We thank Team NEO for providing a roadmap that applies beyond NE Ohio. Photo by Canva Studio from Pexels.
How Ohio might adjust to the pandemic is found in Team NEO’s June Quarterly Economic Review.
The Review indicates that GDP will recover by 2022, with total employment by 2025. Driver industries such as manufacturing activity will show a 9.1% drop in GDP and a 5.7% loss in employment. Healthcare is likely to be less impacted with a 2.4% dip in GDP and 4.4% reduction in workers.
Worst hit manufacturing sectors will be transportation (-19.5%), fabricated metal products (-16.9%), machinery (-15.9%) and furniture (-15.8%).
Team NEO sees these challenges as tomorrow’s opportunities.
When it comes to innovations, manufacturing needs attention. It’s time to be resilient and bring new products out to meet market needs.
Ohio always talks about our talent and education system. How do we take those who are unemployed or underemployed and strategically upskill them to become the workforce of our future?
All over Ohio, we have quality locations to attract business. It’s a good time to look at these businesses through a prism of diversity and inclusion. We have the chance to add new companies and give everyone a chance regardless of their race, gender or religion.
If marketing was difficult before COVID-19, it is even more daunting—at least in the short term. When we are in a survival mode, marketing tends to take a back seat.
All of us should use every cost-effective and creative way to tell the story of our state and region. Our state is in this together!