While Cleveland may not be growing as fast as some cities, the City of Cleveland is not losing jobs. In fact, the City of Cleveland has shown positive job growth for the past five consecutive years. Since the bottom of the recession in March 2010 the City of Cleveland has added 25,269 jobs, an overall 5% increase. The growth in jobs continued last year with the city adding 4,617 jobs from 2014 to 2015, a 1% increase.
The City of Cleveland’s economy has diversified over the past decade. While manufacturing employment declined during this time, these losses were counter-balanced by significant increases in healthcare, where employment rose 14,256 jobs since 2005 (up 16%). Other areas that grew include headquarters, increasing 3,476 over the past decade (28%), and arts, entertainment, and recreation which saw a 2,387 job increase (25%).
Since 2005, six different industries have shown positive job growth.
- Health Care and Social Assistance (16% increase) 14,256 new jobs
- Educational Services (24% increase) 4,811 new jobs
- Management of Companies (28% increase) 3,476 new jobs
- Accommodation and Food Services (8% increase) 2,626 new jobs
- Arts, Entertainment and Recreation (25% increase) 2,387 new jobs
- Utilities (14% increase) 183 new jobs
While Cleveland is the economic hub of Northeast Ohio and draws much of its workforce from outside the city, Cleveland residents have shared in the city’s recent economic success. An additional 1,100 residents found employment in the past year. The unemployment rate dropped for Cleveland Residents, falling from 8% in 2014 to 6.9% in 2015.
In addition to the City of Cleveland’s gains, the Cleveland Metropolitan Area has also gained jobs since 2010 with a net increase of 78,500 jobs. (8% increase). While the region’s growth may lag some sun-belt cities, the Cleveland metro area outperformed its peer cities in the Midwest and East Coast over the past year. Cleveland’s employment grew 2.2% last year compared to 1.7% for peer cities. Cleveland ranks 4th out of 15 peer cities for employment increases during this time.
The job gains over the past five years have helped to lower the unemployment rate in the Cleveland area. Among metro areas with a population over 1.5 million, the Cleveland Metro area (3.7%) ranked fourth lowest out of 40 cities in the US, which was far lower than the US average (4.8%).
The latest Quarterly Economic Review released by Team NEO ( http://www.teamneo.org) shows that across all segments, the region expects to add nearly 123,000 jobs over the next decade. This represents a 6% increase in total employment, bringing the total workforce to 2.041 million people.
From 2015 to 2025, many sectors in Cleveland Plus are expected to grow. Among them are: healthcare (42,000 jobs or 13%); finance and insurance (7,000 jobs or 9%); professional, scientific and technical (4,000 jobs or 4%); construction (4,000 jobs or 5%); and information and media (2,000 jobs or 6%). Manufacturing employment is expected to remain essentially flat. Overall employment is projected to grow by 98,000 jobs or 5%.
Simply Hired’s January 2016 U.S. Employment Outlook report shows that job listings increased in 15 of the Top 25 largest U.S. metros in January 2016. The metros with the largest gains were Cleveland-Akron (3.30% month-over-month increase), Pittsburgh (3.11%), Minneapolis-St. Paul (2.09%), Seattle-Tacoma (1.90%), and, Raleigh-Durham (1.52%).