth by demonstrating to local businesses the benefits of operating and expanding in a region that offers robust supply chains and dynamic business communities in a geographically central location along key freight and logistics routes.”

Published by The Business Journal, Youngstown, Ohio.