Cleveland, Northeast Ohio Ohio had a record year of his business investment in the region, according to his 2024 performance and impact report.
The Neo team, an economic development organization with 14 districts formed by the Local Chambers to create and maintain work in northeast Ohio, invested in 125 businesses in 2024, the highest number in the 22-year history of the organization.
The Neo team is in a transitional period while New CEO Matt Dollan opens to lead the organization. But Dollan has already expressed enthusiasm for the continuation of last year in 2025. The 60-year-old former State Law took the role of CEO in February.
“I am enthusiastic about the future of Ohio’s northeast and what we can achieve, working with our prominent team, as well as the business leaders of the area, policymakers and stakeholders of the community to promote significant impact,” he said.
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Last year’s investments by Team Neo, made in collaboration with Jobsohio and the Northeast Ohio Economic Development Network, are expected to create more than 3,800 jobs, generate $ 253.3 million on the annual salary list and bring $ 1.1 billion in capital investment, according to the report.
One of those successful investments went to Team Wendy LLC, a head protection clothing provider serving the military, law enforcement, research and rescue workers, first responses and adventurers around the world. Team Wendy is creating 200 jobs in Cleveland and bringing $ 15 million to Ohio’s northeast economy, said Team Neo.
The organization’s annual report on Monday described its progress in four main areas: expanding a diverse industry base, developing competitive countries, utilizing local talent and promoting the region.
The Neo team said it has worked closely with businesses to promote job creation and investment through retention and expansion. As an example, the Neo team listed its partnership with the advocacy network and increased production, which helps small and medium -sized manufacturers increase sales, create jobs and reduce costs. The Neo team last year was connected over 30 companies to the network.
The Neo team also helped secure more than $ 200 million in state and federal grants for local research and development projects, the report said.
Through Jobsohio’s programs, Team Neo supported four regional projects through its vibrant communities initiative, reaching more than $ 25 million in capital investment. Grants support the revitalization of the city of Ohio and the main roads, and help them to recover from the pandemia.
Addressing the region’s workforce needs remained priority for the Neo team in 2024, she said. The organization analyzed trails for K-12 students entering the labor market and supported businesses owned by marginalized communities, including women, disabled workers, color communities, veterans and LGBTQ+community, the report said.
“Like many regions across the country, the northeastern region of Ohio is facing a demographic head. With an aging population and the need to grow our new workers’ base, it is important to have a cohesive ecosystem that embraces aligned strategies and creates work opportunities for all,” the report said.
The Neo team also used social media marketing campaigns to help attract new industries to northeast Ohio, such as space spaces, electric vehicles and semiconductors.
Moreover, the organization expanded its engagement with government leaders, waiting for 20 roundtables of the mayor and lawmakers and holding 18 meetings in Ohio Statehouse.