Inclusive momentum across the region

Six Years. 9,400 net new establishments. Big opportunities for small- and medium-sized businesses.

Small and medium-sized enterprises are Northeast Ohio’s economic engine. Between 2018 and 2024, the region expanded its commercial footprint by 9,400 net payrolled locations, including a record-breaking 2022, with 2,748 new business formations. Furthermore, the 1,000 new establishments added in 2024 are 8 times higher than the establishments brought to Northeast Ohio in 2018.

For businesses, this rapid acceleration translates into opportunity. Expanding access to capital and surging entrepreneurial confidence are driving unprecedented enterprise growth across Cleveland, Akron, Canton, and the surrounding areas. With an active base of 103,000 business establishments, Northeast Ohio provides a dependable foundation for sustained capital investment, sector expansion, and long-term prosperity.

An enduring cost advantage. Expanding equity growth.

Demand for housing across Northeast Ohio remains strong. Between 2018 and 2024, the region’s median household income grew from $57k to $75K. Despite consistent increases, Northeast Ohio remains an extremely affordable region, with median home values 36% lower than the U.S. median of ($332,700).

For homeowners, gains in median home value translate into tangible equity building. For instance, the median home across Northeast Ohio costs less than three times the region’s median household income (2.87% price-to-income ratio), signaling strong housing affordability.

For the region, preserving comparative affordability while expanding homeownership access is key to long-term prosperity. Through targeted economic strategies and regional partnerships, Northeast Ohio is positioning this housing momentum to build local wealth and support a thriving workforce.

Expanding Opportunities. Sharing Momentum.

Northeast Ohio’s long-term economic strength depends on more residents benefiting from the region’s growth. Between 2022 and 2024, the poverty rate declined from 14.1% to 12.9%, which is an encouraging sign of progress for the region. Sustaining that progress means connecting more residents to jobs and opportunities that provide family-sustaining incomes and pathways to greater economic security.

Inclusive growth strengthens the entire regional economy by expanding the workforce and increasing household purchasing power. Across Northeast Ohio, efforts to strengthen job training, improve access to capital and invest in neighborhoods can help ensure that the region’s economic momentum creates opportunity for more people and communities.

consistent healthcare access. lasting security

Access to health insurance is an investment in human capital. Health coverage safeguards family wellbeing while strengthening regional workforce participation and economic stability. The uninsured population decreased from 6.2% in 2018 to 5.9% in 2024 and between 2019 and 2024, Northeast Ohio maintained an overall coverage rate above 94%.

Secured by expanded healthcare networks across Cleveland, Akron, and Canton, healthcare insurance coverage levels remained continuously strong throughout the measured time period. For expanding businesses evaluating workforce health and families choosing where to build their futures, a dependable, high-coverage healthcare ecosystem emphasizes the region's long-term competitive appeal.

Northeast Ohio More Affordable Than Peer Regions

The wage needed to support a family in Northeast Ohio rose 11% from 2022 to 2025, reaching $38 per hour. While this reflects the rising cost of housing and everyday needs, Northeast Ohio remains comparatively affordable compared to all 12 peer metro areas.

That affordability is a regional advantage. Families in Cleveland, Akron, Canton, and all of Northeast Ohio can make their incomes go further, while employers enjoy lower-than-average talent costs, a competitive cost of living, and excellent quality of life that help attract and retain talent. Together, these strengths reinforce Northeast Ohio as an affordable place to live, work, and grow.