{"id":6489,"date":"2019-09-30T09:55:44","date_gmt":"2019-09-30T13:55:44","guid":{"rendered":"https:\/\/teamneo.org\/?p=6489"},"modified":"2023-04-26T14:03:25","modified_gmt":"2023-04-26T14:03:25","slug":"industry-diversification-is-key-in-northeast-ohio","status":"publish","type":"news","link":"https:\/\/northeastohioregion.com\/news\/industry-diversification-is-key-in-northeast-ohio\/","title":{"rendered":"Industry Diversification is Key in Northeast Ohio"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Team NEO\u2019s research provides insights into Great Recession Recovery <\/h3>\n\n\n\n<p>Northeast Ohio\u2019s regional economy has steadily added jobs, increased productivity and become more diversified since the Great Recession, according to the <a href=\"https:\/\/northeastohioregion.com\/wp-content\/uploads\/2019\/09\/quarterly-economic-review-september-2019.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Quarterly Economic Review (opens in a new tab)\">Quarterly Economic Review<\/a> (QER) released by Team NEO. The report, made possible with generous support from <a rel=\"noreferrer noopener\" aria-label=\"Fifth Third Bank (opens in a new tab)\" href=\"https:\/\/www.53.com\/content\/fifth-third\/en.html\" target=\"_blank\">Fifth Third Bank<\/a>, examines the progress made since the Great Recession and indicates this diversification is key to the region\u2019s resilience in future downturns. <\/p>\n\n\n\n<figure class=\"wp-block-image alignright size-large\"><a href=\"https:\/\/northeastohioregion.com\/wp-content\/uploads\/2019\/09\/quarterly-economic-review-september-2019.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"232\" height=\"300\" src=\"https:\/\/northeastohioregion.com\/wp-content\/uploads\/2019\/09\/quarterly-economic-review-september-2019-cover.png\" alt=\"\" class=\"wp-image-6504\"\/><\/a><\/figure>\n\n\n\n<p>\u201cIn the past 18 months, half of our projects were concentrated in diversifying sectors such as health care, professional services, information technology and aerospace,\u201d said Team NEO CEO <a href=\"https:\/\/teamneo.org\/?team=bill-koehler\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Bill Koehler (opens in a new tab)\">Bill Koehler<\/a>. \u201cWhile this diversification is critical, advanced manufacturing continues to play an important role in our economy and we continue to see companies add jobs and make capital investment in this sector.\u201d<\/p>\n\n\n\n<p>The Quarterly Economic Review reports that Northeast Ohio\u2019s 18-county regional workforce of 1.94 million people is now nearing pre-recession levels. However, it\u2019s important to note that Northeast Ohio had not fully recovered from the 2001 recession before entering the 2007 recession. Employment was down 4% heading into the Great Recession, from 2.13 million workers in 2001 to 2.05 million workers in 2007. <\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/northeastohioregion.com\/wp-content\/uploads\/2019\/09\/quarterly-economic-review-september-2019.pdf\">Download Full Review<\/a><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Other key findings from Team NEO\u2019s research\nteam include:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Industries from the top 10 sectors that have recovered\nand surpassed their 2007 employment levels include:\n<ul class=\"wp-block-list\">\n<li>Health care, which has grown by almost 38,000 workers, or\n13%<\/li>\n\n\n\n<li>Management of companies and enterprises has seen an\nincrease of more than 10,000 employees, representing 26% growth<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Health Care and Professional\nScientific and Technical Services Output Grows\n<ul class=\"wp-block-list\">\n<li>Health care has grown nearly 20%, or 3.8 billion <\/li>\n\n\n\n<li>Professional, Scientific and Technical Services has grown\nby $2.3 billion, almost 22%<\/li>\n\n\n\n<li>Oil and gas grew 525% due to potential of the Utica and\nshale deposits here<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Productivity Surpasses Great Recession Rate\n<ul class=\"wp-block-list\">\n<li>Northeast Ohio\u2019s productivity rate has fully recovered\nand surpassed 2007\u2019s rate by 9%, compared to the U.S. growth rate of 7% for the\nsame time period<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>25% Net Wage Growth\n<ul class=\"wp-block-list\">\n<li>Average wage growth in Northeast Ohio since 2007 is 25%, slightly\ntrailing the national average of 32% <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><a rel=\"noreferrer noopener\" aria-label=\"Team NEO (opens in a new tab)\" href=\"https:\/\/teamneo.org\/\" target=\"_blank\">Team NEO<\/a> publishes the Quarterly Economic Review to provide a holistic picture of what is and is not working across Northeast Ohio\u2019s regional economy, representing the 15<sup>th<\/sup> largest market in the United States. It is the only regular source of collective economic data and insights for the 18-county region. Team NEO\u2019s insights serve to inform conversations around opportunities presented and influence solutions for challenges the data reveal. <a href=\"https:\/\/teamneo.org\/regional-data\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"View previous Quarterly Economic Reviews (opens in a new tab)\">View previous Quarterly Economic Reviews<\/a>.<\/p>\n\n\n\n<p><em>Team NEO uses <a href=\"https:\/\/www.economy.com\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Moody\u2019s Economy.com (opens in a new tab)\">Moody\u2019s Economy.com<\/a>, the <a href=\"https:\/\/www.bls.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"U.S. Bureau of Labor Statistics (opens in a new tab)\">U.S. Bureau of Labor Statistics<\/a> data, and <a href=\"http:\/\/ohiolmi.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Ohio\u2019s Labor Marketing Information (opens in a new tab)\">Ohio\u2019s Labor Marketing Information<\/a> to aggregate regional figures.<\/em><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">About Team NEO<\/h4>\n\n\n\n<p>Team NEO is a private, nonprofit economic development organization accelerating business growth and job creation throughout the 18 counties of Northeast Ohio. As the designated <a href=\"https:\/\/www.jobsohio.com\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"JobsOhio (opens in a new tab)\">JobsOhio<\/a> Network Partner, we align and amplify local economic development efforts in Northeast Ohio\u2019s 18-county region; we conduct research and data analysis to inform local conversations and influence solutions; we market Northeast Ohio as a region; and we work to increase access to jobs, education and training for the region\u2019s 4.3 million people.<\/p>\n","protected":false},"featured_media":6493,"template":"","categories":[6,7],"tags":[],"class_list":["post-6489","news","type-news","status-publish","has-post-thumbnail","hentry","category-press-releases","category-quarterly-economic-reviews"],"acf":[],"_links":{"self":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/6489","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\/6489\/revisions"}],"predecessor-version":[{"id":20269,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/6489\/revisions\/20269"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/media\/6493"}],"wp:attachment":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/media?parent=6489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/categories?post=6489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/tags?post=6489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}