Investing in Cleveland
Facts about Cleveland Market
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Cleveland has an estimated population of 390,000, down from 396,000 at the 2010 census and its record high of 914,000 in 1950. The city proper has a population density of 5,107 people per square mile. The Greater Cleveland area is the 28th largest metropolitan statistical area in the U.S. with a population of just over 2 million. The larger Cleveland-Akron-Canton Combined Statistical Area (CSA) has a population of 3.5 million and it is the 15th largest CSA in the country. With its prime location, Cleveland served as a transportation hub on the Great Lakes, which helped it develop as a major commercial center. It also became important in the American manufacturing industry at the beginning of the 20th century. Cleveland reached a population peak of 914,000 in 1950, but by the 1960s the economy had slowed and residents fled to the suburbs.
After years of decline, Cleveland is today viewed as a great example of revitalization, and it now ranks as one of the most livable cities in the United States.
Between 2000 and 2010, Cleveland lost 17% of its population, and some neighborhoods -- including Glenville and Hough -- lost up to 38% of their population between 2000 and 2007, although downtown Cleveland has gained population. This puts Cleveland in the same category as Youngstown, Ohio and Detroit in terms of population decline.
Despite the bleak picture, Cleveland has been revitalizing its downtown area since the 1990's and more than $3.5 billion has been invested in redeveloping the area. Forbes recently ranked Cleveland as one of the top 15 emerging downtown cities in the country. In 2013, downtown Cleveland also saw record growth, both in terms of its economy and population. The city's core daily population has reached 125,000, which is the highest ever for the city.
Located in Northeast Ohio on the southern shore of Lake Erie, Cleveland is one of the fifty largest cities in the United States. Cleveland is often known for its famous sports teams and continues to develop the riverfront area between the stadiums.
Cleveland’s job market continues to grow with a sizable push from the health care industry as well as large companies such as Cliffs Natural Resources, Forest City Enterprises, Sherwin-Williams, KeyCorp, and NACCO Industries. With a strong demand for rental properties, Cleveland presents some impressive investment opportunities. Many investors looking for income properties find Cleveland to be a balanced investment that provides steady cash flow.
95% housing occupancy rate in downtown Cleveland (Downtown Cleveland Alliance, 2104) Cleveland is among the Top 10 job markets for new college graduates – (CNN)
Northeast Ohio is one of the hottest entrepreneur regions in the nation – (Entrepreneur)
Cleveland serves as headquarters to 11 companies on the Fortune 500 list, both industrial and non-industrial, including National City Corp., Eaton Corp., Parker Hannifin Corp., Sherwin-Williams Co., KeyCorp, Nacco Industries, American Greetings Corp., Ferro Corp., Medical Mutual of Ohio, Applied Industries Technologies, and Lincoln Electric Holdings (City-Data.com)
Home to 27 area colleges and universities
Regional Banking Hub: home to one of 12 Federal Reserve Banks
Home to four professional sports teams
Home of the Rock-n-Roll Hall of Fame with 7+ million visitors
Cleveland Clinic named one of nation’s best hospitals – (U.S. News & World Report)