Colliers-OM hosted a breakfast meeting today on “The Cleveland Economy: Boom or Bust?” Click the play button above to view a video of the entire talk.
"Cleveland is a perplexing economy," according to Dr. Christine Chmura, President and Chief Economist of Richmond-based Chmura Economics & Analytics, "It should be growing faster than it is because the industry mix is more favorable than the state and the region has so many attractive qualities such as the arts, cultural attractions, recreational opportunities, and professional sports teams." Employment in the Cleveland metropolitan area was virtually unchanged in August 2007; it expanded by only 400 jobs compared with a year earlier. Employment in the Cleveland metro area is forecast to decline 0.2% in 2007 after growing 0.4% in 2006. Akron, at 1.2% is forecast to be the fastest growing metro area in the state in 2007 with employment in the overall state expanding 0.2%. According to forecasts provided in Chmura's premiere edition of Ohio Economic Trends, the housing industry will continue to suffer with building permits falling 22% in Cleveland in 2007 after a 20% decline in 2006. Activity is forecast to be flat in 2008. Despite the current declining economy, Dr. Chmura said "Cleveland's economy is in transition. Although traditional manufacturing industries are shedding jobs, firms in the region are producing a significant number of patents in health care and chemical-related areas that could underpin future growth." "Cleveland is an attractive area to live and to work—that message needs to be communicated more clearly to attract the knowledge-intensive firms and workers needed to create a booming economy."