NEO Regional Economic Trends 10/21/2014. The NEO System: Metro and Regional EDOs.
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Transcript of NEO Regional Economic Trends 10/21/2014. The NEO System: Metro and Regional EDOs.
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
5
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
10
NEO Performing More Like the US
11
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
13
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.
14
The NEO Economy of the Future:
Where Will Growth Come From?
Strong Healthcare Growth, Manufacturing Flat
16
Manufacturing Continues to Drive GRP
17
18
150,000 new jobs projected in next decade
780,000 job openings by 2022
Healthcare, Business and Finance are leading growth sectors
20
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
24
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