At Smartland, we continually monitor real estate trends to understand where the market is going, what’s pushing prices down or up, the effects of supply and demand on the overall national real estate market, and how major real estate investors are handling their assets.
We focus on the Northeastern Ohio market, but our expertise and proprietary research tools cover a larger geographical expanse.
So why invest in Northeast Ohio now – or at all, for that matter?
A 2010 Global Metro Monitor report (PDF) revealed that the city of Cleveland is experiencing one of the strongest economic recoveries in the country. Cleveland’s recovery even ranks internationally.
An article originally published in The Plain Dealer and available on Cleveland.com shows the sustained growth that Cleveland has been experiencing over the last few years. The article was written by Olivera Perkins and can be accessed in full here. Following is a summary of some of the points addressed in the article:
A report released by Brookings Institute and the London School of Economics ranks Cleveland’s recovery 10th among 50 metro areas in the US and 49th among 150 cities all over the world. These rankings were determined by each city’s annual employment growth and income per capita. These factors were measured against the time periods of pre-recession (1993-2007), recession (2007-2009), and recovery (2009-2010). Around half of the cities studied internationally have only rebounded in one area and continue to falter in the other.
This data is important because cities and metro areas greatly impact the economy at the national and international levels. In 2007, the cities in the report represented 12 percent of the international population while making up 46 percent of the world’s Gross Domestic Product.
Cleveland was ranked 135th of 150 cities before the recession and 131st during, making its rebound all the more remarkable.
Due to the area’s increased productivity, Cleveland is expected to experience further job growth in the years to come.