New Post-pandemic Projections Outpace Previous Predictions
Post date
April 19, 2021
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The Northeast Ohio Region may have cause for renewed optimism. Recent calculations by Team NEO, based on March 2021 annualized national and local projections from Moody’s Analytics, indicate improvements over previous projections.
Specifically, in 2021:
- Employment is projected to grow 1.7%, up from an estimate of less than 1% total projected growth, which had been based on fourth-quarter 2020 data
- Regional gross domestic product (GDP) is projected to fully recover, with growth of 4% over 2020
- Overall wages are anticipated to surpass 2018 wages by 8%