Regional initiative
Ohio Tax Advantages
Northeast Ohio has a 0% state tax on corporate income and offers competitive tax incentives such as the state's Job Creation Tax Credit, plus no sales tax on manufacturing equipment.
Competitiveness
A powerful base for growth
A $299B economy, deep workforce, and #1 business climate
Northeast Ohio, ranked 15th nationally for GDP, demonstrates positive trends on the economic fundamentals that influence business investment, growth, and long-term prosperity. With a $299 billion economy, rising incomes, a workforce of nearly 1.9 million, and a #1 state business climate ranking, the region has significant economic strength
What this tells you
The data, shaped around your work.
GDP
A $299B economy
The region’s economy is on track to reach $330 billion by 2030.
Affordability
Lower cost of living
Northeast Ohio’s cost of living is 6% below the U.S. average.
Available workforce
1.9M workers
Northeast Ohio has approximately 1.9M workers – about the same as in 2018.
Per capita income
Average income up 32%
Average earnings per person have grown from $30k to nearly $40k since 2018.
GDP
8% GPD Growth
Northeast Ohio's GDP has grown 8% since 2018 and is projected to grow close to an additional 11% by 2030.
Employment
Unemployment down 1.2%
Northeast Ohio's joblessness rate declined from 6.3% to 5.1% since 2018.
Employment
Unemployment decreased by 19%
Northeast Ohio's joblessness rate declined from 6.3% to 5.1% since 2018.
Per capita income
Average income up 32%
Average earnings per person have grown from $30k to nearly $40k since 2018.
Workforce participation
Marginal participation decline
Labor Force Participation Rate has declined less than 1/3 of a percentage point since 2018.
Cleveland–Akron–Canton key metrics
What success looks like for the region.
VEI also publishes the six aspirational outcomes that define competitiveness for Cleveland–Akron–Canton over the next decade — GDP, total employment, productivity per worker, per-capita income, the 25–34 population, and the poverty rate. See the goals and how we measure them transparently.
Rents for office and industrial space [in Ohio] are among the lowest in the country, according to real estate data firm CoStar.
Incentives provided to businesses [in Ohio] are among the most generous in the country. State financial disclosures show the state gave out more than $1 billion in tax breaks last fiscal year.
Incentives provided to businesses [in Ohio] are among the most generous in the country. State financial disclosures show the state gave out more than $1 billion in tax breaks last fiscal year.
Metric 01
Gross domestic product
Total economic output of the Northeast Ohio region, including direct and indirect contributions.
$299B
Regional GDP, 2024
An all-time high, fully recovered from the 2020 pandemic dip.
8%
GDP Growth
Regional GPD grew $20B, or 8%, between 2018-2024.
11%
Projected Growth
We expect GDP to see a larger jump from 2024-2030.
A Full Recovery. A New Regional Peak. More Growth Ahead.
Northeast Ohio’s economy has fully recovered from the 2020 downturn, reaching a record $299 billion in GDP in 2024. Ranked 15th nationally and larger than 19 state economies, the region has significant economic scale, anchored by a manufacturing sector that accounts for nearly half of direct and indirect economic output.
Looking ahead, the opportunity is to build on that strength by continuing to grow and diversify manufacturing while accelerating growth in innovation, healthcare, logistics, and other key industries. Northeast Ohio’s GDP is projected to grow nearly 11% by 2030, compared with nearly 12% for Ohio and 14.3% nationally.
GDP on the rise.
2024 sets a new all-time high GDP for the region. Northeast Ohio continues to outpace nearby regions in GDP, but trails large metros like New York and Chicago.
Northeast Ohio · GDP in current dollars · 2018–2024, projected to 2030
Metric 02
Per capita income
Total personal income divided by population, tracking earning power over time.
32%
Increase since 2018
Per capita income grew $9.6k, or 32%, from 2018-2024
$39.9k → $42.4k
Adjusted for cost of living
Per capita income rises to $42.4k when adjusted for cost of living.
0
Pandemic dips
Per capita income is the only competitiveness metric not dented by the 2020 downturn.
Up every year, with room for stronger growth.
