{"id":8318,"date":"2020-06-29T08:29:40","date_gmt":"2020-06-29T12:29:40","guid":{"rendered":"https:\/\/teamneo.org\/?p=8318"},"modified":"2023-04-26T14:06:53","modified_gmt":"2023-04-26T14:06:53","slug":"northeast-ohio-economic-projections-post-covid-19","status":"publish","type":"news","link":"https:\/\/northeastohioregion.com\/news\/northeast-ohio-economic-projections-post-covid-19\/","title":{"rendered":"Northeast Ohio Economic Projections Post COVID-19"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Team NEO report provides insights on impact and opportunity<\/h2>\n\n\n\n<p>Team NEO\u2019s <a href=\"https:\/\/northeastohioregion.com\/wp-content\/uploads\/2020\/06\/team-neo-qer-june-2020-covid-19-recovery-projections.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">June 2020 Quarterly Economic Review<\/a> takes a look at the potential performance of the Northeast Ohio economy through 2025. Calculating projections based on the June annualized national and local projections of employment and gross domestic product (GDP) from <a href=\"https:\/\/www.economy.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Moody\u2019s Analytics<\/a>, Team NEO shares the following insights:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>GDP for Northeast Ohio and the U.S. is projected to recover by 2022 after losses in 2020 and 2021; by 2022, U.S. GDP is projected to be 5% higher, and Northeast Ohio 3% higher, than 2018 GDP. These projections increase to 14% and 9%, respectively, by 2025.<br><\/li>\n\n\n\n<li>Employment for both the U.S. and Northeast Ohio is projected to recover more slowly than GDP, with the U.S. projected to recover by 2023 and Northeast Ohio by 2025.<br><\/li>\n\n\n\n<li>Driver industries will be impacted by the pandemic with regard to both GDP and employment: For 2020, projected year-over-year losses include a 9.1% drop in GDP and a 5.7% loss in employment for manufacturing; a 6.1% drop in GDP and 4.2% loss in employment for headquarters; and a 2.4% dip in GDP and 4.4% loss in employment for the health care sector.<br><\/li>\n\n\n\n<li>Northeast Ohio\u2019s manufacturing sector, which accounts for 20% of the region\u2019s GDP, will be impacted in 2020. For example, transportation equipment GDP is projected to drop 19.5% year-over-year and fabricated metal product 16.9%. Employment projections reflect losses as well, with year-over-year drops including 10.3% for nonmetallic mineral products and 9.6% for fabricated metal product.<\/li>\n<\/ul>\n\n\n\n<p>While the coronavirus pandemic will negatively impact economies around the world in the near future, the challenges we face today can lead to opportunities tomorrow.<\/p>\n\n\n\n<figure class=\"wp-block-image alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/northeastohioregion.com\/wp-content\/uploads\/2020\/06\/june-2020-qer-cover.png\" alt=\"Team NEO's June 2020 QER Cover\" class=\"wp-image-8315\" width=\"319\" height=\"273\" srcset=\"https:\/\/northeastohioregion.com\/wp-content\/uploads\/2020\/06\/june-2020-qer-cover.png 700w, https:\/\/northeastohioregion.com\/wp-content\/uploads\/2020\/06\/june-2020-qer-cover-300x257.png 300w\" sizes=\"auto, (max-width: 319px) 100vw, 319px\" \/><\/figure>\n\n\n\n<p>\u201cWe have an opportunity to reevaluate the way we conduct business and put measures into place to help ensure resilience in the future \u2013 like upskilling and reskilling workers,\u201d said <a rel=\"noreferrer noopener\" href=\"https:\/\/teamneo.org\/?team=bill-koehler\" target=\"_blank\">Team NEO CEO Bill Koehler<\/a>. \u201cFrom our conversations with manufacturers throughout the region, we know they\u2019re embracing industry 4.0 innovations and revisiting onshoring feasibility. &nbsp;There is plenty of potential ahead for well-positioned, forward-thinking businesses.\u201d<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/northeastohioregion.com\/wp-content\/uploads\/2020\/06\/team-neo-qer-june-2020-covid-19-recovery-projections.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Report<\/a><\/div>\n<\/div>\n\n\n\n<p>Team NEO publishes the Quarterly Economic Review to provide a holistic picture of Northeast Ohio\u2019s economy. The nonprofit organization uses this information to attract new businesses and jobs to Northeast Ohio and help those that are here grow.<\/p>\n\n\n\n<p>Team NEO used <a href=\"https:\/\/www.economy.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Moody\u2019s Analytics<\/a> to generate this report. Moody\u2019s has made their assumptions based on there not being a second wave of closings due to COVID-19, the impact of the global supply chain disruption and the potential for additional federal stimulus. &nbsp;Further, Moody\u2019s projections in this report are subject to ongoing and perhaps significant adjustments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">About Team NEO<\/h3>\n\n\n\n<p>Team NEO is a private, nonprofit economic development organization accelerating business growth and job creation throughout the 18 counties of Northeast Ohio. As the designated JobsOhio Network Partner, we align and amplify local economic development efforts in Northeast Ohio\u2019s 18-county region; we conduct research and data analysis to inform local conversations and influence solutions; we market Northeast Ohio as a region; and we work to increase access to jobs, education and training for the region\u2019s 4.3 million people.<\/p>\n","protected":false},"featured_media":8316,"template":"","categories":[7],"tags":[],"class_list":["post-8318","news","type-news","status-publish","has-post-thumbnail","hentry","category-quarterly-economic-reviews"],"acf":[],"_links":{"self":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/8318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":2,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/8318\/revisions"}],"predecessor-version":[{"id":20274,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/news\/8318\/revisions\/20274"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/media\/8316"}],"wp:attachment":[{"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/media?parent=8318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/categories?post=8318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/northeastohioregion.com\/wp-json\/wp\/v2\/tags?post=8318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}