Regional Economy
Earlier this year, construction began for the new Medical Mart and Convention Center, a project that has received a lukewarm response from skeptical taxpayers. Working hard to prove them wrong is Tony Prusak, who as Director of Convention Sales is tasked with booking events. As a lifelong Clevelander, Prusak is driven by a desire to improve Cleveland's economic future. How? By "selling more cheeseburgers."
brookings says cleveland faring better than other large metros
In a recently released report titled "How We're Doing: An Uneven Recovery at Home and Abroad," the Brookings Institution boils down the current state of recovery thusly:
"The U.S. economy as a whole is recovering, but that recovery is not broadly shared -- at home or abroad."
Continuing, the reports says that key indicators suggest that the economic recovery in the United States continues to move forward. Output is rising, credit conditions are thawing and firms are hiring.
But the degree at which the recovery is taking place depends on where one resides. And, perhaps surprisingly, it is metropolitan areas hardest hit by the recession, like Cleveland, that are faring the best.
"The differences in the speed of recovery have been striking. Areas heavily linked to the auto industry, such as Cleveland and Detroit, have benefited from the resurgence of manufacturing activity since 2009. On average, the unemployment rates of these urban economies have fallen two percentage points in the past year - double the national decline. Conversely, metro areas that were hit hard because of their exposure to the housing bust, such as Las Vegas and Tampa, have been slow to recover, with their housing markets still facing significant structural problems. Unemployment rates in many of the areas hurt by the housing bust are little changed from a year ago."
Study the rest of the data here.
"The U.S. economy as a whole is recovering, but that recovery is not broadly shared -- at home or abroad."
Continuing, the reports says that key indicators suggest that the economic recovery in the United States continues to move forward. Output is rising, credit conditions are thawing and firms are hiring.
But the degree at which the recovery is taking place depends on where one resides. And, perhaps surprisingly, it is metropolitan areas hardest hit by the recession, like Cleveland, that are faring the best.
"The differences in the speed of recovery have been striking. Areas heavily linked to the auto industry, such as Cleveland and Detroit, have benefited from the resurgence of manufacturing activity since 2009. On average, the unemployment rates of these urban economies have fallen two percentage points in the past year - double the national decline. Conversely, metro areas that were hit hard because of their exposure to the housing bust, such as Las Vegas and Tampa, have been slow to recover, with their housing markets still facing significant structural problems. Unemployment rates in many of the areas hurt by the housing bust are little changed from a year ago."
Study the rest of the data here.
As president and CEO of NorTech, a nonprofit technology-based economic development organization serving 21 counties in Northeast Ohio, Rebecca Bagley is always looking for ways for her Cleveland-based company to be more competitive regionally and nationally. Her recent appointment to the U.S. Department of Commerce Innovation Advisory Board by commerce secretary Gary Locke will further her mission.
Bagley and 14 other board members will conduct a study of U.S. economic competitiveness and innovation. The study will help form national policies at the heart of U.S. job creation, competitiveness and global strength. "The idea is to do a study on how the United States can be more globally competitive," says Bagley. "It's obviously very exciting to be a part of this advisory board and the study."
Nominated by NorTech board chair Tim Reynolds, Bagley sees her background in finance, as well as her leadership at NorTech, as the reasons for her appointment. Before joining the company she worked in the private sector in investment banking and as deputy secretary for the Technology Investment Office of the Pennsylvania Department of Community and Economic Development (DCED).
Bagley is a nationally-recognized expert in technology-based economic development. She brings that same expertise to the region in developing Northeast Ohio's technology initiatives. "We've been working in the region to increase Northeast Ohio's competiveness," she says. "For NorTech this raises visibility of the region and validates the work being done here."
The board's first meeting is in Arlington, VA in June. They will meet every three months.
Source: Rebecca Bagley
Writer: Karin Connelly
Bagley and 14 other board members will conduct a study of U.S. economic competitiveness and innovation. The study will help form national policies at the heart of U.S. job creation, competitiveness and global strength. "The idea is to do a study on how the United States can be more globally competitive," says Bagley. "It's obviously very exciting to be a part of this advisory board and the study."
Nominated by NorTech board chair Tim Reynolds, Bagley sees her background in finance, as well as her leadership at NorTech, as the reasons for her appointment. Before joining the company she worked in the private sector in investment banking and as deputy secretary for the Technology Investment Office of the Pennsylvania Department of Community and Economic Development (DCED).
Bagley is a nationally-recognized expert in technology-based economic development. She brings that same expertise to the region in developing Northeast Ohio's technology initiatives. "We've been working in the region to increase Northeast Ohio's competiveness," she says. "For NorTech this raises visibility of the region and validates the work being done here."
