The report by Nortech and Cleveland State University found that From 2004 to 2006, high-tech industries such as bioscience and engineering grew, but at a slower rate than the rest of the Midwest and the nation.
Dorothy Baunach, President and CEO of NorTech, says there are some bright points even though the region is lagging. She cites a record 240 million dollars of investments last year in healthcare companies as proof that bioscience is a key economic driver.
Dorothy Baunach: Of the industries it’s the smallest one, but it’s going the fastest. And we would expect more employment growth there soon based on this venture investment we’ve seen.
The Nortech report shows high-tech jobs accounted for 13 percent of Northeast Ohio’s total economy in 2006. The report urges putting more resources into research and development, and stepping up efforts to develop a better-skilled work force. NorTech will get a better outlook of the high-tech sector once it receives data for 2007.
Banuach expects those numbers this summer.
Tasha Flournoy, 90.3.