Prosperous cities are cities that have adapted to changing economic conditions. The cities that adapt most successfully are those that take stock of their assets and connect those assets to opportunities in growing sectors of the economy. Cleveland is fortunate to be a city rich in assets. These key assets, the foundation on which Cleveland’s economic growth and regeneration are being built, include:
The City of Cleveland has two airports- Cleveland Hopkins International Airport and Burke Lakefront Airport. These airports provide world class service, serving both commercial and private air transportation.
Anchor Institutions are key community assets such as hospitals, universities, and non-profits that are established in a community and tend not to move location. As a result, they are an essential part of the base of a local economy and have the ability to drive employment, entrepreneurship, and innovation through the deployment of the financial, intellectual, and social capital. Anchor institutions draw jobs and investment to a community by producing world-class research and development and attracting entrepreneurs, innovators, and investors who gain by co-locating and partnering with the anchor institution. Many of Cleveland’s anchor institutions are nationally renowned medical and academic institutions, including the Cleveland Clinic, University Hospitals, and Case Western Reserve University.
Located in the heart of a vibrant downtown on the shores of Lake Erie, the new Cleveland Convention Center includes 225,000 gross square feet of Class A exhibit space divisible into three exhibition halls, 35 state-of-the-art meeting rooms, an expansive truck loading dock, and a 32,000-square-foot, column-free ballroom with spectacular views of Cleveland’s lakefront. Notable events hosted here have included the 2013 Senior Games, with more to come in late 2014 including the American Institute of Aeronautics and Astronautics Annual Conference and the Ohio Association of Realtors Annual Conference.
Public Auditorium, located next to the Cleveland Convention Center, is part of the 1903 Group Plan by Daniel Burnham conveniently located in the heart of downtown Cleveland, surrounded by first class hotels and restaurants and within walking distance of several entertainment and sightseeing venues. With 15 meeting rooms accommodating groups from 10 to 700, this venue is popular for fundraisers, conventions, conferences, weddings, and exhibitions. Public Hall is the home to the Rock and Roll Hall of Fame Induction Ceremony held in Cleveland every 3 years.
Since establishment in 1914 as part of the Federal Reserve System, the Bank works to maintain the stability of the American financial system through the supervision and regulation of banking institutions, by influencing monetary and credit conditions in the national economy, and by providing financial services such as the distribution of coin and paper money to banks, credit unions, savings banks, and savings and loan institutions. Currently the Cleveland branch district serves as the primary regulator of forty state member banks while responsible for some 254 additional commercial banks.
The Global Center for Health Innovation, adjacent to the Cleveland Convention Center, is the only facility in the world that displays the future of health and healthcare presented on four themed floors. The Global Center serves health and healthcare innovation, technology, education and commerce through state-of-the-art spaces, programs and virtual offerings.
The Cleveland Health-Tech Corridor (HTC), designated a hub for opportunity and innovation by the State of Ohio, is an innovation district situated in the heart of Cleveland’s East Side. The three-mile (1600 acre) corridor connects multiple vibrant neighborhoods, stretching from Cleveland State University to University Circle, home to many medical and educational institutions.
For Cleveland to compete globally and to create new opportunities for prosperity, the City must encourage and support companies with the ideas to drive innovation. A few of these innovative companies in Cleveland are listed in this section.
The Cleveland Cuyahoga County Port Authority provides a variety of services to support economic development in the Cleveland region including maritime transportation, financing and being an environmental steward of some of our greatest natural assets, Cleveland Harbor and the Cuyahoga River
Public transportation both to and from Cleveland has always been a component for the city's economic development. Since establishment in 1975, the Regional Transit Authority has provided train, bus and trolley services in Cuyahoga County.
Lake Erie is one of Ohio’s most valuable natural resources and an essential element in Ohio’s economic development strategy. The lake provides water for drinking and industry, shipping of commodities, commercial fishing, and water‐borne transportation. According to the Lake Erie Restoration Initiative
, regional tourism supports more than 100,000 northern Ohio jobs and generates $750 million in state and local taxes. Moreover, Cleveland Water uses surface water drawn from Lake Erie as the source of drinking water for over 3 million Ohioans.