Earlier this year, Team NEO reported its annual performance, while also announcing 76 projects that are expected to create 6,329 jobs and $2.34 billion in capital investment in 2019.
“Collaborating with many partners from the public, private, educational and philanthropic sectors, we attracted investment from a wide variety of companies, both large and small, that represent Northeast Ohio’s diverse industry base,” says Bill Koehler, CEO of Team NEO. “Looking ahead, we see tremendous opportunities in our largest sector, manufacturing, as companies look to adopt technologies related to the Industrial Internet of Things (IoT) and 3-D printing.”
In 2018, Team NEO worked with its partners in workforce development and higher education to help develop a strong pipeline of talent for our area. In February, the organization released its 2018 edition of “Aligning Opportunities in Northeast Ohio,” a report that shines light on the demand and supply imbalance in our workforce to help higher education institutions and other workforce organizations shape programming strategies. The report was made possible by a grant from the Cleveland Foundation, as well as additional support of the Sherwin-Williams Co.
In a nutshell, the report found that Northeast Ohio offers outstanding job and career opportunities. However, many of those opportunities don’t align with the knowledge and skill set of our workforce. For that reason, many jobs in growing, high-potential industries often sit vacant, even though they offer family-sustaining wages.
The challenge for our workforce, employers and economy is to make sure these opportunities better align with the knowledge and skill sets of our current talent pool.
According to Team NEO, the region’s economic development network will continue to drive progress and job creation throughout Northeast Ohio in 2019. Facilitating manufacturers’ implementation of technological advances and strengthening educational partnerships and programs are just the start.
General Labor Force Trends
• The demand for skilled and educated talent is increasing. By 2020 the majority of jobs in Ohio will require some type of post-secondary credential.
• Only 54 percent of adults in Northeast Ohio have the required education or skill level to meet the demand predicted by 2020. Eleven percent growth is necessary to achieve the 2020 projected demand of 65 percent.
• Data show that residents with higher levels of education — from one-year credentials to two-year degrees to baccalaureate degree — are more likely to be employed and earn more money.
• Residents in Northeast Ohio often travel across county lines for jobs,
with 43 percent working in a different county from where they live.
Source: Team NEO report: “Aligning
Opportunities in Northeast Ohio.”