CLEVELAND, Ohio – Team Northeast Ohio had a record-breaking year for its business investments in the region, according to its 2024 performance and impact report.
Team NEO, a 14-county economic development organization formed by local chambers of commerce to create and keep jobs in Northeast Ohio, invested in 125 businesses in 2024, the highest number in the organization’s 22-year history.
Team NEO is in a transitional period as new CEO Matt Dolan steps in to lead the organization. But Dolan has already expressed enthusiasm about continuing last year’s momentum in 2025. The 60-year-old former state lawmaker assumed the CEO role in February.
“I am enthusiastic about the future of Northeast Ohio and what we can accomplish, working with our outstanding team, as well as area business leaders, policymakers, and community stakeholders to drive meaningful 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 in annual payroll and bring in $1.1 billion in capital investments, according to the report.
One of those successful investments went to Team Wendy LLC, a provider of head protection gear that serves the military, law enforcement, search and rescue workers, first responders and adventurers around the world. Team Wendy is creating 200 jobs in Cleveland and bringing in $15 million to Northeast Ohio’s economy, Team NEO said.
The organization’s annual report, released Monday, outlined its progress in four key areas: expanding a diverse industry base, developing competitive sites, leveraging local talent and promoting the region.
Team NEO said it worked closely with businesses to drive job creation and investment through retention and expansion. As an example, Team NEO listed its partnership with the Manufacturing Advocacy and Growth Network, which helps small and medium-sized manufacturers increase sales, create jobs and reduce expenses. Team NEO last year connected over 30 companies to the network.
Team NEO also helped secure more than $200 million in state and federal grants for local research and development projects, the report said.
Through JobsOhio programs, Team NEO supported four regional projects through its Vibrant Communities initiative, totaling more than $25 million in capital investment. The grants support the revitalization of Ohio downtowns and main streets, and help them recover from the pandemic.
Addressing the region’s workforce needs remained a priority for Team NEO in 2024, it said. The organization analyzed pathways for K-12 students entering the job market and supported businesses owned by marginalized communities including women, workers with disabilities, communities of color, veterans and the LGBTQ+ community, the report said.
“Like many regions across the country, the Northeast Ohio Region is facing demographic headwinds. With an aging population and the need to grow our base of younger workers, it is important to have a cohesive ecosystem that embraces aligned strategies and creates job opportunities for everyone,” the report states.
Team NEO also used social media marketing campaigns to help attract new industries to Northeast Ohio, such as aerospace, electric vehicle manufacturing and semiconductors.
Additionally, the organization expanded its engagement with government leaders, hosting 20 mayor and legislator roundtables and conducting 18 meetings at the Ohio Statehouse.
