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Economic OverviewCleveland, TN MSASource: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.1
Demographic Profile. 3Employment Trends . 5Unemployment Rate . 5Wage Trends . 6Cost of Living Index . 7Industry Snapshot . 8Occupation Snapshot . 10Industry Clusters . 12Education Levels . 13Gross Domestic Product . 14Cleveland, TN MSA Regional Map . 15Region Definition . 16FAQ . 17Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.2
Demographic ProfileThe population in the Cleveland, TN MSA was 122,563 per American Community Survey data for 2015-2019.The region has a civilian labor force of 59,554 with a participation rate of 60.1%. Of individuals 25 to 64 in theCleveland, TN MSA, 22.0% have a bachelor’s degree or higher which compares with 33.5% in the nation.The median household income in the Cleveland, TN MSA is 50,086 and the median house value is 152,729.Summary1PercentCleveland, TNMSAValueTennesseeCleveland, TNMSAUSATennesseeUSADemographicsPopulation 38.121.8%22.4%22.6%26,6901,504,92073,429,392Median Age2Under 18 Years18 to 24 Years9.4%9.2%9.4%11,559617,04330,646,32725 to 34 Years12.1%13.6%13.9%14,854911,74545,030,41535 to 44 Years12.5%12.5%12.6%15,309838,24140,978,83145 to 54 Years13.8%13.2%13.0%16,935886,80642,072,62055 to 64 Years13.0%13.0%12.9%15,981875,47741,756,41465 to 74 05,132235,377,662Race: Black or African : American Indian and Alaska Native0.2%0.3%0.8%19818,1892,750,143Race: Asian1.1%1.8%5.5%1,294117,60017,924,209Race: Native Hawaiian and Other Pacific Islander0.0%0.1%0.2%343,771599,868Race: Some Other Race1.7%1.4%4.9%2,09392,65516,047,369Race: Two or More Races1.9%2.2%3.3%2,369147,53610,763,902Hispanic or Latino (of any race)5.6%5.4%18.0%6,894364,17458,479,37075 Years, and OverRace: WhitePopulation GrowthPopulation (Pop Labor Force Participation Rate and Size (civilian population 16 yearsand e-Age Labor Force Participation Rate and Size (civilian 634,905Armed Forces Labor Force0.1%0.4%0.4%9118,8301,073,907Veterans, Age .6%2,550165,1827,003,778Median Household Income2——— 50,086 53,320 62,843Per Capita Income——— 26,484 29,859 34,103Mean Commute Time 7,641,160No High School Diploma13.1%10.6%10.9%8,267373,50918,550,150High School me College, No tion Annual Average Growth4People per Square MileEconomicVeterans Labor Force Participation Rate and Size, Age 18-64Commute via Public TransportationEducational Attainment, Age 25-64Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.3
Summary1PercentCleveland, TNMSAValueTennesseeCleveland, TNMSAUSATennesseeUSAAssociate's Degree9.2%8.0%9.1%5,789282,37815,526,064Bachelor's 2%12.3%4,965358,95920,961,560Total Housing Units———52,6162,963,486137,428,986Median House Value (of owner-occupied units)2——— 152,729 167,200 217,5001.1%1.6%1.6%35927,7641,257,737Postgraduate DegreeHousingHomeowner VacancyRental 0,395,713Poverty Level (of all holds Receiving Food rolled in Grade 12 (% of total ected Youth31.8%2.0%2.5%1226,715423,273Children in Single Parent Families (% of all sured11.1%9.7%8.8%13,466639,55628,248,613With a Disability, Age 18-6415.0%13.3%10.3%11,099540,47820,187,604With a Disability, Age 18-64, Labor Force Participation Rate and Size38.7%37.5%42.2%4,296202,8138,509,463Foreign Born5.2%5.1%13.6%6,390344,16244,011,870Speak English Less Than Very Well (population 5 yrs and pied Housing Units (% of Occupied Units)Occupied Housing Units with No Vehicle Available (% of OccupiedUnits)SocialSource: JobsEQ 1. American Community Survey 2015-2019, unless noted otherwise2. Median values for certain aggregate regions (such as MSAs) may be estimated as the weighted averages of the median values from the composing counties.3. Disconnected Youth are 16-19 year olds who are (1) not in school, (2) not high school graduates, and (3) either unemployed or not in the labor force.4. Census 2019, annual average growth rate since 2009Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.4
Employment TrendsAs of 2020Q3, total employment for the Cleveland, TN MSA was 50,902 (based on a four-quarter moving average).Over the year ending 2020Q3, employment declined 3.2% in the region.Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2020Q2with preliminary estimates updated to 2020Q3.Unemployment RateThe unemployment rate for the Cleveland, TN MSA was 5.2% as of January 2021. The regional unemployment ratewas lower than the national rate of 6.8%. One year earlier, in January 2020, the unemployment rate in the Cleveland,TN MSA was 3.8%.Unemployment rate data are from the Local Area Unemployment Statistics, provided by the Bureau of Labor Statistics and updated through January 2021.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.5
Wage TrendsThe average worker in the Cleveland, TN MSA earned annual wages of 42,303 as of 2020Q3. Average annual wagesper worker increased 1.4% in the region over the preceding four quarters. For comparison purposes, annual averagewages were 60,042 in the nation as of 2020Q3.Annual average wages per worker data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data areupdated through 2020Q2 with preliminary estimates updated to 2020Q3.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.6
