Northeast Ohio Automotive Sector to Outpace US

From 2011 to 2024, Northeast Ohio’s automotive gross
regional product (GRP) is predicted to grow 79% to become a $4.5B
industry; employment is also expected to grow by 19% for the same
time period, reports the
October 2014 Cleveland Plus Economic Review released by Team
NEO.

“Ohio has the second largest number of Tier 1 automotive
suppliers in the US,” said Tom Waltermire, CEO of Team NEO.
“Because of this supply chain strength and our manufacturing
legacy, new companies such as Borgers USA have made commitments in
Northeast Ohio. Further, Ford is reshoring production of two truck
models to our Avon Lake plant from Mexico.”

Additional statistics from
the report include:

Northeast
Ohio automotive employment to outpace the nation with 19% growth
from 2011 to 2024; US employment is forecasted to decrease by
3%
It is
anticipated that automotive GRP will grow 79% from 2011 to 2024,
compared with the US, which is expected to grow 60% for the same
time period
The supply
chain for the automotive sector remains strong with motor vehicle
parts estimated to increase more than 80% from 2011 to 2024 and
motor vehicle manufacturing expected to grow 77%

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

Total
Employment is at 1.85 Million
- Employment is
  up 10,000 jobs from Q1 2013 to Q1 2014
NEO
Unemployment Rate Declines
- Northeast
  Ohio unemployment rate is 7.6% in Q1 2014, down from 8.3% for the
  same time period in 2013
All Sectors
Experienced Year-Over-Year Growth
- The service
  sector gained nearly 8,700 jobs from Q1 2013 to Q1 2014, while
  construction added more than 1,400 workers and manufacturing grew
  more than 1,200 jobs for the same time period
Well
Production Activity Growing
- As mid-stream
  infrastructure projects are brought online, the number of producing
  wells continues to increase. There are 572 wells currently in
  production in the state, up 110 wells, or 24%, from Q2 2014 to Q3
  2014

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 the Cleveland Plus region.

Team NEO uses Moody’s
Economy.com and US Bureau of Labor Statistics data and Ohio’s
Labor Marketing Information to aggregate regional
figures.