Cleveland, OH
Several Fortune 1000 companies make Cleveland their home. It is a major manufacturing and commercial center, one of the primary ports on the Great Lakes, and a collecting point for highway and railroad traffic from the Midwest. The health and medical field Is the largest employer in Northeast Ohio, and Cleveland is one of the nation’s leading medical centers with 60 hospitals in the region. Cleveland Clinic’s health care was ranked #1 in the United States for the 19th consecutive year, and the city is home to one of the nation’s top children’s hospitals. Entrepreneur Magazine recently ranked Cleveland higher than San Francisco, Boston, Seattle, and New York as a site for entrepreneurship, and more than 700 biomedical and biotechnology firms make it their home. The Cleveland region will add 123,000 jobs by 2025, and food manufacturing will play a big role in that growth. That sector contributes $2.6 billion dollars in economic activity, due to its central location and proximity to rural land. Manufacturing built Cleveland and still remains an important part of the economy. Auto manufacturing is strong, thanks to healthy sales, while steel and energy are relatively weak. Le Bron James’ return to the Cleveland Cavaliers did more than strengthen the basketball team. Locals speak of the “LeBron Effect’ and the impact the return of the local hero had on the economy. Initial estimates of a $500 million bump were likely optimistic, but it remains true that ticket sales, bar and restaurant revenues, and souvenir sales increased substantially, which also affected tax revenues. Perhaps the largest impact was the result of increased local confidence and visibility on the global stage as a result of the Cavaliers winning their first NBA Championship.