Team NEO Report: Region Well Positioned for Semiconductor Industry
CLEVELAND – The Northeast Ohio region has assets to be a powerhouse in the semiconductor industry with a high employment concentration in 16 of the top-20 industries supplying the sector.
These include “manufacturing strength of an experienced labor force, a variety of sites suitable for semiconductor manufacturing, and a strong supply chain for materials, chemicals, and machinery equipment,” states Team NEO’s Quarterly Economic Review, released Monday.
The report comes as Intel progresses on construction of its $20 billion manufacturing site in New Albany, Ohio, which is slated to come online in 2025.
“The opportunity is great in Northeast Ohio for this emerging industry,” says Bill Koehler, CEO of Team NEO.
In 2022, the semiconductor industry purchased more than $180 billion in goods and services from the top 20 supplying industries, according to the report.
Key industries that could potentially serve the semiconductor industry are projected to grow over the next five years. In the Northeast Ohio region, the semiconductor and other electronic components sector is projected to grow 34% and the plastic product manufacturing sector is projected to grow 16% – both at a faster growth rate than across the nation as a hole.
To support talent needs, Ohio TechNet is training workers and closing the skills gap, Team NEO notes. Regional partners include Cuyahoga Community College, Stark State College, Lakeland Community College, Lorain County Community College, Cleveland State University, Kent State University, Ashland University, Case Western Reserve University, University of Toledo, Ohio Dominican University, and Youngstown State University.
Additionally, Team NEO is collaborating with the Smart Manufacturing Cluster of Northeast Ohio to host the Semiconductor Summit NEO Sept. 21 at Lorain County Community College. To register, click here.
Image: Team NEO
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