Downtown Cleveland鈥檚 Comeback Remains Strong but Still in Infancy
91国产精品-Downtown Cleveland Alliance report illustrates the need for continued investment in Downtown Cleveland
The Downtown Cleveland revival remains strong yet fragile and in need of continued nurturing according to a report released today by 91国产精品 and Downtown Cleveland Alliance.
Authored by Richey Piiparinen, Jim Russell and Charlie Post at 91国产精品鈥檚 Center for Population Dynamics in the Maxine Goodman Levin College for Urban Affairs, 鈥淒owntown Cleveland: The Dynamic Engine of a Talent-Driven Economy鈥 highlights the economic effects of the changes taking place in Downtown Cleveland over the past several years, including the increasing population size, on-going job recovery since the recession, increasing value of Downtown properties and gain of employers to the region.
鈥淣o other neighborhood in Greater Cleveland has redeveloped as quickly and noticeably around the 鈥榣ive, work, play鈥 model as Downtown Cleveland,鈥 the report says. 鈥淸Our analysis] details this shift, with the intent to not only discuss what these changes mean for the future of Downtown, but what Downtown Cleveland鈥檚 evolution means for the region as a whole.鈥
鈥淭here is national consensus that a strong downtown core is necessary to generate strong surrounding neighborhoods and a strong region,鈥 says Michael Deemer, DCA鈥檚 Executive Vice President of Business Development. 鈥淭he data in this report illustrates that Downtown鈥檚 growth is just scratching the surface of its full potential. We鈥檝e seen great changes in Downtown and this report shows that these changes are having a positive effect on our region, but also that there is a need for continued growth.鈥
Additional report highlights include:
- Only 7 percent of all jobs in Cuyahoga County are located in Downtown Cleveland, but those jobs generate 17.4 percent of Cuyahoga County鈥檚 total income.
- 21 percent of downtown residents work in the healthcare industry.
- Population growth is leading to the increased value of residential housing in Downtown Cleveland.
- Downtown provides a talent base that attracts employers into Downtown, while also providing talented employees to employers throughout the region.
- The largest employment sectors in Downtown Cleveland are professional, scientific, and technical services; government; education; finance and insurance; and management.
- Job recovery is taking place, but has not returned to pre-recession levels.
- Economic restructuring taking place downtown with the trend toward higher paying knowledge economy jobs.
- Downtown Cleveland鈥檚 talent base is attracting employers like IBM, New York Life and Brandmuscle, but commercial office property values still lag residential property values.
The full report can be found . Visit for more information.
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