Team NEO's quarterly Cleveland Plus Economic Review shows that by 2015, Northeast Ohio’s manufacturing GRP is expected to outpace that of the United States by nearly 10%. Emerging sectors, such as specialty chemicals and fabricated metal manufacturing are driving this growth. 

In a press release, CEO Tom Waltermire noted that the region’s manufacturing employment continues to grow – up 2.5% from Q2 and up 3.7%, or 8,000 jobs, year-over-year. The unemployment rate for the region overall is at its lowest point (8.5%) since December 2008 and is lower than that of the United States (9.1%). 

Additional statistics from the report include: 

Cleveland Plus Employment Grows 

Employment rose 1.2%, by nearly 24,000 jobs, Q3 2011 over Q2 2011. 

Employment grew by almost 30,000 jobs in Q3 2011 as compared with Q3 2010, to 2.07 million workers. 

Unemployment Rate Continues to Improve Faster Than National Average 

Northeast Ohio outperformed both Ohio (8.8%) and the U.S. (9.1%) with its Q3 2011 unemployment rate of 8.5%. 

Manufacturing Employment Continues to Press Upward 

Year-over-year, manufacturing employment gained 8,000 jobs, or 3.7%.

 

Unemployment Claims Down Year-Over-Year 

Initial claims in Q3 remain among the lowest since Q3 2007. 

For Q3 2011, continued claims averaged 34,900. 

Cleveland Plus Employment Outpacing U.S. 

Through 16 quarters of the 2007 recession, the Northeast Ohio employment index is trending about 1% better than the U.S. This regional recovery compares with a dramatic gap through 16 quarters of the 1981 recession, when Cleveland Plus trailed the national average by 6%.