New Report Reveals Industry Diversification is Key to Economic Resilience in Northeast Ohio

Oct 25, 2019 | News, Newsletter

Manufacturing also plays key role – IIoT Conference to be held Nov. 22

 

Jacob Duritsky
Team NEO

 

Team NEO recently released a report on how the Northeast Ohio economy has changed since the Great Recession, which began in 2007 and ended a decade ago. Overall, the findings unveiled that Northeast Ohio’s regional economy has steadily added jobs,  has seen an uptick in productivity and shown an increase in diversifying sectors such as health care and headquarters.

Going forward, an emphasis on the need for the region to continue to diversify will be important to Northeast Ohio’s resilience in future downturns.

Manufacturing also remains critical to the region’s economic vitality, a $41 billion industry that accounts for 20% of our gross regional product (GRP). Two of the forces with the strongest potential to push manufacturing forward are the Industrial Internet of Things (IIoT) and additive manufacturing, which are powering advances such as machine-to-machine communication and forward-thinking implementation strategies for automation technologies. As reported in the Smart Manufacturing IIoT Roadmap, released in late 2018 by a coalition led by Team NEO and in partnership with MAGNET: The Manufacturing Advocacy and Growth Network, IIoT could have an incremental economic impact on GRP of $4 billion to $13 billion annually by 2025.

Manufacturers can learn more about this opportunity by attending the first annual Smart Manufacturing Cluster of Northeast Ohio Conference on November 22 at Embassy Suites in Independence, Ohio. Announced speakers include representatives from Amazon Web Services and Hitachi Vanatara. More information and registration are here.

With industry diversification and an evolving manufacturing sector, Northeast Ohio has a promising future for the potential of the region.

Manufacturer investing $225M to expand Dayton-area facility

One of the Dayton region’s largest manufacturing companies is planning a massive expansion at one of its local facilities.

Cargill Inc., a Minnesota-based provider of food, agriculture, financial and industrial products and services, will invest $225 million to expand its integrated soybean crush and refined oils facility in Sidney.

The project will create new jobs and further enhance Cargill’s presence in the region.

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Montrose Group Releases Rural Development White Paper: A Mandate for Transformation

The Montrose Group released A Rural Development White Paper: A Mandate for Transformation timed in conjunction with a forum held in Circleville, Ohio before 100 economic development, business and community leaders focused on rural economic development.  A copy of the white paper can be found at https://montrosegroupllc.com/2019/10/rural-development-whitepaper-a-mandate-for-transformation/.

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Urbana Students Win Design Challenge

URBANA, Ohio – On November 1, students from Urbana High School were announced as the winners of the second annual Champaign County Design Challenge during the county-level competition at Urbana University. The winning team, consisting of Ron Ragland, Bryant McKenzie, Dale Mason, Bryant Chamberlain, and Johnny Moore, are part of Ohio Hi-Point’s Advanced Manufacturing satellite program at Urbana High School.

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