2009 Dashboard of Economic Indicators Summary

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The Dashboard of Economic Indicators measures the economic performance of the region’s four MSAs (Akron, Canton-Massillon, Cleveland-Elyria-Mentor and Youngstown-Warren-Boardman) and 132 other markets and ranks each market’s performance in nine factors correlated with economic growth.

The Dashboard helps guide the Fund’s economic competitiveness work, and it helps measure the region’s economic progress.

The 2009 Dashboard provides encouraging signs that the region is making progress in key factors tied to economic growth. However, the region’s overall economic performance continues to lag the rest of the nation.

The following summary highlights the improvement the region is making in three key factors tied to growth in per capita income.

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2009 Dashboard of Economic Indicators Summary

  1. 1. 2009 SUMMARY WHAT IS THE DASHBOARD? The Dashboard of Economic Indicators provides an extremely detailed analysis of the key factors tied to economic growth in 136 metropolitan areas in United States, including Northeast Ohio’s four metropolitan statistical areas (MSAs). HOW DOES THE FUND USE THE DASHBOARD? The Dashboard helps guide the Fund’s economic competitiveness work, and it helps measure the region’s economic progress. WHAT TIME PERIOD DOES THE LATEST DASHBOARD COVER? It is important to remember that because of the time lag involved in collecting and reporting economic data the 2009 Dashboard report is based on data that is primarily from 2007, and in some cases from 2006. WHAT DOES THE DASHBOARD SAY ABOUT THE REGION’S ECONOMIC PERFORMANCE? The 2009 Dashboard provides encouraging signs that the region is making progress in key factors tied to economic growth. However, the region’s overall economic performance continues to lag the rest of the nation. Signs of Progress: The following rankings highlight the improvement the region is making in three key factors tied to growth in per capita income. The rankings is out of 136 MSAs. SKILLED WORKFORCE AND R&D 70 MSA 2006 2007 105 Akron 68 58 Canton 118 114 Cleveland 64 61 140 GROWTH FACTORS 2 0 06 Youngstown 127 124 SKILLED WORKFORCE AND R&D TECHNOLOGY COMMERCIALIZATION 70 MSA 2006 2007 Akron 58 83 105 Canton 83 76 Cleveland 98 68 GROWTH FACTORS 140 2 0 06 Youngstown 133 135 TECHNOLOGY COMMERCIALIZATION RACIAL INCLUSION AND INCOME EQUALITY 70 MSA 2006 2007 Akron 79 74 105 Canton 41 41 Cleveland 121 121 140 GROWTH FACTORS 2 0 06 Youngstown 84 80 RACIAL INCLUSION & INCOME EQUALITY
  2. 2. Four Key Measures of Economic Growth PER CAPITA INCOME GROWTH Short Term Change Short Term Change Short Term Change (2002-2005) (2003-2006) (2004-2007) . . . . MSA . % Change Rank Quartile . % Change .Rank Quartile % Change . Rank Quartile Akron, OH 2.4 82 3 3.1 102 3 3.8 84 3 Canton-Massillon, OH -1.1 125 4 -0.5 130 4 1.5 118 4 Cleveland-Elyria-Mentor, OH 1.1 103 4 3.6 96 3 4.1 80 3 Youngstown-Warren-Boardman, OH-PA 0.4 111 4 0.8 122 4 2.4 105 4 EMPLOYMENT GROWTH Short Term Change Short Term Change Short Term Change (2002-2005) (2003-2006) (2004-2007) . MSA % Change . Rank Quartile % Change Rank Quartile % Change Rank Quartile Akron, OH 4.6 42 2 3.6 84 3 2.3 100 3 Canton-Massillon, OH -4.0 131 4 -2.4 134 4 -1.8 131 4 Cleveland-Elyria-Mentor, OH -1.0 123 4 0.0 124 4 -0.1 125 4 Youngstown-Warren-Boardman, OH-PA -0.9 121 4 -0.2 127 4 -1.3 130 4 GROSS METROPOLITAN PRODUCT GROWTH Short Term Change Short Term Change Short Term Change (2002-2005) (2003-2006) (2004-2007) MSA % Change Rank Quartile % Change Rank Quartile % Change Rank Quartile Akron, OH 7.4 82 3 4.3 103 4 2.9 108 4 Canton-Massillon, OH 1.0 123 4 -2.0 130 4 -2.3 132 4 Cleveland-Elyria-Mentor, OH 5.9 94 3 3.6 110 4 -0.2 127 4 Youngstown-Warren-Boardman, OH-PA 2.5 114 4 3.5 111 4 0.0 126 4 GROWTH IN PRODUCTIVITY Short Term Change Short Term Change Short Term Change (2002-2005) (2003-2006) (2004-2007) . MSA % Change Rank Quartile % Change Rank Quartile % Change Rank Quartile Akron, OH 2.7 109 4 0.7 113 4 0.6 92 3 Canton-Massillon, OH 5.3 67 2 0.4 115 4 -0.5 112 4 Cleveland-Elyria-Mentor, OH 6.9 49 2 3.5 74 3 0.0 101 3 Youngstown-Warren-Boardman, OH-PA 3.5 96 3 3.8 70 3 1.3 80 3

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