Last month, Wells Fargo Securities published aSpecial Commentary entitled “Cleveland: Things Are Starting to Look Up.”
The article starts out a bit cautious, saying that “Employment growth remains exceptionally modest today but appears to be taking a turn for the better… The nearly simultaneous announcements that Cleveland will host the 2016 Republican National Convention and that LeBron James will rejoin the Cleveland Cavaliers NBA team has lifted the spirits of the area and helped focus attention on the positive attributes of Northeast Ohio.”
But it then notes that “the region’s manufacturing sector is also showing signs of regaining its footing… More growth appears on the way” as Team NEO has “recruited a record high 16 new or expanded operations” in the past year… Northeast Ohio is well positioned to benefit from the growth of the region’s energy exploration business.”
The article notes that high-visibility events are focusing attention on the “New Cleveland” as The CLE is “capitalizing on its current strengths and leaders are working to redevelop the metro area as a destination for businesses and tourists alike… Downtown Cleveland is quickly becoming a popular destination for events and conventions” — citing the return of LeBron and the RNC convention.
“Demographics remain favorable for the (health care) industry… home sales continue to improve… demand for apartments remains very strong, driving the vacancy rate down to 3.0 percent.”
The piece concludes by noting that “Cleveland finally appears to be catching a break… Changes to (its) economy are more than cosmetic… The region has become more diverse… More jobs could result from new facilities meant to foster innovation in the (health care) industry.”
This article is another in a series of national publications that are coming to the conclusion that The CLE is in the midst of remarkable resurgence in fortunes. For example, in January, I published a Z-Notes entitled “Fortune Magazine: Betting on The CLE as 2014′s Breakout Town.”
And in June, I featured an article in Forbes Magazine entitled “Shaking Off the Rust: Cleveland Workforce Gets Smarter and Younger.”
As I said at the end of that edition, “First one in, turn on the lights!”
