Economy of Greater Cleveland
The economy of Greater Cleveland is diverse, but is based on healthcare, banking, finance, education, insurance, manufacturing, sports, and tech. The metropolitan area based in Cleveland is the 33rd largest in the country, and is home to over 2 million people. History Cleveland was founded in 1796 by Moses Cleaveland and his followers. In the early 19th Century, farmers came to Cleveland to sell their goods. The building of the Erie Canal helped grow the region as well as its economy. In the 1860s, the Standard Oil Company was founded by John D. Rockefeller in the city of Cleveland. In the early 20th century, about a quarter of the region's jobs were in steel mills. The Great Depression hurt the area's economy and caused up to 35% unemployment rate. The City of Cleveland went into default in 1978 and was $30 million in debt. The area's economy improved during the 1990s. However, The Great Recession hindered the region as the City of Cleveland's unemployment rate hit 12%. Since then, the state of the metro area's economy has improved. The GDP of the region is at about $138 billion. Largest employers As of 2014, these are the largest employers in the Cleveland Metro Area. Fortune 500 companies The following is a list of companies on the Fortune 500 list that have corporate headquarters in Greater Cleveland as of 2019 99. Progressive Insurance, Headquartered in Mayfield 177. Sherwin-Williams, Headquartered in Cleveland 218. Parker Hannifin, Headquartered in Cleveland 413. Key Corp, Headquartered in Cleveland 433. Travel Centers of America, Headquartered in Westlake Banking Key Bank is headquartered in Cleveland's tallest building, the Key Tower. Key employs nearly 5,000 people in Greater Cleveland. There are many banks with a presence in the Cleveland Metro Area, including Fifth-Third Bank, U.S. Bank, Bank of America, PNC, Dollar Bank, Chase, and Huntington. The Federal Reserve Bank of Cleveland was built in 1923, a time when Cleveland's population was nearly twice the size today. Third Federal S&L is also a major bank in Cleveland. Education Greater Cleveland is home to several higher education institutions. These include Case Western Reserve University, Cleveland State University, Cuyahoga Community College, Oberlin College, Baldwin Wallace University, Notre Dame College, and John Carroll University. These places employ approximately 9,600 people. There are an estimated 142 High Schools in the Greater Cleveland area. The Cleveland School District is the largest school district in the region, and employs almost 7,000 staff. There are around 21,000 teachers in the Metro Area, teaching approximately 330,000 students. Insurance The area's largest insurance company is Progressive Insurance, an international car insurance corporation, which is based in the suburb of Mayfield. 8,379 people are employed by Progressive in the region. However, Progressive's rivals, including State Farm, Allstate, Nationwide, and Geico are also prominent in Greater Cleveland. Manufacturing Northeast Ohio's economy was dominated by manufacturing up until the mid 20th century. Between 1990 and 2012, the area experienced a 41 percent decline in manufacturing jobs. More recently manufacturing, especially of steel, has