Team NEO report provides insights on opportunity
There are many factors contributing to growth opportunities in the semiconductor industry, including the U.S. $52 billion CHIPS act and new technology driving demand. Team NEO’s Quarterly Economic Review, released today, showcases the strengths of our region to support the growth of the semiconductor industry.
Specifically:
- In 2022, the semiconductor industry purchased more than $180 billion in goods and services from the top 20 supplying industries
- Of these top 20 industries, the Northeast Ohio Region has a high employment concentration in 16 of the industries
- Many key sectors that could potentially serve the semiconductor supply chain in the next five years are projected to grow
- Growth in the semiconductor and other electronic component sector is projected to grow 34% in the Northeast Ohio Region
- Plastic product manufacturing sector is projected to grow 16%
- Through a consortium called Ohio TechNet NEO (OTN), the talent challenge of this growing industry is being addressed to train workers and close the skills gap for the semiconductor industry
- In Northeast Ohio, a subset of Ohio TechNet partners is bringing extensive expertise and assets to meet the talent needs of the region’s growing semiconductor industry. Partners include Cuyahoga Community College, Stark State College, Lakeland Community College, Lorain County Community College, Cleveland State University, Kent State University, Ashland University, Case Western Reserve University, University of Toledo, Ohio Dominican University, and Youngstown State University.
“The opportunity is great in Northeast Ohio for this emerging industry,” said Team NEO Chief Executive Officer Bill Koehler. “We have a dedicated workforce with a strong STEM background, a variety of sites that are suitable for semiconductor manufacturing, reliable supply of water and power, and a strong supply chain making our region attractive to companies considering investing in the semiconductor industry.”
To engage the region’s manufacturing, talent, and R&D ecosystems to capitalize on this great opportunity, Team NEO, in partnership with the Smart Manufacturing Cluster of Northeast Ohio will host the Semiconductor Summit NEO at Lorain County Community College’s John A. Spitzer Center on September 21 from 8:30a to 1p.
About Team NEO
Team NEO is a private, nonprofit economic development organization accelerating business growth and job creation throughout the 18 counties of the Northeast Ohio Region. As the designated JobsOhio Network Partner, we align and amplify local economic development efforts in the region’s 18-counties; we conduct research and data analysis to inform local conversations and influence solutions; we market the Northeast Ohio Region; and we work to increase access to jobs, education and training for the region’s 4.3 million people. We do this to build a more vibrant regional economy; one that is more talented, equitable, competitive, innovative, resilient, and prosperous. For more information, visit northeastohioregion.com.