Northeast Ohio, including Richland County, has the second-heaviest concentration of headquarters employment share among the 20 largest metros in the U.S., reports the Quarterly Economic Review recently released by Team NEO.
From 2001 to 2017, headquarters and professional services employment grew 15%. Further, the sector is projected to add 8,000 new jobs by 2027.
“Northeast Ohio has historically enjoyed a high concentration of diverse corporate headquarters and professional services firms representing a broad range of expertise, including insurance, technology, legal, financial, real estate and more,” said Bill Koehler, CEO of Team NEO. “The region benefits as such operations typically offer employees higher wages, which boosts economic activity and provides a strong multiplier effect.”
Other statistics of Northeast Ohio’s economic indicators for the 18 counties include:
Team NEO publishes the Cleveland Plus Economic Review quarterly to provide a holistic picture of Northeast Ohio’s economy. It is the only regular source of collective economic data for the 18-county region. The nonprofit organization uses this information to attract new businesses and jobs to Northeast Ohio and help those that are here grow. Team NEO uses Moody’s Economy.com, the U.S. Bureau of Labor Statistics data, and Ohio’s Labor Marketing Information to aggregate regional figures.