Per capita income has grown steadily for the past several years. To increase this metric even more over time, we will need to continue efforts to transform the region’s traditional manufacturing base into highly automated advanced manufacturing, expand high-paying innovation districts, retain skilled tech and healthcare talent, and align more of the region’s working population with jobs that generate family-sustaining wages.
Unlike GDP and employment, the 2020 pandemic did not dent the per capita income trendline. Higher-wage workers kept their jobs at disproportionate rates, while federal stimulus payments and expanded unemployment benefits prevented a severe drop in average household income for many others. The smoothness of the line is a caution, not a cause for celebration.
Per capita income rising; competitors still outpacing the region.
Northeast Ohio shows a smooth climb across the full window of measurement. Despite this positive trend, the region lags all peers except New York, even when adjusted for cost of living.
Northeast Ohio · per capita income · 2018–2024
Metric 03
Labor force participation rate
Share of working-age population actively in the labor force.
63%
NEO LFPR
Steady from 2018-2024.
63%
U.S. average, 2024
At 63.1%, Northeast Ohio runs slightly over the national rate.
10/12
Peers with higher LFPR
Ten of the region’s measured peers have stronger labor force participation rates.
CLOSING THE NATIONAL GAP. TURNing CHALLENGE INTO OPPORTUNITY.
Labor force participation rates (LFPR) demonstrate how many individuals in the region are working or actively seeking employment. The region's LFPR has remained at 63 percent since 2018, trailing several percentage points behind most measured peer markets. While this region is just under the U.S. LFPR, we are still several percentage points behind most measured peer markets.
The next wave of growth will rely on the region’s ability to continue to find more ways for more people to participate in the workforce through targeted training initiatives and more direct pathways to careers.
Labor force participation rate steady
While remaining steady, this metric trails both U.S. averages and faster-growing peer benchmarks across key indicators.
Northeast Ohio · LFPR · 2018–2024
Metric 04
Total employment
Count of employed individuals in the Northeast Ohio region.
5.1%
REGIONAL Unemployment, 2024
Down from 6.3 percent in 2018, representing a seven-year low for the region.
3.3%
U.S. unemployment, 2024
U.S. unemployment was 1.8 percentage points lower than Northeast Ohio.
1.8M
Projected employment, 2030
Northeast Ohio expects a small employment decline from 2024-2030.
Employment climbs. Unemployment falls. A gap remains.
Team NEO helps bring jobs to the region by attracting new businesses, retaining and expanding existing companies, and bridging the talent gap through data-driven workforce strategies. Employment in Northeast Ohio has followed an upward trend since 2020. Meanwhile, unemployment has dropped from 6.3% in 2018 to 5.1% in 2024 — a seven-year low for the region.
The gap between those two charts is explained by labor force dynamics: fewer individuals looking for work. To narrow the gap, we must find ways to pull the sidelined workforce back into the labor market.
Employment moving in the right direction. will it continue?
Total employment and unemployment, measuring Northeast Ohio against 12 peer regions. 2024 is the strongest year for employment following the pandemic. However, projections through 2030 forecast a slight decline.
Northeast Ohio · employment and unemployment rate · 2018–2024, projected to 2030
Metric 05
Top states for business
Ohio's ranking on CNBC's America's Top States for Business.
#1
Ohio rank, 2026
First in the nation, up from 15th in 2018.
0%
State corporate income tax
No corporate income tax; manufacturing equipment is sales-tax free.
13
Peer markets compared
The only place in the VEI where the full peer set surfaces at once.
First in the U.S. FOR A REASON
A positive business climate serves as an attraction point for companies looking to build, expand, or relocate and is key to the pace of economic development. Ohio ranked first in the nation in 2026, up from 15th in 2018. Northeast Ohio has a 0 percent state tax on corporate income and offers competitive tax incentives such as the state's Job Creation Tax Credit, and no sales tax on manufacturing equipment.
Unlike the other metrics, this is a state-level comparison. Peer markets are compared by This metric is state-level, not metro-level. Ohio now leads the full peer set, ahead of Texas, Michigan, Indiana, Massachusetts, California, and New York. No ranking was published in 2020, so the chart carries a gap between 2019 and 2021.
Top States for Business Ranking
Rank among the 50 states (a lower number is better). No ranking was published in 2020.
CNBC America's Top States for Business · 2018–2026 · no ranking published in 2020
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