GROWS IN: NEO OVERCOMES a 23% dip to approach pre-recession output EMPLOYMENT IN PRODUCTIVITY WITH 16% GAIN NEO OUTPACES U.S.
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1 NORTHEAST OHIO MANUFACTURING RECOVERING FROM GREAT RECESSION NEO OVERCOMES a 23% dip to approach pre-recession output NEO manufacturing EMPLOYMENT GROWS IN: Petroleum & Coal Products Beverage & Tobacco Products Food Sector NEO OUTPACES U.S. IN PRODUCTIVITY WITH 16% GAIN PLUS REVIEW FEBRUARY 2018 Quarterly Economic Indicators 18 Counties of Northeast Ohio When recession struck the United States in 2007, manufacturing employment, output and productivity began declining across the nation, including in Northeast Ohio, a region built on a rich history of manufacturing. But today, with the recession nearly nine years behind us, Northeast Ohio is rebounding outpacing the U.S. in manufacturing productivity and nearly matching its pace in output. NEO manufacturing employment has rebounded as well, although it will likely never reach pre-recession levels. This report illustrates the pace of recovery for Northeast Ohio and the nation as a whole.
2 As regions across the U.S. strive to recover from the negative economic impacts of the U.S. recession, Northeast Ohio is making strides toward restoring its manufacturing momentum. With 16% growth in productivity, and output nearly matching pre-recession levels, the region continues to demonstrate that manufacturing remains an essential component of the economy. Change in Post-Recession Manufacturing Employment: % % -10% -15% -20% MANUFACTURING EMPLOYMENT REGAINS SOME MOMENTUM Although U.S. manufacturing employment numbers have been slowly rising since hitting a low of 11.5 million in 2010, they have not yet fully recovered from the recession. National manufacturing employment in 2017 was 12.5 million 10% lower than in Employment has not rebounded to prerecession levels in Northeast Ohio, either, with 2017 employment at about 265,000 15% lower than in U.S. Manufacturing Employment NEO Manufacturing Employment 1.0 = 2007 employment Post-Recession Manufacturing Employment Change by Sector: NEO vs. U.S Leather & Allied Products Apparel Petroleum & Coal Products Beverage & Tobacco Products Food Miscellaneous Furniture & Related Products Transportation Equipment Electrical Equipment, Appliances & Components Computer & Electronic Products Machinery Fabricated Metal Products Primary Metals Nonmetallic Mineral Products Plastics & Rubber Products Chemicals Printing & Related Support Activities Paper Wood Products Textile Product Mills Textile Mills -60% -40% -20% 0% 20% 40% 60% 80% EMPLOYMENT GROWS IN SEVERAL KEY SECTORS While the U.S. overall shows post-recession manufacturing employment growth in only two sectors beverage and tobacco products, and food NEO has outpaced that growth and increased employment in four additional sectors: petroleum and coal products (due in large part to Utica Shale activity), leather and allied products, apparel, and wood products. U.S NEO
3 Change in Post-Recession Manufacturing Output: % % -10% -15% -20% -25% -30% NEO OUTPUT BACK ON TRACK FOLLOWING 23% PLUNGE The U.S. and NEO have both resumed nearly pre-recession output levels. However, NEO was tasked with overcoming a larger deficit: In 2009, NEO output plunged to a low of 77% of its pre-recession level. The U.S. low, also in 2009, was 89% of its 2007 level. U.S. Manufacturing Output NEO Manufacturing Output 1.0 = 2007 output Change in Post-Recession Manufacturing Output by Sector: Computer & Electronic Products Primary Metals Plastics & Rubber Products Petroleum & Coal Products Leather & Allied Products Beverage & Tobacco Products Food Miscellaneous Furniture & Related Products Transportation Equipment Electrical Equipment, Appliances & Components Machinery Fabricated Metal Products Nonmetallic Mineral Products Chemicals Printing & Related Support Activities Paper Wood Products Apparel Textile Product Mills Textile Mills -60% -40% -20% 0% 20% 40% 60% 80% NEO POST-RECESSION OUTPUT OUTPACES U.S. IN FIVE SECTORS In Northeast Ohio, post-recession manufacturing output exceeds pre-recession output in seven sectors: computer and electronic products, primary metals, nonmetallic mineral products, petroleum and coal products (due in large part to Utica Shale activity), leather and allied products, beverage and tobacco products, and food. Nationwide, the following seven sectors have experienced growth: transportation equipment, computer and electronic products, primary metals, plastics and rubber products, petroleum and coal products, leather and allied products, and beverage and tobacco products. U.S NEO
