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                                                  Greater Cleveland Partnership
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                                                      Stark Development Board
                                                            Team Lorain County
                                         Youngstown-Warren Regional Chamber
                               Medina County Economic Development Corporation




         Cleveland
         Plus      ®




         Economic
         Review
         September 2009
         Volume 3, Issue 3




Aerospace-Related Sector Piloting
Northeast Ohio to New Heights
September 2009 | Volume 3, Issue 3




Diversified Aerospace-Related Sector
Transitioning the Cleveland Plus
Region’s Economy
Since the Wright Brothers’ original flight, Ohio has been a pioneer in the aerospace-related sector.
The strength in this sector continues to play an important role in diversifying Northeast Ohio’s economy.
With significant regional growth in the industries that supply to the aerospace sector, the collective
$8 billion cluster of these industries is helping to transition the Cleveland Plus regional economy.




Aerospace-Related Sector
Showing Strong Growth
Between 1993 and 2008, Gross Regional Product (GRP) for this sector grew
nearly 59%. In fact, as the Cleveland Plus economy has transitioned to
more sophisticated products, the aerospace GRP now represents 24%
of all manufacturing. Our growing base of aerospace-related companies
plus our talented and highly-skilled workforce prove essential to Northeast
Ohio’s advantage over other regions.




                                 Aerospace-Related GRP in Cleveland Plus
                                                           ( 1993-2008)

                         $9000

                         $8000
    ( Millions 2008 $)




                         $7000

                         $6000

                         $5000

                         $4000

                            $0
                                 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


                                                                                                     Source : Moody’s Economy.com
Strong Base of Aerospace Suppliers
in Northeast Ohio
Contributing to this growth are highly-sophisticated industries such as Navigational, Measuring
& Control Instruments, as well as traditional segments like Fabricated Metal Manufacturing.
These industries are vital inputs to the aerospace production process.



                                                Contribution of Each Industry
                                                 to Aerospace-Related GRP

                        Fabricated Metal                                                                                    21%
      Navigational, Measuring, & Control                                                                                  20%
       Machine Shops & Turned Product                                                                        18%
              Aerospace Product & Parts                                              12%
     Coating, Engraving, & Heat Treating                              8%
 Other Electrical Equipment & Component                  5%
                                                        4%
  Semiconductor & Electronic Component                  4%
                               All Other                4%
       Computer & Peripheral Equipment                  4%
            Communications Equipment                   3%

                                           $0   $200   $400    $600        $800   $1000    $1200   $1400   $1600   $1800 $2000

                                                              (Millions 2008 $)


                                                                                                               Source : Moody’s Economy.com




Higher Paying Jobs
As Northeast Ohio’s manufacturing becomes more sophisticated, the skills needed are becoming
more advanced. Not surprising, aerospace-related occupations are an indication of this, with average
wages in Northeast Ohio for this sector 36% higher than the wages for all other industries in the region.




                                                                                  AvERAGE WAGE
                                                                                               All Industries = $41,200
                                                                                  All Other Manufacturing = $53,300
                                                                 Aerospace-related Manufacturing = $56,300
Strong Cluster Drives                                     Aerospace-Related Manufacturing Establishments
                                                                   in the Cleveland Plus Region

Regional Growth
Northeast Ohio is home to more than                                             Cleveland
2,300 firms whose products and processes
are instrumental to the aerospace
sector. As indicated on the map, these
firms are represented throughout the                                                                    Youngstown
                                                                                            Akron
entire Cleveland Plus region. As noted
below, these firms reinforce Northeast
Ohio’s strong cluster of advanced                                                              Canton
                                                               Mansfield
manufacturing and highlight the critical
resources present that continue to drive
the success of our aerospace
supply chain.                                    Source : Dun & Bradstreet (2009)




