Manufacturing took front and center stage in moving Northeast Ohio past the recession, according to a report out today by the Manufacturing Advocacy & Growth Network (MAGNET), produced by the Center for Economic Development at the Maxine Goodman Levin College of Urban Affairs of Cleveland State University,
Between 2010 and 2012, Northeastern Ohio's manufacturing sector grew in employment, exports, average wages and gross regional product.
The report, “2013 Manufacturing Brief ," found that in 2012 manufacturing accounted for 18.8% of GRP (Gross Regional Product).This is significantly higher than manufacturing’s 16.1% of the remainder of Ohio’s gross state product and the national share of 12%.
Manufacturing contributed $35.5 billion to regional GRP, more than $14.2 billion higher than the second largest contributor, the real estate and rental and leasing industry. Manufacturing GRP in Northeast Ohio grew by 18.2%, adding $5.5 billion between 2010 and 2012.
Manufacturing growth helped achieve a regional GRP growth rate of 3.5%, which exceeded the national rate of 2.7%. Excluding manufacturing, the regional GRP would have shrunk to just 0.6%, showing how vital manufacturing was from 2010 through 2012 for GRP growth.
Read more about how manufacturing brought Ohio out of recession on NewEquipmentDigest.com