NE Ohio Sees Lower Business Costs, Wages
It costs less to do business in Northeast Ohio than most other places in the country, according to regional economic development organization, Team-NEO. From Ohio Public Radio station WKSU, Kevin Niedermier has more.
The new Team-NEO report finds it costs a business about 10% less that the national average to operate here.
Vice president of research, Jacob Duritsky, says industrial property costs 33% less, and hourly pay is lower:
DURITSKY: “Median wages for Northeast Ohio were at about $19.55. That stretches across all occupations. That’s about 8% lower than U.S. average median wages across the board. And certainly amongst the peer markets we ranked ourselves against, the lowest cost environment from a wage standpoint.”
Those markets include Columbus, Pittsburgh and Detroit.
Duritsky says though Northeast Ohio’s employees are paid less, the low cost of living balances that out.
He adds that the region generated more than eleven-thousand new jobs in the last year.