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Cuyahoga County's GDP at $88.7 Billion, Strongest in Ohio
Contacts:
Devyn Giannetti: (216) 443-8393; dgiannetti@cuyahogacounty.us
U.S. Bureau of Economic Analysis Data Shows Robust Economic Health in County
CUYAHOGA COUNTY, OH – The U.S. Bureau of Economic Analysis released data showing Cuyahoga County’s gross domestic product, or GDP, at $88.7 billion. This is $2.2 billion ahead of Franklin County and $21 billion in front of Hamilton County.
GDP is the monetary value of all goods and services provided over a specific period of time. It is the broadest quantitative measure of total economic activity and functions as a comprehensive scorecard of economic health.
“Cuyahoga County has made job creation, retention, attraction and training a top priority,” said County Executive Armond Budish. “By investing in major economic development projects like The Lumen, Dealer Tire, Lincoln Electric’s Welding Center, Sterigenics, ABB Group, Fairmount Santrol (Covia), Rocket Mortgage Fieldhouse and two Amazon Fulfillment Centers, and by investing in over 200 small businesses, and by supporting cutting-edge workforce training programs, Cuyahoga County has been working hard to put our residents to work—and it’s working!”
Cuyahoga County is also doing well compared to similar out-of-state areas. GDP for Allegheny County, which is home to Pittsburgh, was about the same as Franklin County. Marion County, which is home to Indianapolis, had a GDP more than $5 billion behind Cuyahoga County.
An article published by Bloomberg.com in December, “A Third of America’s Economy is Concentrated in Just 31 Counties,” reported that Cuyahoga County was one of these top 31 counties. Cuyahoga County was the only Ohio county included, and Allegheny, Marion and Baltimore County did not make the list.
The strength of our economy has also been reflected in the most recent unemployment numbers for the U.S. Bureau of Labor Statistics. The county’s unemployment rate is at 3.4 percent, the lowest recorded in years, and well below the 4.8 percent registered a year ago.
“Our engagement with the business community, our work with the Greater Cleveland Partnership, Team NEO, and our local foundations, in addition to many other key partners, is essential to our continued growth as a county,” said Chief Economic Development Officer, Ted Carter. “I look forward to continuing this momentum as we also focus on the key strategic priority of equitable growth.”
Devyn Giannetti: (216) 443-8393; dgiannetti@cuyahogacounty.us
U.S. Bureau of Economic Analysis Data Shows Robust Economic Health in County
CUYAHOGA COUNTY, OH – The U.S. Bureau of Economic Analysis released data showing Cuyahoga County’s gross domestic product, or GDP, at $88.7 billion. This is $2.2 billion ahead of Franklin County and $21 billion in front of Hamilton County.
GDP is the monetary value of all goods and services provided over a specific period of time. It is the broadest quantitative measure of total economic activity and functions as a comprehensive scorecard of economic health.
“Cuyahoga County has made job creation, retention, attraction and training a top priority,” said County Executive Armond Budish. “By investing in major economic development projects like The Lumen, Dealer Tire, Lincoln Electric’s Welding Center, Sterigenics, ABB Group, Fairmount Santrol (Covia), Rocket Mortgage Fieldhouse and two Amazon Fulfillment Centers, and by investing in over 200 small businesses, and by supporting cutting-edge workforce training programs, Cuyahoga County has been working hard to put our residents to work—and it’s working!”
Cuyahoga County is also doing well compared to similar out-of-state areas. GDP for Allegheny County, which is home to Pittsburgh, was about the same as Franklin County. Marion County, which is home to Indianapolis, had a GDP more than $5 billion behind Cuyahoga County.
An article published by Bloomberg.com in December, “A Third of America’s Economy is Concentrated in Just 31 Counties,” reported that Cuyahoga County was one of these top 31 counties. Cuyahoga County was the only Ohio county included, and Allegheny, Marion and Baltimore County did not make the list.
The strength of our economy has also been reflected in the most recent unemployment numbers for the U.S. Bureau of Labor Statistics. The county’s unemployment rate is at 3.4 percent, the lowest recorded in years, and well below the 4.8 percent registered a year ago.
“Our engagement with the business community, our work with the Greater Cleveland Partnership, Team NEO, and our local foundations, in addition to many other key partners, is essential to our continued growth as a county,” said Chief Economic Development Officer, Ted Carter. “I look forward to continuing this momentum as we also focus on the key strategic priority of equitable growth.”