4 Projected Change in Manufacturing Output by Sector: NEO vs. U.S Miscellaneous Furniture & Related Products Transportation Equipment Electrical Equipment, Appliances & Components Computer & Electronic Products Machinery Fabricated Metal Products Primary Metals Nonmetallic Mineral Products Plastics & Rubber Products Chemicals Paper Wood Products Apparel Food Petroleum & Coal Products Printing & Related Support Activities Leather & Allied Products Textile Product Mills Textile Mills Beverage & Tobacco Products -20% -10% 0% 10% 20% 30% 40% TECHNOLOGY ADVANCES FUEL FUTURE GROWTH POTENTIAL Manufacturing diversification is projected in the next five years with growth in high-technology sectors. The computer and electronic products sector is projected to grow for both NEO, at 41%, and the U.S., at 33%. In addition, transportation equipment is projected to grow at a rate of 20% for NEO and 17% for the U.S. due to demand in the aerospace industry. U.S NEO Change in Post-Recession Manufacturing Productivity: % +15%- +10%- +5% % -10% NEO PRODUCTIVITY MOMENTUM BUILDS Northeast Ohio is outpacing the nation in productivity. Since 2007, NEO productivity has increased 16% while U.S. productivity has risen 12%. Productivity remains an essential contributor to overall economic growth, so this is an encouraging trend for the future of manufacturing in the region. U.S. Manufacturing Productivity NEO Manufacturing Productivity 1.0 = 2007 productivity
5 DEVELOPMENT ACTIVITY Below is a sampling of recent development projects in Northeast Ohio, in the manufacturing industry: CHARTER MANUFACTURING INVESTS $80 MILLION IN NEW FACILITY With the objective of expanding its customer base, North America s leading producer of carbon and alloy steel wire rod, Charter Manufacturing Company, decided to add a new rolling mill facility to fulfill the needs of additional markets. After evaluating their Wisconsin headquarters and their Cuyahoga Heights, Ohio, coil mill and steelmaking operations, business leaders selected Cuyahoga Heights for the $80 million investment, citing the strong workforce and Ohio s positive business climate as key reasons for the decision. The new mill will be adjacent to Charter s current operations and will create 25 new jobs while retaining 385. NEW HORIZONS BAKING COMPANY EXPANDS New Horizons Baking Company, supplier of buns, bagels and bread products to national and regional wholesale and retail grocery stores, foodservice businesses and quick-service restaurants, has invested $4 million in its Norwalk headquarter operations to accommodate a customer need. The customer required a new process for freezing fresh product, which necessitated the addition of a new freezer and conveyor system, along with associated employee training. New Horizons chose to make this investment at its Norwalk facility rather than its Indiana facility, thus retaining more than 200 Northeast Ohio jobs. NEXT GENERATION FILMS INVESTS $31.5 MILLION IN NORTHEAST OHIO Next Generation Films, a leading manufacturer of plastic film and bags in the flexible packaging industry, has invested $31.5 million in the construction of a 79,000-square-foot production plant on an 80-acre lot to expand its presence in Lexington, Ohio. The company, known for producing specialty products including breathable packaging and barrier films, will add 78 new positions and retain 473. GRADY MCCAULEY CHOOSES NEO FOR EXPANSION Workforce quality and availability spurred indoor, outdoor and landscape lighting fixture manufacturer Grady McCauley to choose North Canton over Houston for its recent expansion. This investment will add 95 new jobs and retain 87 workers. A resource for the manufacturing industry, MAGNET, The Manufacturing Advocacy and Growth Network, is dedicated to helping manufacturers grow and compete in Northeast Ohio. As part of the Ohio Manufacturing Extension Partnership (MEP), they also support, educate, and champion Northeast Ohio manufacturing with the goal of transforming the region economy into a powerful, global player.