The board's first meeting is in Arlington, VA in June. They will meet every three months.
Source: Rebecca Bagley
Writer: Karin Connelly
massive new wind turbine makes noise in forbes
Forbes featured an article on Cleveland's new wind turbine, stating that "Ohio has gotten a sneak peek at what expanding wind power will look like near Lake Erie."
The turbine, which was made in Germany, arrived Monday at the Port of Cleveland. It will be installed at the Lincoln Electric Co. in Euclid.
The wind turbine will measure 24 stories high to the tip of the blade. "The turbine has blades 165 feet long," the article states. "It will stand about three times taller than the wind turbine at Cleveland's Great Lakes Science Center."
Cuyahoga County made a $350,000 forgivable loan toward the cost of the turbine.
Read the rest here.
The turbine, which was made in Germany, arrived Monday at the Port of Cleveland. It will be installed at the Lincoln Electric Co. in Euclid.
The wind turbine will measure 24 stories high to the tip of the blade. "The turbine has blades 165 feet long," the article states. "It will stand about three times taller than the wind turbine at Cleveland's Great Lakes Science Center."
Cuyahoga County made a $350,000 forgivable loan toward the cost of the turbine.
Read the rest here.
When it comes to adapting to today's marketplace, the Manufacturing Advocacy & Growth Network -- aka MAGNET -- is a manufacturer's best friend. The Cleveland-based organization helps companies uncover new products, new markets, and new opportunities for growth. We recently spoke with CEO Daniel Berry about the current state of manufacturing in NEO.
While it's common for individual companies to develop a business plan to help prepare for success, Northeast Ohio is one of only three regions in the country to pilot a regional business development plan. The Partnership for Regional Innovation Services to Manufacturers (PRISM) will be headed by MAGNET to help small and medium sized manufacturers thrive in the region.
"It's basically a way to ramp up the level of innovation in the manufacturing sector," says John Schober, MAGNET's director of innovation. "Lots of businesses out there have the potential to grow, but they don't have the resources available to grow."
For instance, these companies may not have access to resources such as marketing or R&D departments. "The PRISM program will help manufacturers identify and access these resourcces," says Schober. "People have been talking about what's going wrong for a while, but no one's talking about what to do about it."
This initiative will take the sub-networks -- government, education, the manufacturing sector, economic development organizations, and service -- and connect them. "The realization came that we're in these networks and we see the gap," says Schober. "We can connect those industries. So we get those collaboratons to solve a problem we've never solved before."
Several organizations have already shown support for the PRISM initiative, including Fund for Our Economic Future, The Cleveland Foundation, and the Greater Cleveland Partnership.
Source: John Schober
Writer: Karin Connelly
"It's basically a way to ramp up the level of innovation in the manufacturing sector," says John Schober, MAGNET's director of innovation. "Lots of businesses out there have the potential to grow, but they don't have the resources available to grow."
For instance, these companies may not have access to resources such as marketing or R&D departments. "The PRISM program will help manufacturers identify and access these resourcces," says Schober. "People have been talking about what's going wrong for a while, but no one's talking about what to do about it."
This initiative will take the sub-networks -- government, education, the manufacturing sector, economic development organizations, and service -- and connect them. "The realization came that we're in these networks and we see the gap," says Schober. "We can connect those industries. So we get those collaboratons to solve a problem we've never solved before."
Several organizations have already shown support for the PRISM initiative, including Fund for Our Economic Future, The Cleveland Foundation, and the Greater Cleveland Partnership.
Source: John Schober
Writer: Karin Connelly
When it comes to manufacturing facilities, the first things to come to mind are not state-of-the-art gyms, free personal trainers and tech-savvy employees. Yet Thogus, a national provider of plastic injection molding services based in Avon Lake, is no ordinary manufacturer.
"The perception of manufacturing facilities is that they're full of smokestacks, dirty and capital-intensive," Matt Hlavin, President of Thogus, told the audience at last week's sold out TEDxCLE conference. "We've created a culture in which everyone is an innovator, and we want our employees to have a work-life balance."
Thogus, founded in 1950 as a traditional tool and dye shop, got into the plastics industry in 1958. Hlavin joined the company in the late 90s and took over as President in 2009. In the past 15 years, Thogus has reinvented itself as a leader in the growing field of customized plastic injection molding.
"Today, our society is not about mass production, it's about mass customization," Hlavin said. "We're the next generation of manufacturing -- companies like ours take a customer's idea and help them to create it."
