Northeast Ohio Professional, Scientific and Technical Services Sector GRP Grew 79% throughout last 15 years

7/13/2009

Team NEO Report Shows Sector Generates Opportunity for Cleveland Plus Economy

Team Northeast Ohio (Team NEO) released the latest edition of the quarterly Cleveland Plus® Economic Review today with a focus on the region’s growing Professional, Scientific and Technical (PS&T) Services sector. Findings include that Northeast Ohio GRP for the sector (including Scientific Research & Development and Scientific and Technical Services) has grown 79% since 1993, outpacing the nation’s average in several industries.  Fueling this growth is the region’s strong heritage of invention, a strong base of significant research institutions, and a growing entrepreneurial sector.  Download and share this latest report

All PS&T Services industries are growing. For example:

  • Management, Scientific and Technical Services grew by 165%
  • Computer Systems Design has grown by 173%
  • Scientific Research and Development has grown by 169%

PS&T Services has greatly contributed to job creation in Northeast Ohio:

  • PS&T Sector has added 21,000 new jobs in NEO since 1993 – 20% of total job creation
  • NEO PS&T Industries’ Growth Comparable to U.S., with some ahead of the nation
  • Scientific Research and Development growth in Northeast Ohio has more than doubled U.S. growth in the same time period
  • Legal Services growth in NEO has nearly doubled U.S. sector growth

Download and share this Cleveland Plus Economic Review about industry growth Northeast Ohio's Professional, Scientific and Technical (PS&T) Services sector

In addition, every issue of Team NEO’s quarterly Cleveland Plus® Economic Review provides updates of basic economic indicators for the 16-county economy including: current estimates of the region’s annual growth rate, as defined by Gross Regional Product (GRP), and up-to-date information regarding Northeast Ohio’s total employment  rate.  This quarterly report also looks at the Industrial real estate landscape.  The following is a summary of the findings:

  • Nation’s soft economy reflected in GRP Revisions and Projections
  • Despite adjusted downward GRP revisions, Northeast Ohio’s economy has shown slight growth, with average annual growth rate of 0.7% since 1993
  • GRP for the region in 2009 is estimated to show a moderate decline of 0.7%.

Northeast Ohio Job Total Mirrors World Economy

  • Total employment down 4% from Q1 2008
  • NEO unemployment mirrors national rate
  • Demand for industrial space remains strong
  • Vacancy rate stable at 7.5% despite current economic downturn

 

Team NEO publishes the Cleveland Plus Economic Review quarterly to provide a holistic picture of Northeast Ohio’s economy.  It is the only regular source of collective economic data for the 16-county region.  The non-profit organization uses the information to attract businesses worldwide to the Cleveland Plus region.  This edition is possible with the generous assistance of Dominion East Ohio Gas.

Team NEO advances Northeast Ohio’s economy by attracting businesses worldwide to the 16-county Cleveland Plus region.  The organization is a joint venture of the region's largest metro chambers of commerce.  Since 2007, the organization has attracted 23 new companies, 2,500 new jobs and more than $75M in annual payroll to Northeast Ohio, leading to a total regional annual impact of $150M.

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