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- September 27, 2016
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CLEVELAND, Ohio – The automotive industry is bucking the trend as one of just two sectors in Northeast Ohio manufacturing expected to outpace U.S. growth in the next decade.
Food manufacturing is the other, but it’s only expected to have modest growth, according to Team NEO, a non-profit economic development organization.
Automotive employment is expected to grow 19 percent to 28,800 employees by 2024. During that same time period, U.S automotive employment is forecasted to decrease by 3 percent, according to Moody’s Economy.com, an economic forecasting firm.
Researchers at Team NEO expect regional gross domestic product in manufacturing in general to expand 43 percent from 2011 to 2024. However, most manufacturing employment is expected to decline due to ongoing production efficiencies.
Automotive is different. It’s an area that’s expected to grow for three reasons: supply chain remains strong, interest from international companies holds steady, and a talented workforce keeps pace.