Headquarters, Professional Services Sector Growing
CLEVELAND –The latest quarterly economic review released by Team NEO reflects continued upward momentum in the headquarters and professional services sector in the Cleveland Plus region, a sector that today employs 137,000 workers and represents more than $19 billion of the northeast Ohio economy.
Cleveland Plus is an 18-county region that includes Mahoning, Trumbull and Columbiana counties.
The newly released report cites the relocation of Goodyear Tire & Rubber Company’s Latin American headquarters to Akron, and of Nestlé’s Pizza Division to Solon, as evidence of corporations’ confidence in, and commitment to, the region.
“Corporations, including many Fortune 1000 companies, recognize that Northeast Ohio offers the resources and business climate they need to thrive,” said Team NEO CEO Bill Koehler, in a prepared statement. “Our robust workforce, exceptional logistics and communications infrastructure, and outstanding quality of life make this region the ideal location for anchoring and expanding businesses.”
The report finds northeast Ohio, which has the fourth-highest concentration of headquarters employment among the largest metros in the United States, is projected to add another 12,000 jobs in this sector by 2025.
Since 2000, the headquarters and professional services sector has performed as follows:
- GRP grew 40%. This sector outperformed the overall region (9%) as well as the United states (30%) from 2000 to 2015. GRP is projected to grow another 16% in the coming decade.
- Employment increased 18%. Nearly 21,000 jobs were created in this sector from 2000 to 2015, a period during which overall employment across Northeast Ohio declined.
The economic indicators representing all sectors of industry in Northeast Ohio reflect positive year-over-year momentum as well, according to Team NEO’s quarterly report:
- Total employment is 1.92 million. Employment is up more than 18,000 jobs in the fourth quarter of 2014 compared to the 2013 quarter13.
- Unemployment is down 1.9%. The northeast Ohio unemployment rate averaged 5.2% in the fourth quarter of 2014, down from 7.1% for the same time period in 2013.
- Construction, manufacturing and service sectors grow year-over-year . Construction employment increased by 4.8% in the fourth quarter of 2014, an increase of 3,300 jobs. The manufacturing sector grew by 3,900 jobs (1.5%), and the service sector by 10,000 jobs (0.8%).
Team NEO publishes the Cleveland Plus Economic Review using data from Moody’s Economy.com and U.S. Bureau of Labor Statistics and Ohio’s Labor Market Information to aggregate regional figures.
Team NEO, regional network partner for JobsOhio, works to attract new businesses, help those that are here grow, and accelerate the pace and impact of innovation in the 18-county region.
Pictured: 18-county Cleveland Plus region.
SOURCE: Team NEO.
Copyright 2022 The Business Journal, Youngstown, Ohio.