Manufacturing Revs up Northeast Ohio’s Economy
Posted by ThePlus - 11.15.2011
Manufacturing is revving up Northeast Ohio’s economy according to Team NEO’s latest Quarterly Economic Report. As a whole, the sector is growing faster than any other in the region, contributing to The Plus’ economic recovery. What is more, Northeast Ohio’s manufacturing industry is outpacing the growth taking place nationally. In fact, by 2015 Northeast Ohio’s manufacturing GRP is projected to outpace that of the United States by nearly 10 percent.
Benefits of Northeast Ohio’s growing manufacturing sector are being felt throughout the region. In Canton, area businesses have reported sales increases, market share growth, company expansion, employment boosts and continued new-product development (SYNCHRONIST report available at cantonchamber.org). The Youngstown-Warren area has splashed onto the national scene as the Lordstown-built Chevy Cruze continues to post impressive sales. And in a ranking of the employment strength of the top 100 U.S. markets, Akron placed number three nationwide for one-year manufacturing job growth. What does all of this mean, then? It means that Northeast Ohio’s manufacturing industry is alive and well.
In sum, what we see is that growth in the manufacturing sector is not only adding jobs for Northeast Ohioans, but it is also helping our region’s economy to recover at a faster rate than the rest of the nation.
For more on Northeast Ohio’s manufacturing boom, please follow the links below.
+Team NEO Quarterly Economic Review – Q3 2011
+Northeast Ohio is manufacturing its Way out of the Great Recession
+Regional economy gradually improving
+Valley leads in industrial job growth in NE Ohio
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