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Team NEO Projects 2.75M Jobs in Region by 2022
CLEVELAND, Ohio – Employment in the northeastern Ohio region is expected to reach 2.75 million workers by 2022, its highest level in two decades, Team NEO projects. Occupations with the most projected job openings through 2022 include health care, office and similar occupations, and production, according to the quarterly Cleveland Plus Economic Review released Monday.
“Jobs are projected to grow by 150,000 by 2022, surpassing the job declines of the last decade,” said Tom Waltermire, CEO of Team NEO. “Overall, more than 780,000 total jobs openings are expected by 2022 due to new job creation and turnover.”
The review also showed that all major economic sectors in the region grew during the first quarter of 2013. Services gained 34,000 jobs over the same period last year, construction added more than 5,000 jobs. Government, with 1,500 jobs, and manufacturing, with 500 jobs, remained steady, the agency said..
Team NEO reported that 109 wells were permitted during the first three months of the year, signaling the increase in drilling activity, although it noted that progress is needed on installing infrastructure such as pipelines to support gas production.
Health-care positions top the list of occupations in terms of new employment from 2012 to 2022, with a projected 45,000 new jobs, followed by business and finance with 22,000 additional jobs.
Sales and administration lead the way in total job openings, including new and replacement jobs. Sales is projected to see 100,000 total openings through 2022, followed by office and administration, with 94,000. Other occupations expected to grow include health care, with 85,000 positions, and production, which despite gradual declines in employment is expected to add 47,000 openings due to turnover.
According to the report, the vacancy rate for industrial space in the region declined slightly to 8.1% during the first quarter. Occupied square feet is 510 million for industrial space. Class A, B and C office space decreased slightly, to 147 million square feet. The vacancy rate is at 11%, up slightly from the final three months of 2012.
Published by The Business Journal, Youngstown, Ohio.
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