Team NEO Report Predicts One Million Job Openings Over the Next Five Years As Workforce Ages
A new report shows that Northeast Ohio is on-track to have one-million job openings over the next five years – but the total employment picture will remain relatively flat.
Team NEO’s quarterly report examines the economy across various sectors. The study shows that, overall, there will be a need for about a million replacement workers as current employees – the tail end of the Baby Boomers – leave the workforce. Jacob Duritsky, Vice President of Strategy and Research at Team NEO, says many of those jobs will be in manufacturing and related jobs.
“There’s demand for more than 100,000 new workers in the next five years. So if you think about manufacturing as a whole, we’ve seen some declines. When you think about it through the lens of replacement work, we actually have significant demand going forward.”
The region’s workforce is likely to remain just below 2 million people. The report does project an additional 21,000 jobs will be added across all sectors of the economy over the next half-decade.