Greater Cleveland Partnership (GCP) today released its 2024 annual report on Greater Cleveland. The report highlights the region’s progress on key metrics and achievements across the civic system.

In 2024, major businesses expanded and research institutions (including NASA Glenn) constructed new buildings to scale innovation. College enrollment and graduate retention increased and Cleveland is now ranked among the top regions for young professionals. Minority businesses grew and the region welcomed more immigrants. Cleveland saw record development from major residential, commercial and institutional projects, including multiple waterfront development projects. Cleveland Hopkins International Airport received 10.2 million passengers and began its full transformation, and the region hosted multiple major visitor events and even brought Superman home.

“2024 was a good year for the region,” said Baiju R. Shah, president and CEO of Greater Cleveland Partnership. “Three years ago, GCP shared an All In Plan, including values, priorities and metrics for Greater Cleveland to become a Great Region in the Great Lakes. Through alignment, the region is making progress, and the results are showing in Business Growth, very strong Income Growth and below 4% unemployment for the last two years. Our biggest challenge is now people: with thriving businesses, plentiful jobs and a great place to live, we need more people to propel our growth.”

GCP tracks the region’s progress on three key growth indicators and compares Greater Cleveland to 11 Midwest peer metro regions. In the latest data for the decade (2020-2023 for regions), Cleveland ranks 7th in Business Growth, 3rd in Income Growth and 10th in Jobs Growth; the Business and Income Growth rankings are up from the prior decade, while Jobs Growth is down.

Greater Cleveland is rising in Business Growth due to the success of the region’s companies. A Cleveland Index of the region’s 35 publicly traded companies outperforms the S&P 500 market index since 2010, but especially over the last five years. The Index is a leading indicator of regional business strength with companies such as Progressive Insurance, Eaton, Parker-Hannifin, TransDigm and Sherwin-Williams outperforming. 

“These companies are growing due to outstanding leadership that has been leveraging technology to operate and innovate,” said Shah. “In addition, the region has many growing $1 billion+ private technology companies such as OverDrive, Park Place Technologies, Dealer Tire and MRI Software.  And our world-renowned health and research institutions continue to innovate and scale.”

The success of the region’s Income Growth is driven by its strong economy and low unemployment. As of December 2024, the region's unemployment rate was 3.8%, lower than both Ohio's rate of 4.4% and the national average of 4.1%, according to the U.S. Bureau of Labor Statistics; the metro unemployment rate has remained below 4% for the last two years.

“Our aim remains for Greater Cleveland to be in the top tier of its peers for this decade in all three indicators,” said Shah. “Getting there will require the civic system working All In with an abundant mindset towards this shared vision. GCP will leverage its role as a convener to align efforts and catalyze solutions to achieve our goal.”

Looking forward, GCP’s vision and priorities remain the same, but it will continue to adjust strategies based on new developments and opportunities. To support the region’s population growth, GCP and partners will continue to develop local talent and scale efforts to attract and connect national and international talent. Initiatives include expanding internships, apprenticeships and high school career exposure, Summer in the Land, which brought together over 1,700 interns from over 300 companies in 2024 and a new initiative to target market and connect individuals to jobs in the region.

“To amplify these efforts, we will also continue to highlight innovative Cleveland companies, developments and accolades to excite Clevelanders to become ambassadors,” added Shah. Word-of-mouth is the most powerful way to attract people, and we need everyone to share that Cleveland is a great place to live and visit and a great place to work and create the future.”

Visit greatercle.com to view the All In Plan 2024 Annual Report.