Professional, scientific and technical services jobs are growing in Northeast Ohio

Monday, July 13, 2009

Cleveland, Ohio—Team Northeast Ohio (Team NEO) released the latest edition of the quarterly Cleveland Plus® Economic Review today with a focus on the region’s growing Professional, Scientific and Technical (PS&T) Services sector. Findings include that Northeast Ohio GRP for the sector (including Scientific Research & Development and Scientific and Technical Services) has grown 79 percent since 1993, outpacing the nation’s average in several industries.  Fueling this growth is the region’s strong heritage of invention, a strong base of significant research institutions, and a growing entrepreneurial sector. Specifically, the report indicates:

  • All PS&T Services industries are growing. For example:
     - Management, Scientific and Technical Services grew by 165 percent
     - Computer Systems Design has grown by 173 percent
     - Scientific Research and Development has grown by 169 percent
  • PS&T Services has greatly contributed to job creation in Northeast Ohio
     - PS&T Sector has added 21,000 new jobs in NEO since 1993 – 20 percent of total job creation
  • NEO PS&T industries’ growth comparable to U.S., with some ahead of the nation
    - Scientific Research and Development growth in Northeast Ohio has more than doubled U.S. growth in the same time period
    -     Legal Services growth in NEO has nearly doubled U.S. sector growth

In addition, every issue of Team NEO’s quarterly Cleveland Plus® Economic Review provides updates of basic economic indicators for the 16-county economy including: current estimates of the region’s annual growth rate, as defined by Gross Regional Product (GRP), and up-to-date information regarding Northeast Ohio’s total employment  rate.  This quarterly report also looks at the Industrial real estate landscape.  The following is a summary of the findings: 

  • Nation’s soft economy reflected in GRP revisions and projections
     - Despite adjusted downward GRP revisions, Northeast Ohio’s economy has shown slight growth, with average annual growth rate of 0.7 percent since 1993.
     - GRP for the region in 2009 is estimated to show a moderate decline of 0.7 percent.
  • Northeast Ohio job total mirrors world economy
     - Total employment down 4 percent from Q1 2008
  • NEO unemployment mirrors national rate
  • Demand for industrial space remains strong
     - Vacancy rate stable at 7.5 percent despite current economic downturn

Team NEO publishes the Cleveland Plus Economic Review quarterly to provide a holistic picture of Northeast Ohio’s economy.  It is the only regular source of collective economic data for the 16-county region.  The nonprofit organization uses the information to attract businesses worldwide to the Cleveland Plus region. This edition is possible with the generous assistance of Dominion East Ohio Gas.

Team NEO advances Northeast Ohio’s economy by attracting businesses worldwide to the 16-county Cleveland Plus region.  The organization is a joint venture of the region's largest metro chambers of commerce. Since 2007, the organization has attracted 23 new companies, 2,500 new jobs and more than $75M in annual payroll to Northeast Ohio, leading to a total regional annual impact of $150M.

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