Northeast Ohio Post-recession Exports Rebound Faster Than Us

Northeast Ohio Post-Recession Exports Rebound Faster Than
US

Northeast Ohio’s 2012 export activity reached $31 billion,
exceeding pre-recession levels, reports the quarterly Cleveland
Plus Economic Review released today by Team NEO. From 2009 to 2012
exports increased 34%, exceeding the rate of US exports, which
improved 26% over the same time period.

Our export uptick is a result of our strong manufacturing base,
said Tom Waltermire, CEO of Team NEO. While manufacturing goods
representing 83% of all exports from Northeast Ohio, they make up
65% of all US exports. This has contributed to a quicker
post-recession recovery.

Statistics from the report include:

• Healthcare, Food and Agriculture Lead Growth Segments

• Exports for medical equipment devices have increased 112% from
  2003 2012, food products 87%, and agriculture 83% for same time
  period

• Chemicals and Transportation Equipment Top List of Exported
  Goods

• In 2012 exports were at $4.3 billion for chemicals, with
  transportation equipment exports at $4.2 billion

In addition, most of the economic indicators tracked in the
report total employment, unemployment rate, change in employment by
sector, gross regional product, industrial and office vacancy and
Ohio Utica well activity were up year-over-year with the exception
of unemployment, which remains steady. Specifically, additional
statistics from the report include:

• Total Employment at 2.016 Million

• Employment is up slightly 4,000 jobs year-over-year

• NEO Unemployment Rate Holds Steady

• Northeast Ohio unemployment rate is 7.1% in Q3 2013, the same as
  the state of Ohio and lower than the US rate of 7.3%

• Construction Sees Year-Over-Year Growth

• The constructions sector gained 2,700 jobs year-over-year, a 4%
  gain. The Services sector held steady, averaging 1.23 million
  workers up about 5,400 workers from last year. Both manufacturing
  and government sectors declined slightly.

• Well Production Activity Grows in Q3

• As mid-stream infrastructure projects are brought online, the
  number of producing wells has more than doubled since Q2 2013.
  There are 244 currently in production in the state.

Team NEO publishes the Cleveland Plus Economic Review quarterly
to provide a holistic picture of Northeast Ohios 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 the Cleveland Plus region.

Team NEO uses Moodys Economy.com and US Bureau of Labor Statistics
data and Ohios Labor Marketing Information to aggregate regional
figures.