N.E. Ohio economy following national trends: showing continuing signs of improvement

Monday, February 14, 2011

Cleveland, Ohio—The quarterly Cleveland Plus Economic Review, released today by Team NEO, reports that for the third consecutive quarter since the recession began, Northeast Ohio (the Plus region) has posted year-over-year employment gains.

Specifically, the region saw year-over-year improvements in both manufacturing and services sectors as well as total employment. Other year-over-year comparisons reveal that initial unemployment claims are down and that the unemployment rate dropped overall.

Moreover, in previous recessions, the Plus region has experienced more severe declines in employment than the U.S. However, through the 13 quarters of the current recession, the Plus region is tracking the same as the U.S.

Supporting statistics include:

  • Northeast Ohio employment shows year-over-year growth. Q4 2010 saw a year-over year-increase of more than 30,000 jobs.
  • Manufacturing and services jobs grow. Manufacturing employment is up about 10,000 jobs from the Q4 2009 average, while the services sector is also up about 6,000 jobs from Q4 2009.
  • Unemployment rate follows national trend.
    -- Northeast Ohio unemployment rate declined to 9.3 percent with Ohio at 9.4 percent and the U.S. at 9.1 percent.
    -- Unemployment for Northeast Ohio dropped nearly one percent since Q4 2009, when the unemployment rate was 10.2 percent.
  • Unemployment claims down year-over-year. Average Q4 2010 claims are at 5,600 compared with 7,100 a year ago.
  • Recession employment comparison
    -- In comparing the employment from the 1981 recession to the current recession, Northeast Ohio is tracking the same as the U.S.
    -- For the 13 quarters of the 1981 recession, Northeast Ohio employment was 7 percent below the U.S. trend: for the 13 quarters of this recession, Northeast Ohio is mirroring the national trend—with both having employment 5 percent below 2007 levels.
  • NEO Gross Regional Product (GRP) projected to show stronger growth than the U.S. Moody’s economy.com estimates that 2010 GRP for the region will grow 3.6 percent, greater than the U.S., which is projected to grow 2.7 percent.

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 new businesses and jobs to the Cleveland Plus region.  Team NEO uses Moody’s economy.com data, U.S. Bureau of Labor Statistics and Ohio’s Labor Marketing Information to aggregate regional figures. Click here to read or download the most recent report.

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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 41 new company expansions or relocations, 3,500 new jobs and more than $135M in annual payroll to Northeast Ohio, leading to a total annual regional payroll benefit of $255M. www.clevelandplusbusiness.com

Team NEO, which is part of the regional economic development system that the Greater Cleveland Partnership (GCP) helped create, is important to advancing the GCP’s mission. Team NEO, which is independently governed, has structural connections with the GCP and receives significant financial support from the GCP. www.gcpartnership.com

 

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