PLUS REVIEW JANUARY Quarterly Economic Indicators 18 Counties of Northeast Ohio
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1 NETWORK REGIONAL PARTNER PLUS REVIEW JANUARY 2015 Quarterly Economic Indicators 18 Counties of Northeast Ohio The Cleveland Plus economy continues to show gradual improvement, with all employment sectors trending up year-over-year. Overall, the 18-county region gained an average of more than 13,000 jobs from Q2 to Q The unemployment rate was down 1.3% for the same time period. This report reveals a diversifying economy as it examines how industry sector employment and Gross Regional Product (GRP) have changed since In addition, it also takes a look at projections through the next decade.
2 DIVERSIFIED SECTORS PROJECTED TO Employment increased slightly 3% or more than 50,000 jobs from ; it is expected to grow by 98,000 jobs, or 5%, by The Gross Regional Product (GRP) of Northeast Ohio grew 45%, or almost $67 billion from and is projected to grow another 14%, or $31 billion, by remains an important part of the economy today making up 19% of the GRP. Output will continue to grow, despite declines in employment, due to efficiencies in production. The economy could potentially become even stronger when downstream opportunities from the region s shale play are fully realized. EMPLOYMENT CHANGE FROM Wholesale Trade THOUSANDS EMPLOYMENT GROWTH DIVERSIFIES FROM Cleveland Plus experienced significant declines in manufacturing employment from 1990 to 2015 going from 453,000 to 273,000 workers (a decline of 40%). However, the loss in manufacturing jobs was balanced by significant increases in healthcare, where employment rose from 196,000 to 319,000 jobs (up 64%). Other areas that grew include headquarters, increasing 100% or 30,000 jobs and professional, scientific and technical services, which increased 20,000 jobs or 21%. Overall employment grew 3% from 1,988,000 jobs to 2,044,000 jobs in PROJECTED CHANGE IN EMPLOYMENT FROM Wholesale Trade THOUSANDS GROWTH IN MANY SECTORS From 2015 to 2025, many sectors in Cleveland Plus are expected to grow. Among them are: healthcare (42,000 jobs or 13%); finance and insurance (7,000 jobs or 9%); professional, scientific and technical (4,000 jobs or 4%); construction (4,000 jobs or 5%); and information and media (2,000 jobs or 6%). employment is expected to remain essentially flat. Overall employment is projected to grow by 98,000 jobs or 5%.
3 GRP CHANGE FROM Wholeslae Trade $0 $5,000 $10,000 $15,000 $20, $25,000 $30,000 $35,000 $40,000 $45,000 GRP GROWS 45% FROM Although manufacturing employment declined between , the GRP actually grew by 13%, or by almost $5 billion. It remains our largest sector, making up 19% of the Cleveland Plus economy. In addition to growth in manufacturing, significant gains occurred in healthcare ($6 billion or 46%) finance and insurance ($8 billion or 154%), headquarters ($4 billion or 100%), and information and media ($2 billion or 41%). GRP grew 45% overall. dollars in billions PROJECTED CHANGE IN GRP FROM Wholeslae Trade $0 $10,000 $20, $30,000 $40,000 $50,000 $60,000 CLEVELAND PLUS GRP PROJECTED TO BE $247B IN 2025 In the coming decade, Northeast Ohio GRP is projected to grow by 14% to become a $247 billion economy. Strongest growth is expected in manufacturing, which is projected to grow 34% to become a $56 billion sector, or 23% of the economy. Other significant increases are expected for healthcare ($3.5 billion or 17%), headquarters ($1 billion or 12%) and professional, scientific and technical services ($1.5 billion or 14%) sectors. dollars in billions DEVELOPMENT ACTIVITY YOUNGSTOWN RECOGNIZED AS LEADER FOR EXPORT GROWH The Youngstown area was ranked number one by Business Facilities magazine as leading the nation in export growth. According to the Brookings Institute, the area has led the nation in export growth for several years as the value of products exported from the Youngstown area soared by 22% from to, reaching a value of $4.7 billion. In addition, the study also found that the Mahoning Valley is sixth in the nation in the export intensity of its economy with one quarter of all goods and services produced being exported to the world. Cleveland area