Legacy Fueling Aerospace Growth
As early as World War I, Northeast Ohio became a major player in aircraft engine parts. Today, thousands
of the region’s manufacturers and suppliers are fueling the entire industry.
With proximity to industry and roots in innovation, the Cleveland Plus region has become a major
hub for aerospace component design, engineering, and production. In fact, it is home to the NASA
Glenn Research Center, which among other significant aerospace R&D, is responsible for the Orion
crew exploration vehicle development and testing. In addition, Parker Hannifin, The Timken Company,
Goodrich Landing Gear, Alcoa Aerospace, Automotive and Commercial Transportation, and other
major aerospace suppliers are headquartered in Northeast Ohio. “From landing gears to major structural
components to turbine blades, Northeast Ohio’s aerospace manufacturing capabilities make Ohio
a leading supplier to the international aerospace industry,” says Michael L. Heil, Ph.D., P.E., President
and CEO of the Cleveland-based Ohio Aerospace Institute, which works to build Ohio's aerospace
economy through R&D, education/training, and collaboration.
 Indeed, the sector is helping to transform and diversify the region’s economy with high-tech industries. For
 example, helicopter gearboxes, power units for jets and special coatings are developed at the Timken
 Technology Center. Similarly, Parker Hannifin is creating advanced ground-breaking fuel injection
 technologies and other applications in the region. Their Fluid Systems Division recently developed
“smart” pumps for fuel, water and coolant applications that use brushless elements to deliver flow
 precisely on demand, saving energy and increasing reliability. Moreover, the robust cluster allows for
 close collaboration in new technologies. In 2009, NASA and Goodyear partnered to develop an airless
 tire, The Spring Tire, to transport large, long-range vehicles across the surface of the moon; it was
 installed on NASA’s Lunar Electric Rover test vehicle. Further, the State of Ohio is the 2nd largest supplier
 to Boeing Corp, with more than 500 firms providing over $5 billion in component and services.
Clearly, these innovations are helping to transform Northeast Ohio’s economy with high-tech applications
and a high-skilled workforce, while they drive the global aerospace sector to new heights in performance.
NEO Employment                                                                                                                                       2.10
                                                                                                                                                                   NEO Total Employment ( Not Seasonally Adjusted )


Up Slightly in Q2                                                                                                                                    2.05

                                                                                                                                                     2.00




                                                                                                                                        (Millions)
                                                                                                                                                     1.95
This chart shows total employment year over
                                                                                                                                                     1.90
year for comparison of seasonal patterns.
                                                                                                                                                     1.85

There is typically growth from Q1 to Q2, and                                                                                                         1.80




                                                                                                                                                                                                2007
                                                                                                                                                             2003
                                                                                                                                                             2004
                                                                                                                                                             2005
                                                                                                                                                             2006
                                                                                                                                                             2007
                                                                                                                                                             2008
                                                                                                                                                             2009

                                                                                                                                                                                                2003
                                                                                                                                                                                                2004
                                                                                                                                                                                                2005
                                                                                                                                                                                                2006

                                                                                                                                                                                                2008
                                                                                                                                                                                                2009

                                                                                                                                                                                                                                    2003
                                                                                                                                                                                                                                    2004
                                                                                                                                                                                                                                    2005
                                                                                                                                                                                                                                    2006
                                                                                                                                                                                                                                    2007
                                                                                                                                                                                                                                    2008

                                                                                                                                                                                                                                                                      2003
                                                                                                                                                                                                                                                                      2004
                                                                                                                                                                                                                                                                      2005
                                                                                                                                                                                                                                                                      2006
                                                                                                                                                                                                                                                                      2007
                                                                                                                                                                                                                                                                      2008
while less than normal, Northeast Ohio still
saw employment increase by approximately                                                                                                                                    Q1                                 Q2                                  Q3                                Q4

12,000 jobs in the second quarter.
Employment is down approximately                                                                                                                                                                               Source : Ohio Labor Market Information (LAUS Data)
6% from Q2 2008.




NEO Unemployment                                                                                                                                     12.0%
                                                                                                                                                                            NEO Quarterly Unemployment Rate


Rate Reflective
                                                                                                                                                     11.5%
                                                                                                                                                     11.0%
                                                                                                                                                     10.5%
                                                                                                                                                     10.0%


of U.S. Trends
                                                                                                                                                      9.5%
                                                                                                                                                      9.0%
                                                                                                                                                      8.5%
                                                                                                                                                      8.0%
                                                                                                                                                      7.5%
The Northeast Ohio unemployment reflects                                                                                                              7.0%
                                                                                                                                                      6.5%
the trend of the overall U.S. economy.                                                                                                                6.0%
                                                                                                                                                      5.5%
The rate increased to 10.6% in Q2 2009,                                                                                                               5.0%
                                                                                                                                                      4.5%
with the U.S.at 9.9% and the state of Ohio                                                                                                            4.0%
                                                                                                                                                                  Q2




