Jobs in Cleveland: 2024 Cleveland, OH, Economic Guide

Main Industries in Cleveland, Ohio

As a key urban player in the Midwest, how is the Cleveland economy performing? For residents exploring new careers, visitors getting the lay of the land, or homebuyers considering moving to Cleveland, taking an in-depth look at the city’s economy is of vital importance. Such an analysis should include information on Cleveland’s main economic sectors such as healthcare, manufacturing, and technology, alongside vital statistics on job growth and industry-specific developments. Get ready to unveil the intricacies of Cleveland’s economic framework in order to gain a true sense of its vitality and direction.

The Main Two Cents

  • Cleveland boasts a diversified economy with key sectors such as healthcare, manufacturing, and aerospace, supported by major employers like the Cleveland Clinic and initiatives such as the Cleveland Innovation District contributing to job growth and economic stability.
  • Emerging industries in technology, biotechnology, and green energy, with companies like MediView XR and LAND Energy, demonstrate Cleveland’s growth as an innovation hub, attracting investment and talent.
  • Cleveland is home to the headquarters of five Fortune 1000 companies and benefits from strong regional collaboration, economic development initiatives, and the influence of education and research institutions like Case Western Reserve University on workforce development and economic success.

Cleveland's Economic Landscape

Cleveland’s economy is a mosaic of diverse sectors, including education, tourism, technology, healthcare, finance, and manufacturing. The city is home to major employers like the Cleveland Clinic and University Hospitals, which not only contribute to the local economy but also consistently rank amongst the top healthcare institutions in the world. Furthermore, Cleveland’s geography has played a key role in its economic expansion, particularly in the logistics and distribution sectors, supported by the City of Cleveland Department of Economic Development.

This favorable economic climate has led to a competitive unemployment rate in Greater Cleveland, often outperforming the broader Ohio state and even the entire U.S. on several occasions. Job growth has been observed in various sectors, including construction and health care. This growth has had a positive impact on Greater Cleveland’s economy.

Healthcare Industry

Shaping Cleveland’s economy, the healthcare industry has a crucial part to play. The Cleveland Clinic is a major player in this industry, integrating clinical and hospital care with research and education. Located in eastern Cleveland near the border with the Cleveland Heights community, the Cleveland Clinic has many locations in and around the city. University Hospitals, serving as the second largest employer in Northeast Ohio, significantly contributes to Cleveland’s healthcare sector through its large workforce.

Other notable contributors include:

  • The MetroHealth System, a vital part of the county’s public health framework
  • STERIS with its global reach in infection prevention
  • Services from HealthSpan and UnitedHealth Group
  • Maxim Healthcare Services, which adds to the sector’s diversity with its home healthcare and nursing services
  • Medical Mutual, providing reliable health insurance options.

Manufacturing Sector

Steel Factories in Cleveland, Ohio

Cleveland’s local economy receives substantial support from manufacturing jobs. The sector has been a significant contributor to job growth and economic stability, vital for the city’s prosperity. Firms in this sector have seen a resurgence, due to heightened demand for domestic goods during pandemic-induced shortages, and there’s a strong manufacturing presence in suburbs like the Mentor community.

The manufacturing sector’s success is not only confined to the local level. Many of these firms have a global footprint, exporting their products worldwide. This global reach has helped to fortify Cleveland’s economy, enabling it to weather economic downturns and thrive in times of economic growth.

Aerospace Industry

In addition, Cleveland’s economy benefits greatly from the aerospace industry. Leading this sector is ZIN Technologies, a company that has maintained a longstanding partnership with NASA for over 30 years. With a significant workforce of 250 employees, ZIN Technologies exemplifies the aerospace industry’s contribution to job creation and economic activity in Cleveland.

The success of ZIN Technologies is a testament to the robustness and resilience of Cleveland’s aerospace industry. This sector continues to grow, attracting investment and creating more jobs.

Top Industries in Cleveland

  • Healthcare & Life Science
  • Retail
  • Food Industry
  • Financial Services
  • Advanced Materials & Manufacturing
  • Information Technology

Emerging Industries in Cleveland

The city’s economic diversification extends beyond its established sectors. The city is increasingly fueled by innovation and entrepreneurship, particularly in the technology sector. Emerging technology companies like MediView XR, specializing in augmented reality, and AgileBlue, a cybersecurity platform, are raising substantial funding and expanding their services, proving that Cleveland is a hub for technological innovation.

Biotechnology, health technology advancements, and medical equipment are reshaping the landscape, too, with companies such as Abeona Therapeutics, focusing on gene and cell therapy, and SPR Therapeutics, providing non-opioid pain treatment options. Even in green energy, Cleveland is making strides with LAND Energy’s focus on electric transportation and OnStation’s solutions to increase project productivity for road workers.

