For additional information, contact: Jenny Febbo 216.363.5426 (o) 440.258.8805 (c) jfebbo@teamneo.

org

EMBARGOED – FOR RELEASE 11.19.12

NORTHEAST OHIO ECONOMY CONTINUES TO RECOVER Team NEO report details diversification of industry sectors over 30-year period
CLEVELAND, Ohio, November 19, 2012 – The ongoing transformation of Northeast Ohio’s economy continues to improve the industrial base for employment and Gross Regional Product (GRP) performance, reports the quarterly Cleveland Plus Economic Review released today by Team NEO. The 30-year period from 1990-2020 shows growth in employment and GRP for most sectors of the Cleveland Plus economy. “Manufacturing remains a significant contributor to Northeast Ohio’s economy,” said Tom Waltermire, CEO of Team NEO. “However, the growth of other sectors, such as healthcare and professional, scientific and technical services has and will continue to help Northeast Ohio compete both nationally and globally.” Statistics from the report include: • Employment growth shifts o Decline in manufacturing employment (-41%) from 1990-2012 is offset by growth in healthcare (+55%), professional, scientific and technical services (+27%), and headquarters employment (+125%) • Projected GRP Growth o From 2012-2020 significant increases are expected in manufacturing (23%), real estate (19%), and professional, scientific and technical services (25%) Cleveland Plus Employment Grows

Team NEO | 737 Bolivar Road | Suite 2000 | Cleveland, Ohio 44115 | 216.363.5400 f 216.363.5401 | www.teamneo.org

o Employment grew to 2.06 million workers in Q3 2012, up 8,000 jobs over Q3
2011. This increase represents nine consecutive quarters of year-over-year growth in the region Unemployment Rate Lower than National Rate o Northeast Ohio’s unemployment rate at 7.0% represents a 1.5% year-over-year decline. This compares with the US unemployment rate of 8.1%, a 1% decline year-over year Manufacturing Employment Continues to Grow o Year-over-year, manufacturing employment increased 3.1%, adding 7,000 jobs Northeast Ohio and US Employment Recovery Slower Than Previous Recessions o Recovery for both Northeast Ohio and the US was quicker in recessions since 1981 than in the current recession Well Activity Increasing in Northeast Ohio o Through three quarters of 2012, 87 wells were permitted or drilled, four were completed and/or are producing

Team NEO publishes the Cleveland Plus Economic Review quarterly to provide a holistic picture of Northeast Ohio’s economy. It is the only regular source of collective economic data for the 18county region. The nonprofit organization uses the information to attract new businesses and jobs to the Cleveland Plus region. Team NEO uses Moody’s Economy.com and US Bureau of Labor Statistics data and Ohio’s Labor Marketing Information to aggregate regional figures. Team NEO advances Northeast Ohio’s economy by serving as the 18-county region’s privatesector economic development hub. It builds collaboration among the region’s economic development organizations, attracts new businesses from around the world and connects the region to the state’s JobsOhio program. Since 2007, the organization has attracted 63 new company operations, almost 5,900 new jobs and more than $214 million in annual payroll to Northeast Ohio, leading to a total annual regional payroll benefit of $396+ million.

###