Results show progress in building a vibrant regional economy
Team NEO released its annual performance and impact report today, sharing that the organization, in partnership with JobsOhio and the Northeast Ohio Economic Development Network, completed 96 business investments that will generate more than 2,100 jobs, $123 million in annual payroll, and $570 million in capital investment for the region, while also advancing collaborative efforts to create a more vibrant regional economy.
While Northeast Ohio, like markets across the county, experienced economic headwinds due to uncertain market conditions in 2023, there were significant accomplishments as a result of strategic integration and alignment amongst Northeast Ohio’s economic development network that address barriers to economic vibrancy.
“Our 2023 new project activity was very robust, but the incremental job, payroll and capital contribution was much lower than our five-year trend,” said Team NEO Chief Executive Officer Bill Koehler. “We remain encouraged as we see opportunities with onshoring/re-shoring, technology adoption trends relating to Industry 4.0 technologies, and improving overall competitiveness through major strategic initiatives relating to proactive site development.”
Team NEO’s Annual Performance & Impact Report features 2023 highlights and case studies illustrating Team NEO’s progress in addressing its four key strategies:
- Grow Our Diverse Industry Base
- The Smart Manufacturing Cluster of Northeast Ohio, guided by the Make It Better Blueprint for Manufacturing in Northeast Ohio, and powered by Team NEO and partners like MAGNET and CESMI, helped amplify the opportunities coming from cluster partners in industry 4.0, polymers, water, and energy innovation. In 2023, the Smart Manufacturing Cluster, along with partners, presented the Semiconductor Summit. The event drew a crowd of more than 200 companies throughout the region.
- Team NEO and partners proactively engaged with business leaders to drive job creation and new capital investment through business retention and expansion (BRE) efforts. In 2023, Team NEO and local economic development organizations completed 645 BRE calls that resulted in 38 project wins (40% of total wins) as a direct result of BRE calls.
- Grow a Pipeline of Competitive Sites
- Launched Developing Opportunities, an important initiative to increase the number of readily available manufacturing sites with in-demand attributes. This initiative will help improve Northeast Ohio’s chances of winning more of the most attractive manufacturing business projects.
- Leveraged JobsOhio programs to build a pipeline of competitive sites, including the Ohio Site Inventory Program (OSIP) for grants and low-interest loans for speculative site and building development projects to fill the gaps in Ohio’s real estate inventory.
- Addressing the Talent Supply/Demand Gap
- In 2023, Team NEO published its seventh annual Aligning Opportunities report, a data-rich research report to equip the Northeast Ohio Region’s education, talent, and workforce ecosystems with insights into the state of current and emerging needs of our region’s employers.
- To advance regional talent strategies we worked together with other non-profit, public, and private entities to develop seamless strategies to identify, attract, navigate, engage, welcome, and retain the best talent in Cleveland with the ultimate plan to help it become one of the fastest-growing and most diverse metro areas in the Midwest by 2030.
- Promote & Engage the Region
- We created digital campaigns on various social media platforms targeting business expansion and/or relocation decision makers, featuring the polymer & materials and semiconductors industries. These campaigns yielded four closed projects in 2023 that created 30 new jobs and $2.5 million in annual payroll.
- Secured a grant from the Center for Economic Inclusion to establish a groundbreaking partnership amongst Northeast Ohio partners focused on closing our racial wealth gap and create a more inclusive, equitable, and vibrant economy in the Northeast Ohio Region.
To see the 2024 Team NEO annual report in its entirety, click here.
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 chrisr359.sg-host.com.
JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio through Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.