Team Northeast Ohio (Team NEO), a regional economic development nonprofit organization, recently conducted an analysis that shows Northeast Ohio has a competitive advantage when it comes to the cost of doing business, Crain’s Cleveland reports. Team NEO “surveyed comparative data on a number of economic indicators including the cost of labor and energy, as well as construction and leasing costs and rates of state and local taxes,” according to the article. The group’s research found that “the cost to lease industrial space is 33% below average,” a company building a facility in Northeast Ohio “would pay 2% below the national average for materials and labor,” and “the cost of living in Northeast Ohio is 11.4% below the national average,” among other factors. Overall, when compared to the national average, “the cost of doing business is 10% lower” in the region. Jacob Duritsky, Team NEO vice president for strategy and research, said, “[w]e have a business case to make for why it’s more affordable (to do business) here.” For more, read the full article.
Northeast Ohio’s cost of doing business is 10% lower than national average