                                                                                                                                                                                      Q2




                                                                                                                                                                                                          Q2




                                                                                                                                                                                                                              Q2




                                                                                                                                                                                                                                                  Q2




                                                                                                                                                                                                                                                                      Q2




                                                                                                                                                                                                                                                                                          Q2
                                                                                                                                                                       Q3




                                                                                                                                                                                           Q3




                                                                                                                                                                                                               Q3




                                                                                                                                                                                                                                   Q3




                                                                                                                                                                                                                                                       Q3




                                                                                                                                                                                                                                                                           Q3
                                                                                                                                                             Q1



                                                                                                                                                                            Q4
                                                                                                                                                                                 Q1



                                                                                                                                                                                                Q4
                                                                                                                                                                                                     Q1



                                                                                                                                                                                                                    Q4
                                                                                                                                                                                                                         Q1



                                                                                                                                                                                                                                        Q4
                                                                                                                                                                                                                                             Q1



                                                                                                                                                                                                                                                            Q4
                                                                                                                                                                                                                                                                 Q1



                                                                                                                                                                                                                                                                                Q4
                                                                                                                                                                                                                                                                                     Q1
is at 11.2%.                                                                                                                                                      2003                2004                2005                2006                2007                2008           2009
                                                                                                                                                                                                NEO 16 counties                     Ohio                U.S.



                                                                                                                                                                                                               Source : Ohio Labor Market Information (LAUS Data)




                               NEO Real GRP Billions (2008 Dollars)                                                                                   GRP Estimates
                                                                                                                                                      Continue to be
   $190
                                                                                          2.4%   0.7% (-1.5%) (-0.4%) (-1%)
   $180                                                                            1.8%
                                                     1.2%    0.3%
                                              2.6%                  (-1.9%) 1.2%                                              (-5.1%)
   $170



                                                                                                                                                      Adjusted for Recession
                                       4.8%
                        3.8%   3.0%
   $160

   $150          5.1%
          0.3%
   $140

   $130
                                                                                                                                                      The most recent estimates from economy.com
   $120
          1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009                                                        show Northeast Ohio’s GRP contracting by
                                      Real GRP              Average Annual Growth = 1.1%
                                                                                                                                                      approximately 5% in 2009. This decline reflects
                                                                                                                                                      the ongoing recession in the U.S. economy.
Source : Moody’s Economy.com                                                                                                                          Data from economy.com is continuously
                                                                                                                                                      updated and are subject to revisions.
September 2009 | Volume 3, Issue 3



Industrial Space                                                                                                    NEO Occupied Industrial Space & Vacancy Rate

Strong Despite
                                                                                                              405                                                                                                    9.5%




                                                                            Occupied Square Feet (Millions)
                                                                                                              400                                                                                                    9.0%




Economic Downturn




                                                                                                                                                                                                                            Vacancy Rate
                                                                                                              395                                                                                                    8.5%

                                                                                                              390                                                                                                    8.0%

                                                                                                              385                                                                                                    7.5%

This graph shows the total amount of                                                                          380                                                                                                    7.0%

industrial space occupied by quarter                                                                          375                                                                                                    6.5%




                                                                                                                      Q2

                                                                                                                            Q3

                                                                                                                                  Q4

                                                                                                                                       Q1

                                                                                                                                            Q2

                                                                                                                                                  Q3

                                                                                                                                                       Q4

                                                                                                                                                             Q1

                                                                                                                                                                  Q2

                                                                                                                                                                       Q3

                                                                                                                                                                            Q4


                                                                                                                                                                                   Q1

                                                                                                                                                                                         Q2

                                                                                                                                                                                               Q3

                                                                                                                                                                                                     Q4


                                                                                                                                                                                                          Q1

                                                                                                                                                                                                                Q2
between the first quarter of 2005 and                                                                                      2005             2006                   2007                  2008              2009
the second quarter of 2009. The vacancy
                                                                                                                                       Occupied Square Feet                      Vacancy Rate
rate for industrial space in Northeast
Ohio rose slightly to 7.5% in Q2 2009,                                                                                                                                                          Source : CoStar Industrial Data
while occupied space remained
fairly stable.




