New Report Reveals Industry Diversification is Key to Economic Resilience in Northeast Ohio
Manufacturing also plays key role – IIoT Conference to be held Nov. 22
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.
Ohio Department of Development Selects MBAC Partners as Part of the Minority Business Assistance Center Network Program
The Ohio Department of Development today announced its selection of hosts to join the Minority Business Assistance Center (MBAC) Network Program for the July 1, 2023, through June 30, 2025, grant period. They will serve the needs of Ohio’s minority-, women-, veteran-, and disadvantaged businesses for their region.read more
We Can Only Go Up from Here
High Density Mixed Use Planned to Replace Blighted Neighborhood in Whitehall
Like in life, it’s not the hand your dealt that defines you in economic development. It’s about how you play your cards and capitalize on opportunities for your community.
Yes in Our Back Yard
Ever since the Intel announcement, the region has had endless conversations about how to be “Intel Ready.” While Intel will undoubtedly be a gamechanger for Ohio, we’re behind the eight ball if we weren’t already preparing for population growth and increased pressure on our built infrastructure and logistics pipelines.read more