Economy of Greater 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
Cleveland was founded in 1796 by
Largest employers
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
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
Education
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
The area's largest insurance company is
Manufacturing
Northeast Ohio's economy was dominated by manufacturing up until the mid 20th century.
Healthcare
Greater Cleveland's economy has shifted to an economy of medicine and health. The two largest employers in
Sports
Sports are another factor of the local economy in
Tech
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
References
- ^ "Cleveland, Ohio - Ohio History Central". www.ohiohistorycentral.org.
- ^ "Cleveland metro area - GDP forecast 2016 - Statistic". Statista.
- ^ a b "List of Cuyahoga County's largest employers proves Cleveland is a health care town - Crain's Cleveland Business". 25 August 2014.
- ^ "Fortune 500".
- ^ "City of Cleveland Economic Development - Banking & Finance". rethinkcleveland.org.
- ^ "At a Glance". Clevelandfed.org. 12 October 2016. Archived from the original on 2020-04-24. Retrieved 2018-07-06.
- ^ "Facts and Figures | Ohio Department of Education". Education.ohio.gov. 2017-11-04. Retrieved 2018-07-06.
- ^ "Ohio Steel Council". www.ohiosteel.org.
- ^ a b Ozy, Tom Thriveni (8 August 2014). "Cleveland: Booming in more ways than Lebron".
- ^ "Cleveland steel goes from prosperity to struggles to pride again: PD 175th (vintage photos)". 8 January 2017.
- ^ "University Hospitals increases economic impact in Ohio by $3 billion". 7 December 2017.
- ^ Mihaljevic, Tomislav (27 September 2018). "Cleveland Clinic Injects $17.8 Billion into Ohio's Economy". clevelandclinic.org. Cleveland Clinic. Retrieved September 27, 2018.
- ^ "What's the economic impact of the Browns? Not as much as you might think - Crain's Cleveland Business". 8 December 2015.
- ^ "Cleveland's World Series loss was still a local windfall for hotels, airports and more (photos)". 13 November 2016.
- ^ "LeBron James means a lot to Cleveland — and its economy". June 2017.
- ^ "Harvard study says LeBron James has tangible economic impact on local bars and restaurants". 17 May 2017.
- ^ Kuhel, Beth. "Cleveland's Surprising Turnaround And What It Means For New Businesses". Forbes.
- ^ "Entrepreneurs building new economy in a Rust Belt city: Tech Czar Talk". 14 January 2018.