About Team NEO
                                                                                                                    Due to market limits within the CoStar database, historic trend data for the
Team NEO advances Northeast Ohio’s economy                                                                          Team NEO region is defined as 10 of the 16 counties forming the regional
                                                                                                                    footprint. These counties include Ashtabula, Cuyahoga, Geauga, Lake,
by attracting businesses worldwide to the 16-county                                                                 Lorain, Medina, Portage, Richland, Stark and Summit.
Cleveland Plus region. The organization is a joint
                                                                                                                    IMPLAN economic modeling software was used to obtain input factors for
venture of the region’s largest metro chambers                                                                      the aerospace related manufacturing sector; the resulting industries list
of commerce. Since 2007, the organization has                                                                       was then ranked in terms of inputs to determine the most relevant suppliers
                                                                                                                    to the aerospace sector by NAICS code. The NAICS codes were applied
attracted 25 new companies, 3,000 new jobs                                                                          to Dun & Bradstreet data to create the list of supplier companies
                                                                                                                    summarized in this report.
and more than $95M in annual payroll to
Northeast Ohio, leading to a total regional
annual impact of more than $150M. For more
information, visit www.clevelandplusbusiness.com.
Data Sources: Team Northeast Ohio uses a number of data sources for
                                                                                                                                                                                                               Ashtabula
the Regional Economic Review. One of the primary sources is the Moody’s                                                                                                                       Lake
                                                                                                                       Cleveland Plus 16-County Region
Economy.com (www.economy.com) Northeast Ohio modeling system.
This firm is the leading independent provider of economic, financial and
industry research and data that specializes in national and metropolitan
                                                                                                                                                                        Cleveland Geauga
economic growth forecasts. Moody’s Economy.com county level output,
employment and payroll historical data are estimated from several
                                                                                                                                                                  Cuyahoga
publicly available sources and are summarized into the Team NEO                                                                                  Lorain                                                         Trumbull
regional footprint. It is important to understand data provided by
Economy.com are estimates of economic activity.                                                                                                                             Summit Portage
                                                                                                                                                            Medina              Akron      Youngstown
Team NEO also uses data from federal and state sources as part of the
                                                                                                                                                                                               Mahoning
report. As with Economy.com, the information for the Team NEO footprint
is derived from data reported at either the county or metropolitan level.
We rely heavily on data from the U.S. Bureau of Labor Statistics                                                                        Ashland
(www.bls.gov) and Ohio’s Labor Market Information (www.lmi.state.oh.us)                                                                                     Wayne                             Canton           Columbiana
for information on wages, unemployment and both general and industry-                                                      Richland                                              Stark
specific employment. In addition, Team NEO uses data from the Census
(www.census.gov) to track housing-related activity including the
                                                                                                                                                                                                     Carroll
number of single and multifamily permits, as well as their values.

Industrial real estate data for this edition was derived from the CoStar Group.
The CoStar Group is a leading provider of commercial real estate data
throughout the United States, covering more than 58 billion square feet
of property throughout the country.




737 Bolivar Road, Suite 2000, Cleveland, Ohio 44115
888.NEO.1411 • www.clevelandplusbusiness.com

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September 2009 Cleveland Plus Quarter Economic Review

