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Economy

New Report from Team NEO Finds Northeast Ohio Economy on an Upward Swing

Team NEO Counties
Team NEO website
Some industries, including the service sector, had suffered during the worst of the COVID-19 pandemic, but other industries saw growth.

A new report from a group focused on promoting economic development in Northeast Ohio finds the region’s economy is on an upward swing.

The latest quarterly report from Team NEO highlights several projects the organization has contributed to that are projected to generate more than 5,000 new jobs and $1.26 billion in capital investment. But CEO Bill Koehler is already looking to the future on how the region can continue to improve its economic competitiveness.

“We will not win more than our fair share of very significant, some of the most competitive business investment projects, if we can’t give companies comfort,” Koehler said.

That comfort includes advancing technology adoption, growing a pipeline of competitive sites and addressing the talent supply gap, all things Koehler says Team NEO will continue to work on.

Koehler says this upward swing is a continuation of some of the positive economic outcomes of 2020. Although service industries were hit hard, other industries fared better.

Koehler: industries that benefited during downturn
Team NEO head Bill Koehler

“There were a number of companies in a number of industries that were able to invest aggressively, and they benefited in the form of growth and increased market share,” he said.

The report looks at how the economy is performing through the lens of Team NEO’s impact on activity