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Gross Metropolitan Product
The NEO region (the combination of the four Northeast Ohio metropolitan areas into a composite region) ranked 113th out of 136 metro areas with an annual growth rate of 1.6% between 2003 and 2006. Akron was the only metro area in NEO to rank above the bottom quartile in growth.
Dashboard Indicators for Gross Metropolitan Product growth
Detailed rankings of Gross Metropolitan Product
 |
 |
 |
 |
2.4% |
1.2% |
1.7% |
0.2% |
 |
 |
 |
 |
1.7% |
0.6% |
1.1% |
-0.4% |
Seven indicators are associated with growth in regional output, or Gross Metropolitan Product (GMP). They are Legacy of Place, Racial Inclusion and & Income Equality, Business Dynamics, Urban Assimilation, Urban/Metro Structure, Technology Commercialization, and Individual Entrepreneurship.
Legacy of Place has the largest influence and is negatively related to GMP growth. Northeast Ohio, as many other metropolitan areas in the Midwest, has to recognize the burden imposed on its economy through characteristics reflected in this indicator. In addition to the discussion regarding employment growth, we need to be reminded that not all variables underlying the Legacy of Place indicators can be changed by policy, but they should be recognized as local context in developing strategies to improve economic performance. One example is the old infrastructure approximated by the percentage of houses built before 1940.
Six indicators affect growth in both employment and GMP. In addition, Technology Commercialization affects only GMP and not employment. Policy makers have many options on stimulating regional production of goods and services.
