Team NEO Projects 14% Growth in Region
CLEVELAND – Northeastern Ohio’s output, or Gross Regional Product, grew 48% since 1990, and is projected to grow another 14% over the next decade, finds a report released today by Team Northeast Ohio.
The Cleveland Plus Economic Review, Team NEO’s quarterly report on the economy, projects GRP in the region will reach $236 billion in 2017, representing the greatest percentage of grown – 2.7% — since 2011.
The quarterly report also identified areas of strength within the regional economy, including sectors such as health care, headquarters, and professional scientific and technical services.
“We have seen strong economic growth in certain key sectors within our economy,” Bill Koehler, Team NEO CEO, said. “Overall, we have made progress and our projections are positive. As our economy has diversified, we have become a stronger and more resilient region. We are well-positioned for continued growth in GRP and jobs.”
Team NEO based its findings on data from Moody’s Economy.com, the U.S. Bureau of Labor Statistics data and Ohio’s Labor Market Information to aggregate regional figures.
The report finds major employment growth from 1990 to this year in headquarters (150%) and professional, scientific and technical services (38%), as well as health-care sectors (65%). GRP in these segments also grew, and will continue its upward climb, along with manufacturing GRP, through the coming decade.
Manufacturing represents 18% of GRP, providing the region’s largest output, although manufacturing employment has declined 41% since 1990. Health-care employment is projected to grow by 10.5% over the next decade.
Northeast Ohio’s unemployment rate increased year-over-year, from 6.0% during the first quarter of 2016 to 6.7% the first quarter of this year.
Total employment in the 18-county region is 1.88 million, and over the next decade is projected to grow 5.5%. The service sector added more than 5,400 jobs since first quarter 2016.
TeamNEO also reported on Utica shale activity. Since tracking results in the fourth quarter of 2012, 2,342 total permits have been issued, of which 1,584 wells have been drilled. Of those drilled, 1,024 are in production statewide.
Copyright 2019 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.