A report issued jointly by 10 different economic development organizations shows positive economic growth for Northeast Ohio as a region. The Northeast Ohio 2013 Regional Economic Development Report shows business investment projects created or retained 26,092 jobs, $1.2 billion in payroll and $2 billion in capital investment last year.

The report, which was produced by Team NEO, was initiated by 10 regional groups, each with its own economic development concentration: BioEnterprise, Greater Akron Chamber, Greater Cleveland Partnership, JumpStart, MAGNET, NorTech, Stark Development Board, Team Lorain County, Team NEO and the Youngstown/Warren Regional Chamber.

“This certainly means there are signs of economic vitality, and it shows a whole lot of good things going on,” says Team NEO CEO Tom Waltermire. “There are a lot of positive things happening, a lot of businesses growing and adding employment.”

This is the second year the group has compiled the report. “We thought it would be interesting to look at the impact that all of these businesses together have in Northeast Ohio,” says Waltermire of the regional report, as opposed to just a Cleveland-focused report. “When we act as a region and collaborate, it makes us much stronger and more competitive.”

The individual cities in the region only benefit from collaboration. “The competition is mainly outside the region,” explains Waltermire. “It would not even make sense for our metropolitan areas to compete.”

Rebecca Bagley, president and CEO of NorTech, stresses the importance of each of the 10 specialized organizations working together. “Through each organization we fill a specialized role, but working in concert leads to a healthy, thriving economy,” she says.

The report also highlights success stories related to business attraction; business growth and development; entrepreneurship; and technology, innovation and commercialization.