Cleveland’s Economic Future Recession Proof?

Posted by The Lohser Group Cleveland on Wednesday, October 22nd, 2008 at 7:53am.

What is the difference between a manufacturing economy and a health care driven economy?  Well, there are obviously many differences but the one that has to stick out during these tough economic times across the country, is that health care is recession proof.  The fact is that when people start to get scared about the country’s economic future and even their own jobs and start to tighten their belts, purchase less and start saving more, what they don’t do is stop going to the doctor.  

 

Whether times are hard or prosperous, people still get sick and still depend on the resources and advancements of a strong healthcare driven industry.  What does this have to do with Cleveland’s high-rises?  The answer is plenty!

 

According to an article in the Plain Dealer today Cleveland ranks 2nd to  only Minneapolis in Midwest in health care investments.”  The article goes on to say, “Despite the nation's banking and stock market crises, BioEnterprise President Baiju Shah expects investors to continue to actively invest in Midwest health care startups for several reasons.  Companies in the health care sector are largely immune from recessions, Shah said. As a result, investors may shift more dollars into health care companies rather than fewer.”

The main reason people move to and subsequently invest in a city isn’t its warm weather and it’s not the ocean view, it's jobs.  The reason that I have been so bullish on Cleveland’s comeback for so long isn’t it's proximity to the lake, it isn’t it’s culture and art, it isn’t even King James, it is that our hospitals, universities, and the spin off companies they produce, have created something very real and substantial in our citiy's economic sector and this is a trend that I only see continuing.  That means more good high paying jobs, more highly qualified people moving to our city and therefore more people needing a place to live.  And why shouldn’t they want to live here, after all, we are right on the lake, boast a plethora of institutions dedicated to the arts and culture, and are home to none other than Lebron James.

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