Team NEO launched the Vibrant Economy Index at its annual ED NOW! event for elected officials and economic development professionals. The Vibrant Economy Index, or VEI, is a new tool that uses an expanded dataset in six categories \u2013 talented, equitable, innovative, resilient, competitive and prosperous \u2013 to offer a more detailed, nuanced and accurate measure of the Northeast Ohio Region\u2019s economy and individual prosperity.<\/p>\n\n\n\n
Team NEO\u2019s research team began researching the concept of the Vibrant Economy Index in 2019 with the goal of developing a tool to help inform solutions and strategies that support economic growth and address disparities in economic opportunities and outcomes.<\/p>\n\n\n\n
\u201cDespite the progress Northeast Ohio\u2019s economy has made over the past two decades, many of our residents continue to face systemic barriers to careers with family-sustaining wages and opportunities to thrive,\u201d said Jacob Duritsky, vice president of research and strategy at Team NEO.\u200b \u201cTraditionally, we\u2019ve measured our economy primarily using growth-oriented metrics. Measuring our economy only at that macro level can mask specific challenges and opportunities to economic growth and prosperity. Highlighting measures relating to key factors that impact growth and prosperity enhances our community\u2019s opportunity to create a more vibrant economy through better aligned economic development initiatives.\u201d<\/p>\n\n\n\n
Working with several partners in the Northeast Ohio Region\u2019s economic development network, Team NEO gathered input on the categories and individual data points in the VEI, as well as gauged support for the VEI as a tool. Moving forward, Team NEO will continue to work with its partners to update the VEI and create alignment for economic development strategies that create vibrancy.<\/p>\n\n\n\n
\u201cAchieving a vibrant economy isn\u2019t a one-time thing \u2013 it is a long-term commitment to increasing competitiveness and prosperity through equitable outcomes,\u201d said Bill Koehler, chief executive officer of Team NEO. \u201cAs we embrace the thinking behind the VEI and use the data to help inform our strategies and drive investment, we will see improvements in the measurement of talent, equity, innovation, and resilience. And when we see improvement there, will begin to drive better outcomes making our economy more competitive and our people more prosperous.\u201d<\/p>\n\n\n\n
The VEI will track economic performance in the 18-county region of Northeast Ohio, as well as 12 metropolitan areas in three categories: <\/p>\n\n\n\n
In addition to traditional economic metrics like employment and gross regional product, the VEI includes data points such as unemployment by race and gender, educational attainment, poverty rates, cost of living, broadband access, access to alternative fuel stations, frequency of natural disasters, median home value, and many others.<\/p>\n\n\n\n
\u201cThe Vibrant Economy Index is going to challenge us \u2013 it will challenge how we think about the structure of our regional economy, have competitive we are, who benefits from its progress, and how we can impact success over time. It will challenge us to create new solutions and aligned strategies that improve our competitiveness and individual prosperity,\u201d said Koehler. \u201cBut it also presents an opportunity for us to push towards aspirational outcomes and celebrate the gains we make along the way.\u201d<\/p>\n\n\n\n
For more information, visit vei.teamneo.org<\/a>.<\/p>\n\n\n\n Team NEO is a private, nonprofit economic development organization accelerating business growth and job creation throughout the 18 counties of the Northeast Ohio Region. As the designated JobsOhio Network Partner, we align and amplify local economic development efforts in the region\u2019s 18-counties; we conduct research and data analysis to inform local conversations and influence solutions; we market the Northeast Ohio Region; and we work to increase access to jobs, education, and training for the region\u2019s 4.3 million people. We do this to build a more vibrant regional economy; one that is more talented, equitable, competitive, innovative, resilient, and prosperous. For more information, visit teamneo.org<\/a>.<\/p>\n\n\n\n ED NOW! is a workshop to support elected officials and other economic development professionals in their efforts by providing information about economic development strategies, resources, programs, funding and opportunities. ED NOW is brought to participants by Team NEO, JobsOhio, and the Ohio Economic Development Association (OEDA).<\/p>\n","protected":false},"featured_media":0,"template":"","categories":[6],"tags":[],"class_list":["post-17112","news","type-news","status-publish","hentry","category-press-releases"],"acf":[],"_links":{"self":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/17112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":2,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/17112\/revisions"}],"predecessor-version":[{"id":20334,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/17112\/revisions\/20334"}],"wp:attachment":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/media?parent=17112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/categories?post=17112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/tags?post=17112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About Team NEO<\/h3>\n\n\n\n
About ED NOW<\/h3>\n\n\n\n