The Vibrant Economy Index will measure our economy through this framework. Each element contains a series of metrics that, when looked at collectively, will help demonstrate how our economy is performing and whether we are making progress toward the aspirational goal of creating a vibrant economy.
A vibrant economy has a growing, diverse population with equitable opportunities for education,
training, filling good-paying, in-demand jobs in our region.
A vibrant economy reduces
disparities in educational attainment, access to in-demand jobs, and economic outcomes for all.
A vibrant economy has businesses with a high adoption rate of new technologies and an environment that encourages start-ups.
The Vibrant Economy Index (VEI) is a tool that provides a detailed, nuanced, and accurate measure of the Northeast Ohio Region’s economy, community strength and individual prosperity across all demographics. The VEI also tracks the same measures in 12 markets across the United States.
Over time, the VEI will help us as a region evaluate our economic development strategies, strengthen our competitiveness, and celebrate progress that is happening because of greater alignment.
The VEI goes beyond commonly used high-level data that measure the strength of the economy—employment, GRP, per capita income, and labor force participation—to include data like unemployment by race and gender, educational attainment, poverty, cost of living, broadband access, access to alternative fuel stations, and many others. This expansive set of data helps measure the economic and social wellbeing of individuals, across all races and gender, and the economic health of our communities.
The VEI will help the entire economic development ecosystem in the Northeast Ohio Region— including Team NEO, companies, the public sector, higher education, other economic development organizations, and nonprofits—prioritize solutions to address the disparities that create inequitable economic growth. Over time, the VEI will help us as a region evaluate our economic development strategies, strengthen our competitiveness, and celebrate progress that is happening because of greater alignment.
Over the past two decades, Northeast Ohio’s economy has undergone tremendous change. We have seen some economic growth, experienced significant job loss, diversified our economy, and weathered difficult recessions. Many of our residents continue to face systemic barriers to careers with family-sustaining wages and opportunities to thrive.
Team NEO, along with its partners, recognized these challenges and have developed the Vibrant Economy Index (VEI) as a tool to help address them. Traditionally, we’ve measured our economy with broad data to quantify overall growth and rank economic performance. Measuring our economy only at the macro level can mask specific challenges to economic growth and outcomes that are not equitable across all races and genders.
The VEI’s more encompassing set of data creates a more balanced view of the opportunities and challenges facing our businesses, communities, and individuals as our region seeks to grow a more diverse, equitable, and inclusive economy.
The VEI will track economic performance in the 18-county region of Northeast Ohio, as well as 12 metropolitan areas that fall into one of three categories: Aspirational, Competitive, and Nearby. Aspirational markets are widely recognized as top markets in the United States. Competitive markets are those that the Northeast Ohio Region frequently competes with for business attraction and expansion. Nearby markets are markets in Ohio and neighboring states that are frequently used for comparative purposes.
Get access to the VEI data and receive ongoing updates.
A vibrant economy has a growing, diverse population with equitable opportunities for education, training, and prospects for filling good-paying, in-demand jobs in our region. These opportunities for individuals in turn support business growth and vibrancy in our communities.
Talent is becoming the critical differentiator of regions that are growing and prospering. One of the most powerful ways to positively impact the overall economy is to increase the pool of educated, trained, and talented workers in your region. Growing the population with a bachelor’s degree leads to significantly higher rates of growth in GDP, wages, and employment.
A vibrant economy reduces disparities in educational attainment, access to in-demand jobs, and economic outcomes for all. An equitable, vibrant economy strengthens communities, encourages innovation, increases resiliency, and is more competitive because of increased diversity in the workforce.
Equity is essential to building a vibrant economy. Research shows that increasing diversity in the workforce leads to innovation and overall economic growth for businesses and communities, as well as individual prosperity.
Get access to the VEI data and receive ongoing updates.