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Productivity Details
The Northeast Ohio metropolitan areas composite ranking was 68th in Producivity growth, placing them just in the second quartile.
Productivity, measured by GMP per employee, is most affected by the Technology Commercialization indicator. Other indicators that positively affect productivity include Racial Inclusion & Income Equality, Legacy of Place, Skilled Workforce and R&D, and Urban Assimilation. The chart below show the relative importance of these factors.
Technology Commercialization
The region ranked 96 out of the 136 metro areas in Technology Commercialization. This put them in the middle of the third quartile.
Successful production of innovation requires investments in research and development that can lead to the introduction of new products and more efficient processes of production. Three variables loaded highly with the Technology Commercialization factor venture capital per employee, number of patents per employee, and cost of living. |
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Racial Inclusion and Income Equality
The region ranked 108 for Racial Inclusion and Income Equality, placing in the bottom quartile.
Poverty and segregation come hand in hand with high rates of crime and social welfare. Variables included in the Racial Isolation and Inequality factor have a distinctly different pattern of variation across metropolitan U.S. from the variables that measure assimilation of different ethnicities and immigrants in society's social and economic life. Areas with a large black population have a different set of economic and social problems and, therefore, a different path of development. |
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Legacy of Place
The region ranks 18th in Legacy of Place. Since ths factor negatively impacts Employment, this is not a good result.
This factor reflects the demographic, social, and economic history of metropolitan areas. The negative signs of these variables suggest that this factor is reversely affiliated with business dynamic, which is approximated by the positive business churning variable (the business churning variable in this factor is calculated by the summation of the number of businesses that opened and closed divided by total number of establishments). In other words, metropolitan areas with high historical economic and social legacy costs have a low business dynamic and places with low legacy costs have a high business dynamic.
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Skilled Workforce and R & D
The region ranked 84 out of 136 metro areas in Skilled Workforce and R&D.
As an indicator of the regional economy, this factor primarily describes the labor force quality affiliated with advanced research (column 2 in Table 1). Defined by the variables approximating high educational attainments and occupational levels (graduate and bachelor's degrees and professional occupations), this factor describes the ability of a region to be engaged in technology-driven economic development based on industrial and university R&D and technology-related small business entrepreneurship. The definition of this factor confirms that scientific and technological research are intense in metropolitan areas with large concentrations of highly educated population a characteristic that does not change quickly over time and requires years of development and persistent investment.
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Urban Assimilation
The region ranked 117 in Urban Assimilation, ranking in the bottom quartile.
Assimilating minority populations into the economic and social life of regions through advanced community development and equity greatly enhances regional growth. Four of the five variables included in this factor describe ethnic diversity by the share of Hispanic population, percentage employed in minority-owned businesses, percentage foreign born population, and the percentage of Asian population. The variation of the Urban Assimilation indicator is clearly driven by the presence of the Hispanic population variable. |
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