  • 1. Our partners include: Greater Cleveland Partnership Greater Akron Chamber Stark Development Board Team Lorain County Youngstown-Warren Regional Chamber Medina County Economic Development Corporation Cleveland Plus ® Economic Review September 2009 Volume 3, Issue 3 Aerospace-Related Sector Piloting Northeast Ohio to New Heights
  • 2. September 2009 | Volume 3, Issue 3 Diversified Aerospace-Related Sector Transitioning the Cleveland Plus Region’s Economy Since the Wright Brothers’ original flight, Ohio has been a pioneer in the aerospace-related sector. The strength in this sector continues to play an important role in diversifying Northeast Ohio’s economy. With significant regional growth in the industries that supply to the aerospace sector, the collective $8 billion cluster of these industries is helping to transition the Cleveland Plus regional economy. Aerospace-Related Sector Showing Strong Growth Between 1993 and 2008, Gross Regional Product (GRP) for this sector grew nearly 59%. In fact, as the Cleveland Plus economy has transitioned to more sophisticated products, the aerospace GRP now represents 24% of all manufacturing. Our growing base of aerospace-related companies plus our talented and highly-skilled workforce prove essential to Northeast Ohio’s advantage over other regions. Aerospace-Related GRP in Cleveland Plus ( 1993-2008) $9000 $8000 ( Millions 2008 $) $7000 $6000 $5000 $4000 $0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Source : Moody’s Economy.com
  • 3. Strong Base of Aerospace Suppliers in Northeast Ohio Contributing to this growth are highly-sophisticated industries such as Navigational, Measuring & Control Instruments, as well as traditional segments like Fabricated Metal Manufacturing. These industries are vital inputs to the aerospace production process. Contribution of Each Industry to Aerospace-Related GRP Fabricated Metal 21% Navigational, Measuring, & Control 20% Machine Shops & Turned Product 18% Aerospace Product & Parts 12% Coating, Engraving, & Heat Treating 8% Other Electrical Equipment & Component 5% 4% Semiconductor & Electronic Component 4% All Other 4% Computer & Peripheral Equipment 4% Communications Equipment 3% $0 $200 $400 $600 $800 $1000 $1200 $1400 $1600 $1800 $2000 (Millions 2008 $) Source : Moody’s Economy.com Higher Paying Jobs As Northeast Ohio’s manufacturing becomes more sophisticated, the skills needed are becoming more advanced. Not surprising, aerospace-related occupations are an indication of this, with average wages in Northeast Ohio for this sector 36% higher than the wages for all other industries in the region. AvERAGE WAGE All Industries = $41,200 All Other Manufacturing = $53,300 Aerospace-related Manufacturing = $56,300
  • 4. Strong Cluster Drives Aerospace-Related Manufacturing Establishments in the Cleveland Plus Region Regional Growth Northeast Ohio is home to more than Cleveland 2,300 firms whose products and processes are instrumental to the aerospace sector. As indicated on the map, these firms are represented throughout the Youngstown Akron entire Cleveland Plus region. As noted below, these firms reinforce Northeast Ohio’s strong cluster of advanced Canton Mansfield manufacturing and highlight the critical resources present that continue to drive the success of our aerospace supply chain. Source : Dun & Bradstreet (2009) Legacy Fueling Aerospace Growth As early as World War I, Northeast Ohio became a major player in aircraft engine parts. Today, thousands of the region’s manufacturers and suppliers are fueling the entire industry. With proximity to industry and roots in innovation, the Cleveland Plus region has become a major hub for aerospace component design, engineering, and production. In fact, it is home to the NASA Glenn Research Center, which among other significant aerospace R&D, is responsible for the Orion crew exploration vehicle development and testing. In addition, Parker Hannifin, The Timken Company, Goodrich Landing Gear, Alcoa Aerospace, Automotive and Commercial Transportation, and other major aerospace suppliers are headquartered in Northeast Ohio. “From landing gears to major structural components to turbine blades, Northeast Ohio’s aerospace manufacturing capabilities make Ohio a leading supplier to the international aerospace industry,” says Michael L. Heil, Ph.D., P.E., President and CEO of the Cleveland-based Ohio Aerospace Institute, which works to build Ohio's aerospace economy through R&D, education/training, and collaboration. Indeed, the sector is helping to transform and diversify the region’s economy with high-tech industries. For example, helicopter gearboxes, power units for jets and special coatings are developed at the Timken Technology Center. Similarly, Parker Hannifin is creating advanced ground-breaking fuel injection technologies and other applications in the region. Their Fluid Systems Division recently developed “smart” pumps for fuel, water and coolant applications that use brushless elements to deliver flow precisely on demand, saving energy and increasing reliability. Moreover, the robust cluster allows for close collaboration in new technologies. In 2009, NASA and Goodyear partnered to develop an airless tire, The Spring Tire, to transport large, long-range vehicles across the surface of the moon; it was installed on NASA’s Lunar Electric Rover test vehicle. Further, the State of Ohio is the 2nd largest supplier to Boeing Corp, with more than 500 firms providing over $5 billion in component and services. Clearly, these innovations are helping to transform Northeast Ohio’s economy with high-tech applications and a high-skilled workforce, while they drive the global aerospace sector to new heights in performance.
