Team NEO Reports on Advantages of Doing Business in NEO

Team NEO’s quarterly Cleveland Plus Economic Review takes
an in-depth look at the cost of doing business in the 18-county
region. In addition to benefits such as unsurpassed access to North
American and European markets, labor costs, energy costs, state and
local taxes and more, the findings include:

  • The Cost of Doing Business in NEO is Almost 10% Lower
    • Moody’s Analytics defines four components that make up the
      cost of doing business: labor costs, energy costs, state and local
      taxes, and office rents. By this definition, Moody’s reports
      that NEO is almost 10% lower when compared to the U.S. average.
  • Median Annual Wage Is 8% Lower than National Average
    • NEO’s annual median wage of $19.55 is about 8% lower when
      compared to the national average of $21.27.
  • Industrial Property is 33% Lower Than the National Average
    • NEO’s average cost for industrial property is $3.90 per
      square foot, with the national average at $5.83 per square
  • Construction Costs are Lower
    • The cost to build facilities in NEO is 2% lower than the
      national average.
  • NEO Resident Enjoy Low Cost of Living
    • NEO is 11.4% lower than the national average.

In addition, all of the economic indicators tracked in the
report are trending upward year-over-year:

  • Total Employment Reaches 1.92 Million
    • Up 11,500 jobs year-over-year
  • NEO Unemployment Rate Decreases Year-over-Year
    • The Northeast Ohio unemployment rate averaged 4.7% in Q3 2015, a
      decrease from 5.9% in Q3 2014.
  • Employment in Manufacturing and Services Sectors Experienced
    Year-Over-Year Growth

    • The services sector is up about 12,500 jobs from Q3 2014 to Q3
      2015 while the manufacturing sector grew 1,400 jobs for this same
      time period.
  • Ohio Utica Well Production Slows in Q1 2016
    • From Q4 2015 to Q1 2016, 58 new permits were issued and 19 new
      wells drilled.

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 the information
to attract new businesses and jobs to Northeast Ohio and help those
that are here grow.

Team NEO uses Moody’s and 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’s 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. For more information, visit and