Northeast Ohio Professional Services and Headquarters Employment Grows
Team NEO report reveals how this important sector is thriving here
Northeast Ohio has the second-heaviest concentration of headquarters employment share among the 20 largest metros in the U.S., reports the Quarterly Economic Review released today by Team NEO. From 2001 to 2017, headquarters and professional services employment grew 15%. Further, the sector is projected to add 8,000 new jobs by 2027.
“Northeast Ohio has historically enjoyed a high concentration of diverse corporate headquarters and professional services firms representing a broad range of expertise, including insurance, technology, legal, financial, real estate and more,” said Bill Koehler, CEO of Team NEO. “The region benefits as such operations typically offer employees higher wages, which boosts economic activity and provides a strong multiplier effect.”
Other statistics of Northeast Ohio’s economic indicators for the 18 counties include:
- Total employment is at 1.938 million
- Employment has increased by more than 3,300 jobs Q4 2016 to Q4 2017
- Unemployment rate decreases Q4 2016 to Q4 2017
- The Northeast Ohio unemployment rate averaged 4.8 percent in Q4 2017, a decrease from 5.1 percent in Q4 2016
- Construction sees year-over-year growth
- The construction sector has added more than 3,200 jobs since Q4 2016, while the manufacturing sector has added just over 1,000 jobs, and the services sector remains relatively flat.
- Well production activity continues to grow
- There are 1,030 wells in production statewide
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 18-county region. The nonprofit organization uses this information to attract new businesses and jobs to Northeast Ohio and help those that are here grow.
Team NEO uses Moody’s Economy.com, the U.S. Bureau of Labor Statistics data, and Ohio’s Labor Marketing Information to aggregate regional figures.
About Team NEO
Team NEO is an economic development organization focused on creating jobs for Northeast Ohio residents. In collaboration with our partners, it leads the region’s business attraction efforts, supports business retention and expansion work as Northeast Ohio’s JobsOhio affiliate, accelerates the impact of innovation in the region, and aligns strategies and resources within the economic development network to maximize its impact. In addition, Team NEO provides tools to assist employers in attracting talent to the region.
The Northeast Ohio economic development network provides business decision-makers with access to customized solutions that accelerate growth, foster innovation and mitigate risk through a connected and collaborative ecosystem. For more information, visit clevelandplus.com.