  • 5. NEO Employment 2.10 NEO Total Employment ( Not Seasonally Adjusted ) Up Slightly in Q2 2.05 2.00 (Millions) 1.95 This chart shows total employment year over 1.90 year for comparison of seasonal patterns. 1.85 There is typically growth from Q1 to Q2, and 1.80 2007 2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2008 2009 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 while less than normal, Northeast Ohio still saw employment increase by approximately Q1 Q2 Q3 Q4 12,000 jobs in the second quarter. Employment is down approximately Source : Ohio Labor Market Information (LAUS Data) 6% from Q2 2008. NEO Unemployment 12.0% NEO Quarterly Unemployment Rate Rate Reflective 11.5% 11.0% 10.5% 10.0% of U.S. Trends 9.5% 9.0% 8.5% 8.0% 7.5% The Northeast Ohio unemployment reflects 7.0% 6.5% the trend of the overall U.S. economy. 6.0% 5.5% The rate increased to 10.6% in Q2 2009, 5.0% 4.5% with the U.S.at 9.9% and the state of Ohio 4.0% Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q3 Q3 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 is at 11.2%. 2003 2004 2005 2006 2007 2008 2009 NEO 16 counties Ohio U.S. Source : Ohio Labor Market Information (LAUS Data) NEO Real GRP Billions (2008 Dollars) GRP Estimates Continue to be $190 2.4% 0.7% (-1.5%) (-0.4%) (-1%) $180 1.8% 1.2% 0.3% 2.6% (-1.9%) 1.2% (-5.1%) $170 Adjusted for Recession 4.8% 3.8% 3.0% $160 $150 5.1% 0.3% $140 $130 The most recent estimates from economy.com $120 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 show Northeast Ohio’s GRP contracting by Real GRP Average Annual Growth = 1.1% approximately 5% in 2009. This decline reflects the ongoing recession in the U.S. economy. Source : Moody’s Economy.com Data from economy.com is continuously updated and are subject to revisions.
  • 6. September 2009 | Volume 3, Issue 3 Industrial Space NEO Occupied Industrial Space & Vacancy Rate Strong Despite 405 9.5% Occupied Square Feet (Millions) 400 9.0% Economic Downturn Vacancy Rate 395 8.5% 390 8.0% 385 7.5% This graph shows the total amount of 380 7.0% industrial space occupied by quarter 375 6.5% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 between the first quarter of 2005 and 2005 2006 2007 2008 2009 the second quarter of 2009. The vacancy Occupied Square Feet Vacancy Rate rate for industrial space in Northeast Ohio rose slightly to 7.5% in Q2 2009, Source : CoStar Industrial Data while occupied space remained fairly stable. About Team NEO Due to market limits within the CoStar database, historic trend data for the Team NEO advances Northeast Ohio’s economy Team NEO region is defined as 10 of the 16 counties forming the regional footprint. These counties include Ashtabula, Cuyahoga, Geauga, Lake, by attracting businesses worldwide to the 16-county Lorain, Medina, Portage, Richland, Stark and Summit. Cleveland Plus region. The organization is a joint IMPLAN economic modeling software was used to obtain input factors for venture of the region’s largest metro chambers the aerospace related manufacturing sector; the resulting industries list of commerce. Since 2007, the organization has was then ranked in terms of inputs to determine the most relevant suppliers to the aerospace sector by NAICS code. The NAICS codes were applied attracted 25 new companies, 3,000 new jobs to Dun & Bradstreet data to create the list of supplier companies summarized in this report. and more than $95M in annual payroll to Northeast Ohio, leading to a total regional annual impact of more than $150M. For more information, visit www.clevelandplusbusiness.com. Data Sources: Team Northeast Ohio uses a number of data sources for Ashtabula the Regional Economic Review. One of the primary sources is the Moody’s Lake Cleveland Plus 16-County Region Economy.com (www.economy.com) Northeast Ohio modeling system. This firm is the leading independent provider of economic, financial and industry research and data that specializes in national and metropolitan Cleveland Geauga economic growth forecasts. Moody’s Economy.com county level output, employment and payroll historical data are estimated from several Cuyahoga publicly available sources and are summarized into the Team NEO Lorain Trumbull regional footprint. It is important to understand data provided by Economy.com are estimates of economic activity. Summit Portage Medina Akron Youngstown Team NEO also uses data from federal and state sources as part of the Mahoning report. As with Economy.com, the information for the Team NEO footprint is derived from data reported at either the county or metropolitan level. We rely heavily on data from the U.S. Bureau of Labor Statistics Ashland (www.bls.gov) and Ohio’s Labor Market Information (www.lmi.state.oh.us) Wayne Canton Columbiana for information on wages, unemployment and both general and industry- Richland Stark specific employment. In addition, Team NEO uses data from the Census (www.census.gov) to track housing-related activity including the Carroll number of single and multifamily permits, as well as their values. Industrial real estate data for this edition was derived from the CoStar Group. The CoStar Group is a leading provider of commercial real estate data throughout the United States, covering more than 58 billion square feet of property throughout the country. 737 Bolivar Road, Suite 2000, Cleveland, Ohio 44115 888.NEO.1411 • www.clevelandplusbusiness.com