Manufacturing is the largest sector of Northeast Ohio’s gross regional product (GRP), and is projected to remain the largest sector as the region transitions from traditional manufacturing sectors to advanced manufacturing sectors, reports the quarterly Cleveland Plus Economic Review recently released Team NEO. The report includes statistics from 14 of the Northeast Ohio region’s 18 counties, including Richland County.
“Our manufacturing economy continues to transition as companies leverage automation and technology to maintain global competitiveness,” said William Koehler, CEO of Team NEO. “While declining as a percent of the total economy, manufacturing is playing a much larger role in higher value growth sectors and overall productivity is outpacing national averages.”
The Northeast Ohio economy is more balanced today as manufacturing accounts for 20 percent of the total GRP versus 40 percent in 1970. As a result, the economy is less sensitive to economic cycles that have created significant challenges for the region in past recessions. Northeast Ohio produces more products today than 25 years ago and continues to see a surge in export activity, which has increased 16 percent since 2006. Projections through 2025 indicate continued increases in productivity, providing greater opportunities across our region that will ensure Northeast Ohio companies maintain their global competitiveness.
To view the entire report, click here.