exports also grew by 8% over the past three years, to reach a value of $14.5 billion. THE FIRST COMMERICALLY AVAILABLE 100 GIGABIT FIBER NETWORK SET FOR 2015 The City of Cleveland and OneCommunity are installing the nation s first commercially available 100 gigabit network. It will connect downtown Cleveland, via the Health-Tech Corridor, to Case Western Reserve University and the University Circle area. The innovative $1.02 million project will be made possible through a recently-awarded, $700,000 Economic Development Administration Grant. The network will have major benefits for residents, businesses and the healthcare system with speeds about 200 times faster than the average upload and download speeds in the US. It is slated for completion by early summer. LORAIN COUNTY COMMUNITY COLLEGE FOUNDATION RECEIVES GRANT THAT WILL STRENGTHEN HEALTHCARE AND BIOMEDICAL EFFORTS Lorain County Community College (LCCC), along with the Community Foundation of Lorain County, received a joint gift of $17.5 million from Elyria-based LifeShare Community Blood Services. LCCC is creating the LifeShare Legacy Fund to support numerous scholarships for nursing and healthcare students, equipment and facility upgrades, and most importantly, funds to support biomedical and healthcarefocused companies with seed funding via the LCCC Innovation Fund. The gift represents an early strategic investment in the region s new, heightened focus on healthcare and biomedical training and technology. DOWNTOWN CLEVELAND AWARDED HISTORIC TAX CREDITS Nearly $14.5 million in State of Ohio Historic Tax Credits was awarded to projects to add apartments, hotel rooms and office space to a booming downtown Cleveland. Projects include: Conversion of the 21-story Standard Building office tower into apartments; Renovation of Cleveland Board of Building into a 180-room Drury Plaza Hotel; Renovation of a historic building in the Flats into office space.
4 NORTHEAST OHIO TOTAL EMPLOYMENT (NOT SEASONALLY ADJUSTED) TOTAL EMPLOYMENT IN MILLIONS TOTAL EMPLOYMENT GROWS YEAR-OVER-YEAR Total employment averaged 1.9 million workers in Q an increase of approximately 13,000 jobs from Q2. This marks the 16th consecutive quarter of year-over-year employment growth. Source: Quarterly Census of Employment and Wages (QCEW). This is the most current, reliable data available for total jobs in Northeast Ohio Q1 Q2 Q3 Q4 NORTHEAST OHIO UNEMPLOYMENT RATES THROUGH JUNE % 12% 11% 10% 9% 8% US OHIO NORTHEAST OHIO YEAR-OVER-YEAR UNEMPLOYMENT RATE DOWN MORE THAN 1% Year-over-year the unemployment rate is down from 7.4% in Q2 to 6.1% in Q The state unemployment rate of 5.5% and the US rate of 6.1% also reflect declines from Q2. 7% 6% NEO Source: Current Population Survey (CPS), a survey of 60,000 households nationwide 5% 4% NEO OHIO US CHANGE IN EMPLOYMENT BY SECTOR THROUGH JUNE ALL SECTORS CONTINUE TO GROW MANUFACTURING SERVICES Services sector employment continues to outpace, adding 7,100 workers year-over-year to reach more than 1.3 million workers. The manufacturing sector added more than 1,000 jobs year-over-year with nearly 270,000 workers, while the construction sector added 3,100 jobs CONSTRUCTION Source: Quarterly Census of Employment and Wages (QCEW). This is the most current, reliable data available for total jobs in Northeast Ohio..50 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 MANUFACTURING SERVICES CONSTRUCTION
5 NORTHEAST OHIO REAL REGIONAL GROSS PRODUCT (GRP) IN BILLIONS NEO REAL GRP IN BILLIONS $230 $220 $210 $200 $190 $180 $170 $160 $150 $140 $ % 1.2% 1.6% -0.4% 2.7% 2.1% -0.5% 1.9 % -1.1% -1.3% 1.6% 2.5% 1.9% 1.5% -1.6% 2.9% 4.1% -5.7% 4.3% 3.0% 3.3% REAL GRP AVERAGE ANNUAL GROWTH = 1% GRP PREDICTED TO REACH $216 BILLION, ALL-TIME HIGH Moody s Economy.com continuously updates projections for GRP for the 18-counties of Cleveland Plus. The projection for 2015 is for approximately 1.7% growth, to be at an all-time high of more than $216 billion. Source: Economy.com dollars Technical Note: in 2014, the Bureau of Economic Analysis (BEA) made changes to the National Income and Product Accounts (NIPAs), the accounting methods used to calculate gross product nationally. These changes resulted in an increase in the