Cleveland Viewpoint - The New Industrial Revolution - Cleveland Finds Its Place in the Knowledge Economy - February 2019
Much like Standard Oil did over 150 years ago, Cleveland’s employer base is generating and patenting new ideas at a high rate. Both academic and commercial institutions are creating solutions to complex systems, which impact the global economy through a broad array of sectors.
Jobs in the tech industry have grown substantially, bringing positive momentum after years of headlines focused on the region’s negative stories. Many of the newly hired workers are highly educated. Over the past several years, Cuyahoga County gained 17,000+ Bachelors and Graduate Degrees while nearly doubling its number of software developers. The increase in software developers outperformed markets like the Bay Area, Denver, and Austin, landing Cleveland in the top-10 markets for this type of growth.
Cleveland is capitalizing on it’s central location and unique real estate opportunities. The reuse of old industrial spaces—legacies of the last major Industrial Revolution—for data centers and coworking spaces will help the region succeed in the digital economy.