Since taking the helm, Hlavin has worked to develop the next generation of manufacturing employee by training his workers in the latest technology and providing a clean, modern work environment. Today, Thogus employees use crowd-sourcing to develop and test products, employ social media to communicate their latest product innovations, and maintain an ongoing rapport with customers. "We can make a customized iPhone cover in 45 minutes," Hlavin said.
As another example of Thogus' innovative products, Hlavin cited a device that will help autistic children to predict when they will get uncomfortable in their environment. The technology will help them to lead healthier and more normal lives.
Reinventing Thogus wasn't easy. After making a decision to get out of the automotive business and focus solely on plastic injection molding, Hlavin reduced his workforce by more than half. "This helped us to become a more agile company and go after the next generation of employee."
Source: Matt Hlavin
Writer: Lee Chilcote
"The perception of manufacturing facilities is that they're full of smokestacks, dirty and capital-intensive," Matt Hlavin, President of Thogus, told the audience at last week's sold out TEDxCLE conference. "We've created a culture in which everyone is an innovator, and we want our employees to have a work-life balance."
Thogus, founded in 1950 as a traditional tool and dye shop, got into the plastics industry in 1958. Hlavin joined the company in the late 90s and took over as President in 2009. In the past 15 years, Thogus has reinvented itself as a leader in the growing field of customized plastic injection molding.
"Today, our society is not about mass production, it's about mass customization," Hlavin said. "We're the next generation of manufacturing -- companies like ours take a customer's idea and help them to create it."
Since taking the helm, Hlavin has worked to develop the next generation of manufacturing employee by training his workers in the latest technology and providing a clean, modern work environment. Today, Thogus employees use crowd-sourcing to develop and test products, employ social media to communicate their latest product innovations, and maintain an ongoing rapport with customers. "We can make a customized iPhone cover in 45 minutes," Hlavin said.
As another example of Thogus' innovative products, Hlavin cited a device that will help autistic children to predict when they will get uncomfortable in their environment. The technology will help them to lead healthier and more normal lives.
Reinventing Thogus wasn't easy. After making a decision to get out of the automotive business and focus solely on plastic injection molding, Hlavin reduced his workforce by more than half. "This helped us to become a more agile company and go after the next generation of employee."
Source: Matt Hlavin
Writer: Lee Chilcote
JumpStart CEO Ray Leach has been named to the board of the National Venture Capital Association. The NVCA serves as the voice of the United States venture capital community and advocates for policies that encourage innovation and reward long-term investment.
While most of the organization's 400 members represent venture capital firms on the East and West coasts, Leach is the only member representing the Midwest. "In order to be successful as a non-profit, we need healthy venture capital nationally," says Leach. "It's a great way to be there, convincing them they have to invest in the Midwest."
Northeast Ohio leads the Midwest in venture capital deal activity, second only to Chicago in the amount of capital raised by companies with $234 million.
Leach is one of six new NVCA members elected to a four-year term. He was nominated by former NVCA board chair David Morgenthaler of Morganthaler Ventures and member Ray Lane with Kleiner Perkins, who thought Leach would be a good advocate for JumpStart's missives.
"I'm excited to play a role in advancing venture capital nationally and to offer my viewpoint from a region that's reinvented itself with the assistance of innovative initiatives like Ohio's state-led Third Frontier," says Leach. "For example, entrepreneurs in Northeast Ohio have raised more than $1.1 billion in venture capital in the last five years. By serving on the NVCA's board, I hope to bring greater visibility to our region's activity to increase investments and ultimately job growth."
Source: Ray Leach
Writer: Karin Connelly
While most of the organization's 400 members represent venture capital firms on the East and West coasts, Leach is the only member representing the Midwest. "In order to be successful as a non-profit, we need healthy venture capital nationally," says Leach. "It's a great way to be there, convincing them they have to invest in the Midwest."
Northeast Ohio leads the Midwest in venture capital deal activity, second only to Chicago in the amount of capital raised by companies with $234 million.
Leach is one of six new NVCA members elected to a four-year term. He was nominated by former NVCA board chair David Morgenthaler of Morganthaler Ventures and member Ray Lane with Kleiner Perkins, who thought Leach would be a good advocate for JumpStart's missives.
"I'm excited to play a role in advancing venture capital nationally and to offer my viewpoint from a region that's reinvented itself with the assistance of innovative initiatives like Ohio's state-led Third Frontier," says Leach. "For example, entrepreneurs in Northeast Ohio have raised more than $1.1 billion in venture capital in the last five years. By serving on the NVCA's board, I hope to bring greater visibility to our region's activity to increase investments and ultimately job growth."
Source: Ray Leach
Writer: Karin Connelly