Economy of Greater Cleveland

Integrity sculpture at the Federal Reserve Bank of Cleveland.

The economy of Greater Cleveland is diverse, but is based on healthcare, banking, finance, education, insurance, manufacturing, sports, and tech. The metropolitan area based in Cleveland is the 33rd largest in the country, and is home to over 2 million people.

## History

[edit]

John D. Rockefeller in Cleveland, 1905

Cleveland was founded in 1796 by Moses Cleaveland and his followers. In the early 19th Century, farmers came to Cleveland to sell their goods. The building of the Erie Canal helped grow the region as well as its economy. In the 1860s, the Standard Oil Company was founded by John D. Rockefeller in the city of Cleveland. In the early 20th century, about a quarter of the region's jobs were in steel mills. The Great Depression hurt the area's economy and caused up to 36% unemployment rate. The City of Cleveland went into default in 1978 and was $30 million in debt. The area's economy improved during the 1990s. However, the Great Recession hindered the region as the City of Cleveland's unemployment rate hit 12%. Since then, the state of the metro area's economy has improved.[1] The GDP of the region is at about $138 billion.[2]

## Largest employers

[edit]

As of 2014, these are the largest employers in the Cleveland Metro Area.[3]

#  | Employer  | # of Employees

|
|

1  | Cleveland Clinic | 32,251
2  | University Hospitals | 14,518
3  | United States Federal Government | 11,254
4  | Progressive Insurance | 8,379
5  | Cuyahoga County | 7,776
6  | Cleveland Metropolitan School District | 6,953
7  | City of Cleveland | 6,757
8  | MetroHealth | 5,823
9  | Key Corp | 4,812
10  | Group Management Services  | 4,795
11  | Case Western Reserve University | 4,512
12  | Swagelok | 4,182
13  | Giant Eagle | 3,530
14  | Heinen's Fine Foods | 3,500
15  | Sherwin-Williams | 3,430
16  | U.S. Postal Service | 2,801
17  | Lincoln Electric | 2,800
18  | Nestle | 2,298
19  | State of Ohio | 2,288
20  | Cuyahoga Community College | 2,249

## Fortune 500 companies

[edit]

The following is a list of companies on the Fortune 500 list that have corporate headquarters in Greater Cleveland as of 2019 [4]

* 99\. Progressive Insurance, Headquartered in Mayfield
* 177\. Sherwin-Williams, Headquartered in Cleveland
* 218\. Parker Hannifin, Headquartered in Cleveland
* 413\. Key Corp, Headquartered in Cleveland
* 433\. Travel Centers of America, Headquartered in Westlake

## Banking

[edit]

KeyBank is headquartered in Cleveland's tallest building, the Key Tower. Key employs nearly 5,000 people in Greater Cleveland.[5] There are many banks with a presence in the Cleveland Metro Area, including Fifth-Third Bank, U.S. Bank, Bank of America, PNC, Dollar Bank, Chase, and Huntington. The Federal Reserve Bank of Cleveland was built in 1923, a time when Cleveland's population was nearly twice the size today.[6] Third Federal S&L is also a major bank in Cleveland.

## Education

[edit]

Greater Cleveland is home to several higher education institutions. These include Case Western Reserve University, Cleveland State University, Cuyahoga Community College, Oberlin College, Baldwin Wallace University, Notre Dame College, and John Carroll University. These places employ approximately 9,600 people. There are an estimated 142 High Schools in the Greater Cleveland area. The Cleveland School District is the largest school district in the region, and employs almost 7,000 staff. There are around 21,000 teachers in the Metro Area, teaching approximately 330,000 students.[7]

## Insurance

[edit]

The area's largest insurance company is Progressive Insurance, an international car insurance corporation, which is based in the suburb of Mayfield. 8,379 people are employed by Progressive in the region.[3] However, Progressive's rivals, including State Farm, Allstate, Nationwide, and Geico are also prominent in Greater Cleveland.

## Manufacturing

[edit]

Northeast Ohio's economy was dominated by manufacturing up until the mid 20th century.[8] Between 1990 and 2012, the area experienced a 41 percent decline in manufacturing jobs.[9] More recently manufacturing, especially of steel, has been on a slight upswing. A study from Cleveland State has shown a bounce back after the Great Recession for the manufacturing industry. Between 2010 and 2012, the area saw a net growth in manufacturing jobs, the first time in a decade. [10]

## Healthcare

[edit]

Greater Cleveland's economy has shifted to an economy of medicine and health. The two largest employers in Cuyahoga County are Cleveland Clinic and University Hospitals, respectively. Both are major factors in the region's economy. University Hospitals is estimated to have a $7.7 billion impact on Ohio's economy.[11] Cleveland Clinic's impact on the statewide economy is $17.8 billion.[12] Between 1990 and 2012, 107,000 healthcare related jobs were created in the region, a 55% increase.[9] Healthcare related jobs have surpassed the number of manufacturing related jobs in the area. Greater Cleveland health care industry is a major sector of the local economy.