6 NEO STRATEGIC UPDATE: Employment, Gross Product, Per Capita Income, Productivity Northeast Ohio is Outperforming the U.S. in Productivity Growth In, the philanthropic and business leadership in the region undertook a strategic planning process to understand Northeast Ohio s competitiveness with the overall U.S. economy as it relates to four important measures, labeled aspirational metrics: Employment, Gross Product, Per Capita Income and Productivity. Depending on which factor is being considered, Northeast Ohio s performance relative to the U.S. has varied a great deal over the past several decades. Using this Economic Review as a mechanism to continue to track our progress against the regional strategy, we will feature one of these four metrics each quarter. For this edition, we are looking at productivity, an area of the economy where Northeast Ohio s relative performance has been strong. Looking back to, the beginning point of the strategy, Northeast Ohio has more than doubled the U.S. rate of productivity growth. Productivity is an important driver of economic growth, particularly given the region s continued reliance on manufacturing, a sector that has seen significant declines in manufacturing employment. As former Fed Chair Janet Yellen recently noted, Americans standard of living depends on productivity growth. While in the short term productivity growth can be painful, in the long term it is an essential and defining component of competitive, growing economies, and an area that provides a strong sign of encouragement for the region as it moves forward. Change in Productivity: NEO vs U.S., % +4% +3% +2% +1% Northeast Ohio has more than doubled the U.S. rate of % -2% -3% U.S. Productivity NEO Productivity 2017 PRODUCTIVITY GROWTH
7 NORTHEAST OHIO TOTAL EMPLOYMENT (NOT SEASONALLY ADJUSTED) TOTAL EMPLOYMENT IN MILLIONS TOTAL EMPLOYMENT GROWS YEAR-OVER-YEAR Total employment averaged million workers in Q2 2017, up almost 5,000 jobs year-over-year. Source: Quarterly Census of Employment and Wages (QCEW). This is the most current reliable data available for total jobs in Northeast Ohio Q1 Q2 Q3 Q4 NORTHEAST OHIO UNEMPLOYMENT RATES THROUGH JUNE % 11% 10% 9% 8% US OHIO NEO YEAR-OVER-YEAR UNEMPLOYMENT RATE SEES SLIGHT INCREASE The unemployment rate for Northeast Ohio averaged 5.5% in Q1 2017, up from 5.2% for the same quarter in. The state of Ohio averaged 4.8% while the U.S. averaged 4.2%. Source: Current Population Survey (CPS), a survey of 60,000 households nationwide. 7% NEO 6% 5% 4% Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 NEO OHIO US CHANGE IN EMPLOYMENT BY SECTOR THROUGH JUNE % 0-10% MANUFACTURING SERVICES CONSTRUCTION AND SERVICES SECTORS SEE YEAR-OVER-YEAR GROWTH The construction sector added nearly 3,000 jobs year-over-year in Q1 to reach more than 75,000 workers. The services sector added nearly 4,000 jobs year-over year, while manufacturing saw a decline of 2,800 workers, with employment at 264, % -30% CONSTRUCTION Source: Quarterly Census of Employment and Wages (QCEW). This is the most current, reliable data available for total jobs in Northeast Ohio. -40% Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 MANUFACTURING SERVICES CONSTRUCTION 0 = 2007 AVERAGE
8 NEO REAL GROSS REGIONAL PRODUCT (GRP) IN BILLIONS NEO REAL GRP IN BILLIONS $250 $230 $210 $190 $ % 3.3% 4.4% 4.0% 1.6% 1.3% 2.1% 1.4% -2.0% 2.4% 0.6% -0.8%-0.4% -1.5% 3.0% -5.3% 2.7% 0.9% 2.2% 0.5% 1.4% 0.7% 3.3% GRP PROJECTED TO REACH $236 BILLION Moody s Economy.com is projecting Northeast Ohio s GRP to grow 2.7% in This projection represents the greatest percentage of growth since Source: Moody s Economy.com $150 $ REAL GRP AVERAGE ANNUAL GROWTH = 1% NORTHEAST OHIO INDUSTRIAL AND OFFICE VACANCY VACANCY RATE 13% 12% 11% 10% 9% 8% 7% 6% INDUSTRIAL AND OFFICE VACANCY AT LOWEST RATES SINCE Q In Q2 2017, the vacancy rate for industrial space is at 4.5%, while