Cleveland Market Report
Once a forgotten city with a struggling manufacturing sector, Cleveland
is rebuilding a stronger, more diverse economy and workforce.
It is a diamond in the rust belt.
Cleveland is making a comeback.
Along with other industrial cities like Pittsburgh and Detroit, Cleveland saw a downward slope
in the late 20th century that was only accelerated by the 2008 recession. Unemployment soared, and home values plummeted.
Now, a shifting focus to the healthcare and tech industries and a slow but steady return of manufacturing spells a new slogan for Cleveland … it’s Believeland, Ohio.
Here’s what’s changing in Ohio:
- Diversified economy. Shuttering factories led to widespread unemployment. While some of those jobs have returned, it’s no longer the largest sector of the economy, and that diversity is promising for the future of the market.
- The leader in healthcare. Cleveland Clinic is one of the best healthcare systems in the world and is the national leader in cardiology and heart surgery. Watch for continued growth in the biomedical industry.
- An emerging tech hub. Greater access to capital, support for entrepreneurs, a low cost of living and a vibrant health tech corridor are just a few of the reasons why technology companies are choosing Cleveland as their home.
- Eight Fortune 500 companies call it home. It’s not all surgery and computers here. Progressive Insurance, Goodyear Tire and Rubber, Sherwin Williams, and others provide jobs and revenue. And that influx of capital and people is revitalizing neighborhoods.
- A newer, younger population. Millennials want to live closer to where they work and are coming back from the suburbs to the cities. Cleveland is the 8th fastest growing millennial population in the US, and they’re renting and purchasing homes.
- Centralized location. According to Forbes, Ohio is within a day’s drive of 60 percent of the US GDP and 150 Fortune 500 businesses. It’s easy and cheap to get to many major cities.
Downtown Cleveland is changing rapidly. As the Health-Tech Corridor expands and innovates, Cleveland will continue to be a diamond in the rust belt.
Reports and Articles
Market Field Trips & Property Tours
- Great Lakes Capital Solutions – Turnkey SFR’s
Clues in The News
- Cleveland—Improved Economic Conditions – March 25, 2019
- The Pace of Job Growth Is Accelerating in … – March 16, 2019
- 20 Cities Where a $50,000 Salary Goes the Furthest – March 7, 2019
- Top 5 cities for Americans earning $50,000 – March 6, 2019
- Cleveland is part of one of the leading ‘mega-regions’ powering the world economy – February 28, 2019
- The Best Markets For Real Estate Investments In 2019 – January 7, 2019
- Home Value Forecast: The New Home Office – How Telecommuting and Economic Restructuring are Impacting Housing Markets – October 30, 2018
- 25 Best Cities for Jobs 2018 – October 16, 2018
- Cleveland is a pretty powerful force in clean energy jobs – September 28, 2018
- PNC plans to move 500 suburban workers to downtown Cleveland – September 27, 2018
- Report shows demand for 6,800 more homes in downtown Cleveland by 2030 – September 26, 2018
- Why millennials are flocking to Rust Belt real estate – September 23, 2018
- Terminal Tower wins Ohio historic tax credits for partial apartment revamp — June 20, 2018
- Downtown Cleveland’s commuter options drive economic development — June 1, 2018
- Cleveland’s core entering new-construction mode — June 1, 2018
- 2018 GCP Annual Meeting Cleveland on the map as one of the best cities for business — May 22, 2018
- A new generation takes on downtown development — May 5, 2018
- Cleveland’s nuCLEus project appears to be target of proposed tax credit for ‘transformational’ deals — March 23, 2018
- Rising: seven projects that will change the face of Cleveland — February 23, 2018
- Cleveland economy outpaces Cincinnati, Columbus in 2017 – September 19, 2017
- Cleveland’s Surprising Turnaround And What It Means For New Businesses — September 15, 2017
- Ohio’s big cities rank in top 10 for jobs – September 13, 2017
- Landlord alert: Where to buy homes for the best rental returns — May 5, 2017
- Top 10 Markets to Own Rental Homes – April 21, 2017
- Cleveland ranks among top 10 U.S. cities for population growth of college-educated millennial residents — January 19, 2016
- The 25 Cities Where Your Paycheck Will Go the Furthest