## Sports

[edit]

Sports are another factor of the local economy in Northeast Ohio. All three of the Big 4 teams located in Cleveland generate a major economic impact. The Cleveland Browns are considered to have a less of a positive economic impact on the city, both because they only play 8 games in the stadium a year, far less than the Cavs and Guardians, and because of their poor playing.[13] The Cleveland Guardians' strong performance in recent years has helped the local economy. Postseason home games were estimated to have a $3 million economic impact, and home World Series games had an estimated $10 million economic impact.[14] LeBron James, a former Cleveland Cavaliers superstar, was also a factor of Cleveland's economy, more specifically near the FieldHouse.[15][16] The Cavaliers' successes in the mid-2010s have generated positive results for the area's economy.

## Tech

[edit]

The technology industry is prominent in Greater Cleveland, specifically health related technology. According to Forbes, Cleveland could be the next tech hub. 180 tech companies have started in the local area.[17] Cleveland's economy is often said to be transitioning from a manufacturing based economy to a health-tech based economy.[18]

## See also

[edit]

* Economy of Ohio
* Greater Cleveland

## References

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1. ^ "Cleveland, Ohio - Ohio History Central". www.ohiohistorycentral.org.
2. ^ "Cleveland metro area - GDP forecast 2016 - Statistic". Statista.
3. ^ a b "List of Cuyahoga County's largest employers proves Cleveland is a health care town - Crain's Cleveland Business". 25 August 2014.
4. ^ "Fortune 500".
5. ^ "City of Cleveland Economic Development - Banking & Finance". rethinkcleveland.org.
6. ^ "At a Glance". Clevelandfed.org. 12 October 2016. Archived from the original on 2020-04-24. Retrieved 2018-07-06.
7. ^ "Facts and Figures | Ohio Department of Education". Education.ohio.gov. 2017-11-04. Retrieved 2018-07-06.
8. ^ "Ohio Steel Council". www.ohiosteel.org.
9. ^ a b Ozy, Tom Thriveni (8 August 2014). "Cleveland: Booming in more ways than Lebron".
10. ^ "Cleveland steel goes from prosperity to struggles to pride again: PD 175th (vintage photos)". 8 January 2017.
11. ^ "University Hospitals increases economic impact in Ohio by $3 billion". 7 December 2017.
12. ^ Mihaljevic, Tomislav (27 September 2018). "Cleveland Clinic Injects $17.8 Billion into Ohio's Economy". clevelandclinic.org. Cleveland Clinic. Retrieved September 27, 2018.
13. ^ "What's the economic impact of the Browns? Not as much as you might think - Crain's Cleveland Business". 8 December 2015.
14. ^ "Cleveland's World Series loss was still a local windfall for hotels, airports and more (photos)". 13 November 2016.
15. ^ "LeBron James means a lot to Cleveland — and its economy". June 2017.
16. ^ "Harvard study says LeBron James has tangible economic impact on local bars and restaurants". 17 May 2017.
17. ^ Kuhel, Beth. "Cleveland's Surprising Turnaround And What It Means For New Businesses". Forbes.
18. ^ "Entrepreneurs building new economy in a Rust Belt city: Tech Czar Talk". 14 January 2018.

## External links

[edit]

* Greater Cleveland Partnership
* Federal Reserve Bank of Cleveland

* v
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City of Cleveland

Topics|

* History
* Timeline
* Demographics
* Economy
* Media
* Flag
* Nicknames
* Notable people
* Public art
* Skyscrapers
* Cuyahoga County
* MSA
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* Bibliography

Government|

| Local|

* Mayor
* City Council
* City Hall
* Cleveland Metro School District
* Shaker Heights City School District (part)

|

State|

* Lausche State Office Building

Federal|

* Celebrezze Federal Building
* Coast Guard District 9
* Federal Reserve Bank of Cleveland
* NASA Glenn Research Center
* Metzenbaum U.S. Courthouse
* Stokes U.S. Courthouse

