Northeast Ohio boasts second-heaviest concentration of headquarters employment
With nearly 187,000 workers supporting headquarters and professional services operations throughout the region, few locations rival Northeast Ohio. In fact, the region boasts the second-heaviest concentration of headquarters employment among the 20 largest metros in the U.S., with 68% more than the national average. Proportionately, the region outpaces much larger markets, including Chicago, Atlanta and New York (see chart below).
Growing from 162,000 workers in 2001 to nearly 187,000 in 2017, Northeast Ohio has seen employment increase by 15% in this sector. And this momentum is expected to continue in the future. Over the next decade, the sector is expected to add 8,000 new jobs.
So, why is having a strong HQ and professional services sector so important?
This region’s robust headquarters environment is significant for a variety of reasons. It helps drive company innovation, growth and decision-making throughout the globe. Its strong multiplier effect spurs and sustains a high level of economic activity throughout the region. And it provides high-wage jobs that reward educational attainment and create opportunities for advancement, attracting a pool of top-rated talent. Companies located in Northeast Ohio embrace our headquarters strength as a true business advantage.
As Michael Petras, CEO of Sotera Health (formerly Sterigenics International) noted:
“Providing mission-critical healthcare services both domestically and internationally, we were attracted to Cleveland because of the strong labor pool, low cost of living and central geographic location.”
Sotera Health is just one example of a company taking advantage of the region’s many assets and strengths. Twenty Fortune 1000 companies have roots in this region, and companies such as Progressive Casualty Insurance, Nestle USA, Lubrizol, MCPc Inc. and The J.M. Smucker Company continue to grow and invest here.
To learn more about the region’s growing headquarters and professional services sector, please download our Quarterly Economic Review.