Corporate Headquarters in Cleveland

Office Building in Cleveland, Ohio

Ohio’s best small towns have a ton to offer, but it takes a large urban center to attract large multinational corporations, and Cleveland is home to the headquarters of five Fortune 1000 companies. This reflects Cleveland’s significance as a center for corporate management and operations. These corporations have a far-reaching influence, contributing immensely to Cleveland’s economy and affording the city a prominent place on the global business map.

The presence of these corporate giants also provides a stable foundation for Cleveland’s economy. They create jobs, contribute to economic growth, and attract other businesses and investments to the region, further enhancing Cleveland’s economic dynamism.

Additional Large Companies in Cleveland

  • Cleveland Clinic
  • University Hospitals
  • U.S. Office of Personnel Management/li>
  • Cuyahoga County
  • City of Cleveland
  • Metro Health System
  • Cleveland Metropolitan School District
  • KeyCorp

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Economic Growth Initiatives

The city’s economic growth comes from targeted initiatives that involve both the public and private sectors, and it’s more than just a coincidence. Community development and long-term strategic planning are key components of Cleveland’s economic expansion efforts. The Cleveland Innovation District, backed by collaborations between universities and JobsOhio, is expected to add 20,000 jobs and contribute significant economic impact through research and development.

Over a period of 12 years, Cleveland has demonstrated its dedication to fostering economic growth through an investment exceeding $430 million in various business initiatives and real estate projects.

The Role of Education and Research Institutions

Economic growth is accelerated by education and research institutions. Cities with higher levels of education have higher incomes and faster rates of income growth, and the highest-educated workers are more likely to create jobs. Educational institutions like Cleveland State University generate a ‘knowledge spillover’ effect, which boosts salaries for all workers within the region and increases the earnings of college graduates.

Furthermore, local institutions are integral in maintaining a skilled workforce within Northeast Ohio, with approximately 70% of college students in the state finding their first job locally. Case Western Reserve University advances the region’s economic success by concentrating on educational attainment, talent development, and workforce preparation.

Regional Collaboration for Economic Development

Economic development is fundamentally rooted in regional collaboration. Cleveland’s collaboration with neighboring cities in Northeast Ohio is essential in leveraging shared resources and promoting collective economic progress. The Northeast Ohio Development Exchange (NODE) offers a structured platform for regional stakeholders to connect, share best practices, and cultivate professional relationships.

Regular monthly meetings and special events throughout the year serve as a consistent avenue for regional dialogue and partnership. Events organized by local entities convene leaders and experts to deliberate on economic challenges and opportunities, fostering a shared understanding among the region’s decision-makers.

Challenges and Opportunities Facing Cleveland's Economy

Economic Opportunities in Cleveland, Ohio

Despite its robustness, Cleveland’s economic landscape also presents challenges and opportunities. The city is recognized as a low-risk market for real estate investments, marked by a strong demand for rental properties and upward trends in both housing sales and rental rates. In addition to bolstering the economy, the real estate market creates thousands of jobs for residents looking for a new career opportunity.

Moreover, Cleveland’s commitment to inclusivity and equality, demonstrated by the highest scores on the Human Rights Campaign’s Municipal Equality Index for three consecutive years, creates a progressive business climate that may attract diverse talent and foster economic development.

The Robust Cleveland Economy

Cleveland’s economy is a veritable powerhouse driven by diverse sectors, from healthcare and manufacturing to aerospace and technology. Its economic landscape is shaped by major employers, innovative startups, and Fortune 1000 companies. Initiatives aimed at economic growth and community development, coupled with the role of education and research institutions and regional collaboration, further strengthen the city’s economic prospects.

Despite its challenges, Cleveland’s real estate market, strong rental demand, and progressive business climate present opportunities for growth and development. With its dynamic economy and promising future, Cleveland shines as a beacon of economic resilience and innovation in Northeast Ohio and beyond.

Frequently Asked Questions

What is Cleveland's economy based on?

Cleveland's economy is based on a strong history of manufacturing, as well as being home to leading medical centers and Fortune 1000 company headquarters in finance, advanced manufacturing, and food science.

What is Cleveland known for producing?

Cleveland, Ohio, is known for producing a diverse range of goods, including standardized products like clothing, iron shapes, and automobiles, in addition to being a hub for higher education, manufacturing, financial services, healthcare, and biomedicals.

Is Cleveland a thriving city?

Yes, Cleveland is a thriving city, with downtown experiencing significant population growth and $9 billion in investment transforming it into a diverse community.

What are the key sectors in Cleveland's economy?

Cleveland's economy is powered by a diverse range of sectors, including education, tourism, technology, healthcare, finance, and manufacturing.

Ready to start looking for your new home in Cleveland? Call The Young Team at (216) 402-4774 today to get in touch with a local real estate expert who can help you start your homebuying journey.

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