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Team NEO: NE Ohio economy projected to grow
YOUNGSTOWN
Despite some losses in manufacturing, the Northeast Ohio regional economy experienced some growth since 1990, according to an economic-development organization.
Employment in the region increased by 3 percent, or more than 50,000 jobs, according to a quarterly review by Team Northeast Ohio. However, manufacturing experienced a 40 percent decrease in employment from 453,000 jobs to 273,000.
The region’s gross regional product grew 45 percent, or $67 billion.
“Less noticeable was the increase of [jobs in] other sectors,” such as health care, said Jacob Duritsky, managing director of research at Team NEO.
Manufacturing still is the largest sector of the region’s economy at 19 percent.
Despite declines in employment, the GRP for manufacturing increased by 13 percent, or almost $5 billion, since 1990. Manufacturing was “doing more with less people,” Duritsky said.
Job growth is projected to increase by 98,000 jobs, or 5 percent, for the region by 2025. The GRP is projected to increase by 14 percent to become a $247 billion economy.
“Youngstown has been an essential part in the recovery,” Duritsky said, noting its strengths in exports.
According to the Brookings Institution, the value of products exported from the Youngstown area increased by 22 percent from 2009 to 2012, reaching a value of $4.7 billion.
“A resurgence in manufacturing is helping the entire Midwest shed its Rust Belt image,” said Guy Coviello, vice president of government affairs for the Youngstown/Warren Regional Chamber.
On the other hand, Duritsky said the region is still 100,000 jobs behind from the employment level it had prior to the recession.