Thank you for sharing!

Your article was successfully shared with the contacts you provided.

After several years of contraction, Cleveland employers will expand payrolls at an above-average pace in 2010. The turnaround will be driven by the region’s large and expanding education and health-services sector, along with renewed growth in the professional and business services, manufacturing and trade industries. Overall, nonfarm payrolls in the metro area will increase by 2.1 % during 2010, more than twice the national rate. Cleveland registered strong job creation through the first half, led by gains in the manufacturing and professional and business services sectors, both segments of the economy that experienced some of the most dramatic contraction between late 2007 and 2009. Overall, Cleveland employers added 18,000 jobs during the first half of2010, offsetting slightly more than 20% of the losses recorded during the previous two years. This compares favorably to the national trend, with US employment gains through the first six months making up just 11 % of the cuts recorded through the downturn.

The resumption of economic growth in the metro area led to rising occupancy rates across three of the four core property sectors during the second quarter. While a single quarter does not constitute a trend, the improvements offer cause for optimism that commercial real estate fundamentals have at least bottomed, if not begun to recover.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.