Team NEO Efforts Lead to 8,500 Jobs, $3.35B in Investment
CLEVELAND, Ohio – Team NEO assisted in 84 economic development projects in the region last year, resulting in the creation of more than 8,500 jobs with $449.1 million in payroll, as well as $3.35 billion in capital investment.
Among the projects highlighted in the annual report were Lordstown Motor Corp.’s assemble plant, a new downtown Cleveland headquarters for Sherwin-Williams Co. and an expansion of Athersys Inc.’s site in Stow.
The agency, in partnership with JobsOhio and the Northeast Ohio Economic Development Network, also worked on offsetting pandemic-related job losses, helping companies retain nearly 11,500 jobs.
“There will be opportunity as we emerge from today’s crises. We look forward to collaborating with our partners – and to what we will collectively achieve – in 2021 and beyond,” said CEO Bill Koehler in the report. “Together, we will make our region more talented, equitable, competitive, innovative, resilient and prosperous. Together, we will build a vibrant economy.”
The report outlines Team NEO’s work in its key strategy areas, including advancing the adoption of technology.
“Team NEO’s ongoing efforts to build regional innovation clusters and accelerate technology adoption paid off during the pandemic,” the report said. “Notably, companies of all sizes stepped up to design, manufacture and donate personal protective equipment as Team NEO connected key decision-makers and influencers to address this critical need.”
The economic development organization also released its fourth annual “Aligning Opportunities” report, comparing job openings in the region to the type and number of credentials awarded. Many colleges in the area, including Baldwin Wallace University and University of Akron are using the report to develop and modify their job-preparation efforts.
Also released was “Misaligned Opportunities” report, which examines racial equity in job opportunities throughout northeastern Ohio.
In 2020, Team NEO formed the Talent Development Council, comprised of leaders in higher education, workforce development and industry. Among the efforts of the council were the development of the Workforce Accelerator IT training program at Youngstown State University.
Team NEO and its new RightSites Council identified, reviewed and promoted 43 of the most competitive sites in the region last year, while capitalizing on 2020 JobsOhio programs to drive investment and job creation in distressed areas, fill real estate inventory gaps, and accelerate site redevelopment. As a result, 650,000 square feet of industrial space, 95 ready-to-develop acres, 2,922 jobs and $179 million in payroll have been added.
The full 2020 Team NEO annual report can be read HERE.
Copyright 2024 The Business Journal, Youngstown, Ohio.