the vacancy rate for office space is at 10.2% both at their lowest rates since Team NEO began tracking in Q More than 559,000 million square feet of industrial space and more than 153,500 million square feet of office space is available. Source: CoStar 5% 4% Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 OFFICE INDUSTRIAL OHIO UTICA WELL ACTIVITY (NON-CUMULATIVE) PERMITTED/DRILLED WELLS (NON-CUMULATIVE) PRODUCING WELLS (CUMULATIVE) OHIO UTICA WELL ACTIVITY (NONCUMULATIVE) This graph shows the status of Utica shale wells originally permitted, drilled and in production for each quarter. Since Q4 2012, when tracking began, 2,435 total permits have been issued, of which 1,637 have been drilled. Of those drilled, 1,024 are currently in production in the state. Source: Ohio Department of Natural Resources 0 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q PERMITTED DRILLED PRODUCING WELLS
9 SPECIAL THANKS FROM TEAM NEO TO OUR FUNDERS Economic Development Board For a complete list of funders, visit clevelandplus.com/teamneo/invest-in-us/funders. DATA SOURCES Team Northeast Ohio uses a number of data sources for the Regional Economic Review. One of the primary sources is Moody s Economy.com (economy.com) data for Northeast Ohio. Moody s Economy.com county-level output, employment and payroll historical data are estimated from several publicly available sources and are summarized into the Team NEO regional footprint. It is important to understand data provided by Economy.com are estimates of economic activity. Team NEO also uses data from federal and state sources as part of this report. We rely heavily on data from the U.S. Bureau of Labor Statistics (bls.gov) and Ohio s Labor Market Information (lmi.state.oh.us) for information on wages, unemployment and both general and industry-specific employment. Industrial and office real estate data for this edition were derived from the CoStar Group. Due to market limits within the CoStar database, historic trend data for the Team NEO region are reflective of 14 of the 18 counties forming the regional footprint. These counties include: Ashtabula, Cuyahoga, Erie, Geauga, Huron, Lake, Lorain, Mahoning, Medina, Portage, Richland, Stark, Summit and Trumbull. ECONOMIC DEVELOPMENT PARTNERS ACROSS 18 COUNTIES OF NORTHEAST OHIO Ashland Area Economic Development, Inc. Columbiana County Port Authority Erie County Economic Development Corporation Geauga Growth Partnership, Inc. Greater Akron Chamber Greater Cleveland Partnership Growth Partnership for Ashtabula County Huron County Development Council Lake County Ohio Port & Economic Development Authority Medina County Economic Development Corporation Portage Development Board Richland Community Development Group Stark Economic Development Board, Inc. Tuscarawas County Community Improvement Corporation Youngstown/Warren Regional Chamber Wayne Economic Development Council ABOUT TEAM NEO AND THE CLEVELAND PLUS 18-COUNTY REGION CONNECT WITH US Team NEO is an economic development organization focused on creating jobs for Northeast Ohio s residents. In collaboration with our partners, it leads the region s business attraction efforts, supports business retention and expansion work as Northeast Ohio s JobsOhio affiliate, accelerates the impact of innovation in the region, and aligns strategies and resources within the economic development network to maximize its impact. In addition, Team NEO provides tools to assist employers in attracting talent to the region. It promotes the region under the Cleveland Plus brand. For more information, visit Lake Ashtabula CLEVELAND LORAIN Cuyahoga Geauga Erie Trumbull Lorain Portage Huron Summit Medina AKRON YOUNGSTOWN Mahoning Ashland Richland MANSFIELD Wayne CANTON Columbiana Stark Tuscarawas
10 1111 Superior Avenue, Suite 1600, Cleveland, OH NEO.1411 clevelandplus.com
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