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.

Prioritizing Ohio Businesses During COVID-19 Recovery

This year presented us with a lot of unexpected challenges. But as Ohioans, we don’t give up, and throughout this pandemic, we’ve demonstrated the value of our economic development network. The JobsOhio team is thankful for all you’ve done to help companies and your communities during this time. We have a long road still ahead of us, but JobsOhio believes this is the time to rebuild, improve and seize opportunities.

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