NEO Regional Economic Trends

10/21/2014

The NEO System: Metro and Regional EDOs

Enhance Northeast Ohio’s

Competitive Advantage

Team NEO

Build Regional Teamwork1

RegionalMarketing

2 BusinessAttraction

3 Regional Business Development

JobsOhio Linkage

4

Functions

Purpose

4

Partners/Funders: The Greater Team

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The JobsOhio Regional Network

The Northeast Ohio Economy

• 18 counties• 4 million people• 2+ million person workforce• Gross Product of nearly $200 billion

(slightly smaller than Ireland)• 19 Fortune 1000 Companies

6

7

90% 40% 10% 60%

AshlandAshtabula

ColumbianaCuyahoga

ErieGeauga

HuronLake

LorainMahoning

MedinaPortage

RichlandStark

SummitTrumbullTuscarawas

Wayne

Commuting Patterns in Northeast Ohio: 2013

% of Residents Working Outside the County % of Workforce from Another County

The NEO Economy Historically:

Two Decades of Transition

1990-2012 Manufacturing Hit Hard, NEO Diversifies

9

1990-2012: Strong Growth in GRP

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NEO Performing More Like the US

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Year 1 Year 2 Year 3 Year 4 Year 5 Year 60.9

0.95

1

1.05

1.1

1.15

NEO vs US Employment Through Recessions: 1981 vs 2007(NEO = Solid, US - Dashed)

81-82

07-09

Software publishers

Oil and gas extraction

Business support services

Real Estate

Computer systems design and related services

Headquarters

Colleges; universities; and professional schools

Scientific & technical consulting services

Data processing & Hosting

General medical and surgical hospitals

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Non-Manufacturing Sectors with Highest Post-Re-cession Growth in Employment

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2.1%

10.5%

35.2%

20.8%

7.3%

15.3%

8.8%

Northeast Ohio Educational Attainment

Less Than 9th Grade

9th Grade to 12th Grade

High School Diploma

Some College

Associate's Degree

Bachelor's Degree

Graduate Degree and Higher

Encouraging Trends in Education

• 35 percent of the region's 25 to 44 year olds hold a college degree, a rate well above the national norm

• We rank 7th nationally, ahead of San Francisco, Chicago, Seattle and Austin, for professional and graduate degrees

• From 2003 to 2012, per capita income in the region rose from $33,359 to $44,775

• We gained about 63,000 college-educated residents from 2002 to 2012, and lost 74,000 people with no such degree.

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The NEO Economy of the Future:

Where Will Growth Come From?

Strong Healthcare Growth, Manufacturing Flat

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Manufacturing Continues to Drive GRP

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18

150,000 new jobs projected in next decade

780,000 job openings by 2022

Healthcare, Business and Finance are leading growth sectors

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21

Accountants and Auditors

Market Research Analysts and Marketing Specialists

Miscellaneous Business Operations Specialists

Human Resources Workers

Financial Analysts and Advisors

Buyers and Purchasing Agents

Management Analysts

Credit Counselors and Loan Officers

Cost Estimators

Claims Adjusters, Appraisers, Examiners, and Investigators

0 500 1,0001,5002,0002,5003,0003,5004,0004,5005,000

Top 10 Projected Job Openings in Business and Financial Occupations: 2013-2023

22

Registered Nurses

Licensed Practical and Licensed Vocational Nurses

Therapists

Physicians and Surgeons

Health Practitioner Support Technologists and Technicians

Diagnostic Related Technologists and Technicians

Pharmacists

Emergency Medical Technicians and Paramedics

Clinical Laboratory Technologists and Technicians

Dental Hygienists

02,000

4,0006,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Top 10 Projected Job Openings in Healthcare Occupations: 2013-2023

Miscellaneous Assemblers and Fabricators

Miscellaneous Production Workers

Machinists

Welding, Soldering, and Brazing Workers

Inspectors, Testers, Sorters, Samplers, and Weighers

Machine Tool Cutting Setters, Operators, and Tenders, Metal and Plastic

Computer Control Programmers and Operators

First-Line Supervisors of Production and Operating Workers

Butchers and Other Meat, Poultry, and Fish Processing Workers

Forming Machine Setters, Operators, and Tenders, Metal and Plastic

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Top 10 Projected Job Openings in Production Occupations: 2013-2023

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Management Occupations

Healthcare Practitioners and Technical Occupations

Business and Financial Operations Occupations

Education, Training, and Library Occupations

Production Occupations

Office and Administrative Support Occupations

Sales and Related Occupations

Transportation and Material Moving Occupations

Healthcare Support Occupations

Food Preparation and Serving Related Occupations

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00

Median Hourly Earnings in Occupation Groups with the Most Projected Job Openings by 2023