sum of how gross product is calculated nationally, as well as an increase in NEO s overall gross regional product. The change from $200 to $216 billion does not reflect that NEO grew by $16 billion, but rather that the way in which it is being calculated now takes more variables into consideration NORTHEAST OHIO INDUSTRIAL AND OFFICE VACANCY VACANCY RATE 13% 12% 11% 10% 9% 8% INDUSTRIAL VACANCY RATE AT SIX YEAR LOW The vacancy rate for industrial space continues to decline. At 6.6% in Q4 2014, it is at the lowest rate since Q1. Occupied space is at 527 million square feet. Office vacancy also declined to 11%, down slightly from Q3 s 11.1%. Occupied space is currently at more than 147 million square feet. Source: CoStar 7% 6% Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q OFFICE INDUSTRIAL OHIO UTICA WELL ACTIVITY (NON-CUMULATIVE) WELL ACTIVITY JUMPS IN Q PERMITTED/DRILLED WELLS (NON-CUMULATIVE) PRODUCING WELLS (CUMULATIVE) This graph shows the status of Utica shale wells originally permitted, drilled and in production for each quarter. From Q to Q there were 213 new permits issued and 167 new wells drilled. Well production increased by 141 wells, or 25%. Since tracking results in Q2, there have been 1,743 total permits issued of which 1,290 have been drilled and 713 are currently in production. Source: Ohio Department of Natural Resources 0 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q PERMITTED DRILLED PRODUCING WELLS
6 GENEROUS SUPPORT PROVIDED BY: DATA SOURCES Team Northeast Ohio uses a number of data sources for the Regional Economic Review. One of the primary sources is Moody s Economy.com (economy.com) data for Northeast Ohio. Moody s Economy.com county-level output, employment and payroll historical data are estimated from several publicly available sources and are summarized into the Team NEO regional footprint. It is important to understand data provided by Economy.com are estimates of economic activity. Team NEO also uses data from federal and state sources as part of the report. We rely heavily on data from the U.S. Bureau of Labor Statistics (bls.gov) and Ohio s Labor Market (lmi.state.oh.us) for information on wages, unemployment and both general and industry-specific employment. Industrial and office real estate data for this edition were derived from the CoStar Group. Due to market limits within the CoStar database, historic trend data for the Team NEO region are reflective of 14 of the 18 counties forming the regional footprint. These counties include: Ashtabula, Cuyahoga, Erie, Geauga, Huron, Lake, Lorain, Mahoning, Medina, Portage, Richland, Stark, Summit and Trumbull. ABOUT TEAM NEO AND THE CLEVELAND PLUS 18-COUNTY REGION Lake Ashtabula CLEVELAND LORAIN Cuyahoga Geauga Erie Trumbull Lorain Portage Huron Summit Medina AKRON YOUNGSTOWN Mahoning Ashland Richland Wayne CANTON MANSFIELD Columbiana Stark Tuscarawas Team NEO is a private-sector, regional collaboration of Northeast Ohio s major businesses, foundations, chambers of commerce, economic development organizations and JobsOhio, a private, nonprofit corporation that drives economic development and job creation for the state. Together we work to advance a regional economic competitiveness strategy designed to accelerate job and economic growth and provide opportunities for all segments of Northeast Ohio s population. To facilitate this growth, Team NEO markets Northeast Ohio to the world and collaborates with its partners and others to attract new businesses, help those that are here grow, and accelerate the pace and impact of innovation in the region. As the regional network partner for JobsOhio, we support the retention and expansion work of our 18 county partners by connecting them, and their client companies, with both state and JobsOhio programs and incentives as well as resources across Northeast Ohio. We use our industry knowledge and connections to enhance innovation among driver industries and to identify and develop emerging technologies and markets where the region has a competitive edge. For more information, visit and CONNECT WITH US NETWORK REGIONAL PARTNER 737 Bolivar Road, Suite 2000, Cleveland, Ohio NEO
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