Document Type
Presentation
Publication Date
10-10-2019
Research Center
Center for Economic Development
Abstract
The economic trends in Northeast Ohio (NEO) over the last 20 years are typical of the Midwest region, with a positive increase in output outpaced by the state of Ohio, and the United States. The double recessions of 2001 and 2007-2009 show a deeper output decline in NEO than in comparable Midwest regions and the United States. Traditionally, industries with high regional specialization that have a competitive advantage and drive regional economies are called economic base industries. Groups of Regional Industry Drivers (GRIDs) are part of the economic base of a region. The Oil & Gas GRID accounts for less than 1% of total NEO employment but 3% of overall output & 7% of GRIDs output ($6 billion). It is a fast-growing and emerging economic base, with double-digit growth in output, growing specialization, and one of the highest employment multipliers. However, the industry cluster needs to increase in size and scale to impact overall regional performance.
Repository Citation
Lendel, Iryna, "Oil and Gas as a Driver of the Regional Economy: Updates" (2019). All Maxine Goodman Levin School of Urban Affairs Publications. 0 1 2 3 1686.
https://engagedscholarship.csuohio.edu/urban_facpub/1686
