Cleveland, Ohio is a vibrant city known for its museums, sports culture, and booming industries. As of 2023, Cleveland will continue to be a hub of economic activity, attracting workers from across the country. But which industry is the strongest in Cleveland? This city has a very diversified economy in many thriving industries are essential to the growth of Cleveland’s economy. Some of the industries that support Cleveland’s growth the most are healthcare, manufacturing, retail, education, and technology.
Healthcare Industry: Cleveland’s healthcare industry is the largest employer in the city. This industry alone employs over 129,000 individuals and generates a whopping $16.8 billion in economic activity. The reason why the healthcare industry is so strong in Cleveland is because of its world-renowned Cleveland Clinic, University Hospitals, and MetroHealth Medical Center. These hospitals are ranked among the best in the nation and attract patients from around the globe. With healthcare being such an important part of society, it is no wonder that Cleveland’s healthcare industry is thriving and will continue to do so.
Manufacturing Industry: Cleveland’s manufacturing industry is another significant contributor to the city’s economy. With a workforce of over 60,000 individuals, this industry generates roughly $10.5 billion in economic activity. Cleveland is home to a variety of manufacturing facilities specializing in automotive, aerospace, and steel production. The reason why the manufacturing industry is so strong in Cleveland is due to the numerous resources available to manufacturers, including a reliable workforce, affordable real estate, and proximity to major markets in the Midwest. Additionally, Cleveland State University offers a degree in manufacturing engineering, providing a skilled pipeline of graduates to support the industry.
Retail Industry: The retail sector in Cleveland is another large employer, with over 50,000 people working in the industry. This sector generates roughly $3.5 billion in economic activity. The reason why the retail sector is so strong in Cleveland is due to the strong consumer base in the city and its suburbs. Retailers are attracted to the area because of the high population density and disposable income of the residents in the area. Furthermore, major shopping centers like the Beachwood Place Mall and the Crocker Park outdoor shopping complex drive significant foot traffic and sales.
Education Industry: The education sector in Cleveland continues to grow thanks to the numerous universities and colleges located in the area. The education industry employs over 34,000 individuals and generates roughly $3.9 billion in economic activity. Cleveland’s world-class universities like Case Western Reserve University and Cleveland State University, attract students and faculty from around the world. Furthermore, the proximity of these institutions to companies in the healthcare and manufacturing sectors creates strong partnerships that lead to job growth and new research opportunities.
Technology Industry: The tech industry in Cleveland is also a significant contributor to the city’s economy. With the rise of technology-related jobs in various industries, Cleveland is working to become a tech hub and increase its share of the national tech economy. Some of Cleveland’s most successful tech startups include OnShift, BoxCast, and MRI Shielding Supply. The tech industry employs over 25,000 individuals in Cleveland, generating roughly $1.7 billion in economic activity. Cleveland’s abundance of talent from surrounding universities and its low cost of living make it an attractive destination for tech companies looking to set up shop.
In conclusion, Cleveland 2023’s strongest industry is undoubtedly the healthcare sector, which employs over 129,000 individuals and generates $16.8 billion in economic activity. However, the manufacturing, retail, education, and technology sectors also contribute significantly to the city’s economy and show remarkable potential for long-term growth. With a diversified economy encompassing numerous thriving industries, Cleveland is well-positioned to continue its upward trajectory and become one of the most desirable cities in the United States to work, live, and visit.