Team NEO and regional economic development organizations work together to drive job creation and new capital investment
Team NEO and numerous economic development organizations – including local, regional and state entities – have come together to make our region more talented, equitable, innovative, resilient, competitive and prosperous.
The report released today, “Momentum Endures,” highlights results related to Team NEO’s key strategies through mid-year 2021 and include:
- Strengthen a Better Coordinated Regional Network: In the first half of 2021, Team NEO, JobsOhio and the Northeast Ohio Region’s Economic Development Network worked with companies on projects that will generate 5,117 new jobs, $332.9M in annual payroll and $1.26B in capital investment.
- Advance Technology Adoption: Team NEO worked closely with MAGNET for the launch of “Make It Better: A Blueprint for Manufacturing in Northeast Ohio.” The Smart Manufacturing Cluster of Northeast Ohio, facilitated by Team NEO, will serve as a platform to help engage and inform manufacturers about the Manufacturing Blueprint. We also used our network to connect Lumitex with Avient to find a solution to their supply chain need.
- Grow a Pipeline of Competitive Sites: In collaboration with the RightSites Council, we identified and reviewed 20 of the most competitive sites in the region, and now have nine sites on our landing page. We are on target to add 11 more in 2021. In addition, we identified the first four Job Hub Priority Sites: two in Barberton and two in Stark County. Team NEO also leveraged the JobsOhio Ohio Site Inventory Program (OSIP), which offers grants and low-interest loans for speculative site and building development projects, for six speculative development projects in six different Northeast Ohio counties. These projects represent 1.7M square feet of new and renovated speculative space and $89M of private investment. Northeast Ohio had the most speculative development of all regions in the state for the 2020-2021 funding cycle.
- Address the Talent/Demand Supply Gap: In May, we released Lost Opportunities, our latest economic research report examining the Covid-19 pandemic’s impact on working women. The virtual launch event was attended by more than 200 participants.
“Halfway through the year the Northeast Ohio Region is in a position to repeat its record-setting 2020 performance,” says Team NEO CEO Bill Koehler. “These victories are made possible only by working together as partners with businesses, JobsOhio, local economic development partners and public officials.”
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 teamneo.org.