Cleveland among worst-performing cities for economic growth
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Cleveland ranks low in economic growth but improvements may be on the way. Photo: Nick Cammett/Diamond Images via Getty Images
Cleveland ranks among the nation's worst-performing big cities in terms of economic vitality, but improvements could be on the way.
Why it matters: The Greater Cleveland Partnership, Northeast Ohio's leading economic development corporation, is in the midst of its All In Plan designed to promote job growth and draw new businesses.
- It seemingly couldn't come at a better time.
Driving the news: The Milken Institute released its yearly list of Best Performing Cities, which maps out economic growth — an essential factor in attracting new residents, visitors and investors to a region.
- Cleveland ranked 185th out of the 200 largest U.S. metro areas.
How it works: The nonpartisan, nonprofit think tank's annual rankings are based on a city's labor market, tech industry growth and access to broadband and affordable housing.
The big picture: Raleigh, North Carolina, Ogden, Utah and Salt Lake City, Utah topped this year's list, while New Orleans came in last at No. 200.
- In Ohio, Cleveland ranked ahead of Toledo (188) and Youngstown (199), but behind Columbus (109), Cincinnati (114), Dayton (122), Akron (146) and Canton (154).
Reality check: The report doesn't explicitly look at other quality-of-life factors people may consider when picking a place to live, like traffic congestion, public transit access, park space and other things that could have improved Cleveland's ranking.
Zoom in: Cleveland has several major projects designed to improve the city's economy over the next decade, including the Bedrock Riverfront Plan, Lakefront Master Plan and Rock & Roll Hall of Fame expansion.
What they're saying: "What has changed in Greater Cleveland over the last two decades is that we are at a moment in time where our large and small businesses are thriving," Greater Cleveland Partnership CEO Baiju Shah told RE Journals last August. "Our biggest issue now is not having enough people living in the region."
- "We are seeing our employers embrace technology. That has led to innovation. We are seeing the positive result of that. Now we just need more people."
Between the lines: After years of decline, Cleveland's population has flattened out recently.
The bottom line: The combination of ambitious development projects and a potential population turnaround could help Cleveland's economic standing.