Record-breaking 125 business investments define the year
Team NEO released its annual performance and Impact report today, sharing that the organization, in partnership with JobsOhio and the Northeast Ohio Economic Development Network, completed 125 business investments that will generate more than 3,800 jobs, $253.3 million in annual payroll, and $1.1 billion in capital investment. The number of business investments represents the highest number of projects completed in a single year since Team NEO’s founding and in the JobsOhio Network’s history.
Matt Dolan, Team NEO’s new Chief Executive Officer, looks forward to building on this momentum, “I am enthusiastic about the future of Northeast Ohio and what we can accomplish, working with our outstanding team, as well as area business leaders, policy makers, and community stakeholders to drive meaningful impact,” noted Dolan.
In addition to project announcements, Team NEO’s Annual Performance & Impact Report features 2024 highlights and case studies illustrating Team NEO’s progress in addressing its four key strategies:
- Grow Our Diverse Industry Base
- Together with our partners, Team NEO proactively engaged with Northeast Ohio business leaders to drive job creation and new capital investment through business retention and expansion (BRE) efforts. Team NEO and local economic development organizations completed 762 BRE calls, leading to160 new leads and 28 project wins.
- In addition to BRE efforts, 337 business attraction meetings were held that led to 92 new leads and six project wins.
- In 2024, Team NEO connected with many regional initiatives providing insights, research, and letters of support in pursuit of state and federal grant opportunities that total more than $200M of investment into regional R&D initiatives.
- Grow a Pipeline of Competitive Sites
- Team NEO leveraged JobsOhio programs to build a pipeline of competitive sites, including:
- Vibrant Communities program to assist distressed small- and medium-sized communities with the implementation of catalytic development projects. In 2024, The Northeast Ohio Region was approved for four projects, totaling more than $25 million in capital investment.
- Completed six JobsOhio SiteOhio Inventory projects, representing 211,850 square feet of new inventory, more than 1,200 acres of total land open for future development, and more than $39 million total fixed asset investment. The program offers grants and low-interest loans for speculative site and building development projects designed to fill gaps in Ohio’s real estate inventory.
- In 2024, Team NEO continued its efforts with the Developing Opportunities report and tools, providing the latest data, trends, and insights to enhance the availability of ready-to-develop manufacturing sites.
- Address the Talent Supply/Demand Gap
- In 2024, Team NEO published its eighth-edition Aligning Opportunities report, a data-rich research report to equip the Northeast Ohio Region’s education, talent, and workforce ecosystem with insights into the state of current and emerging needs of our region’s employers. This year’s report went beyond the most in-demand industries (manufacturing, information technology, and healthcare) to explore the top 50 jobs by 2030.
- Team NEO released two reports providing key insights into the challenges and opportunities the Northeast Ohio Region has as the economic development network works to build a vibrant economy. The reports, informed by the Vibrant Economy Indicators (VEI), track progress toward the 2030 goal of “Bending the Curve” of our economic trajectory. Recently Team NEO launched a new online interactive tool that provides this detail.
- Promote & Engage the Region
- In 2024, Team NEO carried out digital campaigns to raise awareness about the region’s assets and promote its strengths. We targeted site selectors and corporate executives outside of the region in our targeted industry sectors with an emphasis on aerospace, EV automotive, and semiconductor industries.
- Strengthened our existing partnerships by hosting 20 mayor and legislator roundtables, reaching 500 constituents – from rural to urban core. We also conducted 18 meetings at the Ohio Statehouse to advance initiatives of site development and align officials around industry council strategies to develop opportunities.
To view the 2024 Team NEO annual report in its entirety, click here.
About Team NEO
Team NEO is a private, nonprofit economic development organization that ignites economic vibrancy, fosters sustainable growth, and champions equitable prosperity. As a designated JobsOhio Network Partner, we collaborate across all 14 counties in the Northeast Ohio Region to create strategies to attract and retain companies, drive innovation, cultivate a skilled workforce, advance market-ready sites, and promote and engage the region. To learn how Team NEO helps make Northeast Ohio more competitive, visit northeastohioregion.com.
About JobsOhio
JobsOhio, Ohio’s private nonprofit economic development corporation, enhances company growth and personnel development through business attraction, retention, and expansion across ten competitive industry sectors. With a team of seasoned professionals, JobsOhio utilizes a comprehensive network to foster talent production in targeted industries and attract talent through Find Your Ohio. Collaborating with seven regional partners, including Dayton Development Coalition, Lake to River Economic Development, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership, and Team NEO. JobsOhio delivers world-class customer service to provide companies with a competitive advantage.