Public safety|

* EMS
* Fire
* Police

Transportation|

| Land|

* RTA
* Shoreway
* Detroit–Superior Bridge
* Hope Memorial Bridge

|

Air|

* Burke Lakefront Airport
* Hopkins International Airport

Water|

* Goodtime III
* Port of Cleveland

Healthcare|

* Cleveland Clinic
* Health Education Campus
* University Hospitals Cleveland Medical Center
* Rainbow Babies & Children's Hospital
* MetroHealth System
* St. Vincent Charity Medical Center

Culture|

| Historic places|

* City Club of Cleveland
* Cleveland Arcade
* Cleveland Public Library
* Cleveland Trust Company Building
* Dunham Tavern
* Erie Street Cemetery
* Euclid Avenue
* Grays Armory
* Lake View Cemetery
* James A. Garfield Memorial
* Perry Monument
* Public Square
* Soldiers' and Sailors' Monument
* Terminal Tower
* West Side Market

|

Museums|

* A Christmas Story House
* Cleveland History Center
* Cleveland Museum of Art
* Cleveland Museum of Natural History
* Children's Museum of Cleveland
* Cleveland Hungarian Museum
* Cozad–Bates House Interpretive Center
* Dittrick Museum of Medical History
* Great Lakes Science Center
* Steamship William G. Mather Museum
* NASA Glenn Visitors Center
* International Women's Air & Space Museum
* Italian American Museum of Cleveland
* Learning Center and Money Museum
* Museum of Contemporary Art Cleveland
* Rock and Roll Hall of Fame
* Ukrainian Museum-Archives
* USS Cod

Parks and nature|

* Cleveland Botanical Garden
* Cleveland Metroparks
* Cleveland Metroparks Zoo
* Cuyahoga River
* Gordon Park
* Greater Cleveland Aquarium
* Lake Erie
* Lake Link Trail
* The Mall
* Rockefeller Park
* Cleveland Cultural Gardens
* Wade Park
* Willard Park

Performing arts|

* Cleveland Ballet
* Cleveland Cinematheque
* Cleveland Orchestra
* Severance Hall
* Cleveland Playhouse
* Cleveland Public Theatre
* Great Lakes Theater
* Karamu House
* Maltz Performing Arts Center
* Near West Theatre
* Playhouse Square
* Talespinner Children's Theatre

Sports, concert,
and convention venues|

* Agora Theatre and Ballroom
* Cleveland Masonic Temple
* Huntington Bank Field
* Huntington Convention Center
* I-X Center
* Jacobs Pavilion
* Progressive Field
* Public Auditorium
* Rocket Arena
* Wolstein Center

Traditions|

* Feast of the Assumption
* Dyngus Day
* International Film Festival
* Kurentovanje
* Saint Patrick's Day
* Sweetest Day
* Thyagaraja Festival

Neighborhoods|

* Broadway–Slavic Village
* Brooklyn Centre
* Buckeye–Shaker
* Buckeye–Woodhill
* Central
* Clark–Fulton
* Collinwood
* Cudell
* Cuyahoga Valley
* The Flats
* Whiskey Island
* Detroit–Shoreway
* Downtown
* Campus District
* Civic Center
* East 4th Street
* Gateway District
* Nine-Twelve District
* North Coast Harbor
* Short Vincent
* Superior Arts District
* Warehouse District
* Edgewater
* Euclid–Green
* Fairfax
* Glenville
* Goodrich–Kirtland Park
* Asiatown
* Hough
* Kinsman
* Lee–Miles
* Mount Pleasant
* Ohio City
* Old Brooklyn
* St. Clair–Superior
* Stockyards
* Tremont
* Duck Island
* Union–Miles Park
* University Circle
* Little Italy
* West Boulevard
* West Park
* Bellaire–Puritas
* Hopkins
* Jefferson
* Kamm's Corners

Sports|

| Major League|

* NFL: Cleveland Browns
* NBA: Cleveland Cavaliers
* MLB: Cleveland Guardians
* WNBA: Cleveland WNBA team (2028)

|

Minor League|

* G League: Cleveland Charge
* MLIS: Cleveland Crunch
* AHL: Cleveland Monsters

College|

* NCAA D1 (Horizon League):  Cleveland State Vikings
* NCAA D3 (UAA):  Case Western Reserve Spartans

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Economy of the United States by jurisdiction

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Federal District|

* District of Columbia

Territories|

* American Samoa
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Indian Reservations|

* Black Feet Nation
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Cities or counties|

* Allentown
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