{"id":808,"date":"2014-02-18T00:00:00","date_gmt":"2014-02-18T05:00:00","guid":{"rendered":"https:\/\/www.teamneo.org\/news-press-and-updates\/q1-2013-quarterly-economic-review\/"},"modified":"2023-03-17T16:39:43","modified_gmt":"2023-03-17T16:39:43","slug":"q1-2013-quarterly-economic-review","status":"publish","type":"news","link":"https:\/\/northeastohioregion.com\/news\/q1-2013-quarterly-economic-review\/","title":{"rendered":"Q1 2013 Quarterly Economic Review"},"content":{"rendered":"
\n

Northeast Ohio Manufacturing GRP Projected to Outpace US
\nThrough 2020<\/h2>\n

The shift from traditional manufacturing to advanced
\nmanufacturing is playing a critical role in the region\u2019s
\neconomic transformation, reports the fourth quarterly Cleveland
\nPlus Economic Review released today by Team NEO. Between 2010 and
\n2020, manufacturing Gross Regional Product (GRP) is projected to
\ngrow 39%, to a $43 billion sector of the economy. US output is
\nprojected to grow 33%.<\/p>\n

\u201cManufacturing output in Northeast Ohio has lagged the US for
\nmore than twenty years,\u201d said Tom Waltermire, CEO of Team
\nNEO. \u201cHowever, we are producing as much today as we did in
\n1990. We still manufacture many things here \u2013 but what we
\nmake has changed. We are more productive and that has led to fewer
\njobs than in the past. Outpacing US manufacturing growth for the
\nremainder of this decade would be a significant change. It will
\nfuel purchases of goods and services across the region and
\nstabilize employment. In fact, manufacturers will be actively
\nhiring new workers simply to keep up with a large number of
\nretirements.\u201d<\/p>\n

The Economic Review also provides updates on current economic
\nactivity. Growth in the fourth quarter was slower than earlier in
\nthe year. Unemployment remains better than the US average.<\/p>\n

Statistics from the report include:
\n\u2022 Manufacturing Gross Product Reverses Trend
\no From 1990 to 2010 there was a significant negative gap in
\nthe growth of manufacturing gross product between Northeast Ohio
\nand the US. From 2010 to 2020 output is projected to grow faster
\nfor Northeast Ohio (39%) than the US (33%)<\/p>\n

\u2022 Key Manufacturing Sectors To Grow Faster than the US
\no Several key sectors \u2013 plastics and rubber (104%),
\nchemicals (67%) and food (24%) \u2013 are projected to grow faster
\nthan the US
\n\u2022 Cleveland Plus Employment Remains Steady
\no Employment is at 2.04 million workers in Q4 2012,
\nremaining flat over Q4 2011.<\/p>\n

\u2022 Unemployment Rate Lower than National Rate
\no Northeast Ohio\u2019s unemployment rate at 6.6%
\nrepresents a 1% year-over-year decline. This compares with the US
\nunemployment rate of 7.5%<\/p>\n

\u2022 Manufacturing Employment Continues to Grow
\no Year-over-year, manufacturing employment increased 3.1%,
\nadding 7,000 jobs<\/p>\n

\u2022 Well Activity Increasing in Ohio
\no In Q4 2012, 73 wells were permitted, 17 newly drilled and
\nsix began producing<\/p>\n

Team NEO publishes the Cleveland Plus Economic Review quarterly to
\nprovide a holistic picture of Northeast Ohio\u2019s economy. It is
\nthe only regular source of collective economic data for the
\n18-county region. The nonprofit organization uses the information
\nto attract new businesses and jobs to the Cleveland Plus
\nregion.<\/p>\n

Team NEO uses Moody\u2019s Economy.com and US Bureau of Labor
\nStatistics data and Ohio\u2019s Labor Marketing Information to
\naggregate regional figures.<\/p>\n

Team NEO advances Northeast Ohio\u2019s economy by marketing the
\nregion\u2019s many assets, attracting new businesses from around
\nthe world, building collaboration among the 18-county
\nregion\u2019s economic development organizations and linking the
\nregion to the state\u2019s JobsOhio program. Since 2007, the
\norganization has attracted 67 new company operations, more than
\n5,900 new jobs and $243 million in annual payroll to Northeast
\nOhio, leading to a total annual regional payroll benefit of more
\nthan $575 million.<\/p>\n

\n
    \n
  • Economic Data<\/li>\n
  • Report<\/li>\n
  • QER<\/li>\n<\/ul>\n<\/div>\n<\/div>\n","protected":false},"featured_media":0,"template":"","categories":[6,7],"tags":[],"class_list":["post-808","news","type-news","status-publish","hentry","category-press-releases","category-quarterly-economic-reviews"],"acf":[],"_links":{"self":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/808","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\/808\/revisions"}],"predecessor-version":[{"id":19939,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/808\/revisions\/19939"}],"wp:attachment":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/media?parent=808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/categories?post=808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/tags?post=808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}