Team NEO Report provides insights into challenges and opportunities to build a vibrant economy
Team NEO released its Talent & Equity Report today, providing key insights into challenges and opportunities the Northeast Ohio Region has as the economic development network works to build a vibrant economy. The report, informed by the Vibrant Economy Indicators (VEI), tracks progress toward the 2030 goal of “Bending the Curve” of our economic trajectory. This initiative aims to improve key economic outcomes in the 14-county region beyond expected forecast.
“To foster a vibrant economy, we need a cohesive ecosystem with unified strategies to grow a diverse industry base and provide more people with more job opportunities.” said Team NEO Vice President of Strategy, Research, and Talent Jacob Duritsky. “The data in this report
informs the progress of our economy in relation to Moody’s forecasts to help our regional economic development network make strategic decisions that will ‘Bend the Curve’ and outperform those third-party forecasts.”
This VEI update focuses on the talent and equity pillars of the VEI. Notable insights include:
- From 2018 to 2022, the Northeast Ohio Region increased the population with an associate degree (up 3.8%) as well as a bachelor’s degree or higher (up 10.4%).
- Between 2018 and 2022 the Northeast Ohio Region achieved small, but important, growth in our 24- to 34-year demographic, a trend that will be key to reversing population decline over time.
- Gradation retention rate is increasing. Fifty percent of the 2022-2023 graduates from Northeast Ohio institutions chose to remain in the region.
- From 2018 to 2022, most demographic groups experienced median household income growth, with Black or African Americans experiencing 35% growth and Hispanics or Latinos experiencing a 28% increase in median household income, while white median household income growth was 22%.
- While unemployment rates saw decreases between 2018 and 2022, significant gaps remain. Black or African American unemployment went down 2.4% (from 12.7% in 2018 to 10.3% in 2022), the unemployment rate for their white counterparts was 4.1% for 2022.
There are many initiatives in the region designed to decrease the talent gap. This report features an overview of work being done by the Cleveland Talent Alliance and Walsh University that are focused on building a vibrant economy through talent-focused initiatives. The report also features an interesting talent initiative in a comparable market, Philadelphia, (Campus Philly) as a best practice to improve student retention.
About Team NEO
Team NEO is a private, nonprofit economic development organization that ignites economic vibrancy, fosters sustainable growth, and champions equitable prosperity. As a designated JobsOhio Network Partner, we collaborate across all 14 counties in the Northeast Ohio Region to create strategies to attract and retain companies, drive innovation, cultivate a skilled workforce, advance market-ready sites, and promote and engage the region. To learn how Team NEO helps make Northeast Ohio more competitive, visit northeastohioregion.com.