Cost of Living IndexThe Cost of Living Index estimates the relative price levels for consumer goods and services. When applied to wagesand salaries, the result is a measure of relative purchasing power. The cost of living is 12.4% lower in Cleveland, TNMSA than the U.S. average.Cost of Living InformationAnnual Average SalaryCost of Living Index(Base US)US Purchasing PowerCleveland, TN MSA 42,30387.6 48,291Tennessee 51,64989.0 58,042USA 60,042100.0 60,042Source: JobsEQ Data as of 2020Q3Cost of Living per C2ER, data as of 2020q3, imputed by Chmura where necessary.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.7
Industry SnapshotThe largest sector in the Cleveland, TN MSA is Manufacturing, employing 8,632 workers. The next-largest sectors inthe region are Administrative and Support and Waste Management and Remediation Services (6,219 workers) andRetail Trade (5,394). High location quotients (LQs) indicate sectors in which a region has high concentrations ofemployment compared to the national average. The sectors with the largest LQs in the region are Manufacturing (LQ 2.06), Transportation and Warehousing (1.99), and Administrative and Support and Waste Management andRemediation Services (1.94).Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2020Q2 with preliminaryestimates updated to 2020Q3.Sectors in the Cleveland, TN MSA with the highest average wages per worker are Management of Companies andEnterprises ( 86,780), Utilities ( 77,230), and Wholesale Trade ( 63,554). Regional sectors with the best job growth(or most moderate job losses) over the last 5 years are Transportation and Warehousing ( 2,349 jobs), Administrativeand Support and Waste Management and Remediation Services ( 1,274), and Management of Companies andEnterprises ( 349).Over the next 10 years, employment in the Cleveland, TN MSA is projected to expand by 5,046 jobs. The fastestgrowing sector in the region is expected to be Health Care and Social Assistance with a 2.1% year-over-year rate ofgrowth. The strongest forecast by number of jobs over this period is expected for Health Care and Social Assistance( 1,179 jobs), Administrative and Support and Waste Management and Remediation Services ( 786), andTransportation and Warehousing ( 686).Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.8
CurrentNAICSIndustryEmplAvg AnnWages5-Year HistoryLQEmplChange10-Year ForecastAnn %TotalDemandExitsTransfersEmplGrowthAnn %Growth31Manufacturing8,632 trative and Supportand Waste Managementand Remediation Services6,219 25,8421.941,2744.7%8,3803,2104,3847861.2%44Retail Trade5,394 30,7971.03-83-0.3%7,5603,2394,0972240.4%62Health Care and SocialAssistance5,005 portation andWarehousing4,813 odation and FoodServices4,274 onal Services3,357 43,8970.80-243-1.4%3,3881,5321,6542020.6%81Other Services (exceptPublic Administration)2,964 n2,837 52,5470.95710.5%3,1601,0381,8612600.9%92Public Administration1,618 45,8160.651151.5%1,7046558931550.9%54Professional, Scientific, andTechnical Services1,022 60,0860.2940.1%1,008337573980.9%52Finance and Insurance958 57,9250.46-215-4.0%1,0403535821041.0%42Wholesale Trade824 63,5540.4230.1%914331550330.4%55Management of Companiesand Enterprises745 86,7800.9534913.4%8182634511041.3%11Agriculture, Forestry, Fishingand Hunting707 27,9331.02-119-3.1%793330445180.3%71Arts, Entertainment, andRecreation448 13,8420.51-50-2.1%723298368571.2%53Real Estate and Rental andLeasing429 41,0930.48402.0%468202242240.5%51Information302 44,4730.30-40-2.5%283104185-6-0.2%22Utilities228 77,2300.84-10-0.8%2057413100.0%21Mining, Quarrying, and Oiland Gas Extraction127 45,4960.638725.9%1544593161.2%50,902 l - All IndustriesSource: JobsEQ Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2020Q2with preliminary estimates updated to 2020Q3. Forecast employment growth uses national projections adapted for regional growth patterns.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.9
Occupation SnapshotThe largest major occupation group in the Cleveland, TN MSA is Transportation and Material Moving Occupations,employing 7,541 workers. The next-largest occupation groups in the region are Office and Administrative SupportOccupations (6,267 workers) and Production Occupations (6,081). High location quotients (LQs) indicate occupationgroups in which a region has high concentrations of employment compared to the national average. The majorgroups with the largest LQs in the region are Production Occupations (LQ 2.03), Transportation and MaterialMoving Occupations (1.77), and Food Preparation and Serving Related Occupations (1.08).Occupation groups in the Cleveland, TN MSA with the highest average wages per worker are ManagementOccupations ( 82,000), Architecture and Engineering Occupations ( 74,300), and Legal Occupations ( 69,700). Theunemployment rate in the region varied among the major groups from 1.7% among Legal Occupations to 11.7%among Food Preparation and Serving Related Occupations.Over the next 10 years, the fastest growing occupation group in the Cleveland, TN MSA is expected to be HealthcareSupport Occupations with a 2.8% year-over-year rate of growth. The strongest forecast by number of jobs over thisperiod is expected for Transportation and Material Moving Occupations ( 892 jobs) and Food Preparation andServing Related Occupations ( 628). Over the same period, the highest separation demand (occupation demand dueto retirements and workers moving from one occupation to another) is expected in Transportation and MaterialMoving Occupations (10,241 jobs) and Food Preparation and Serving Related Occupations (7,787).Cleveland, TN MSA, 2020Q31Current5-Year HistorySOCOccupationEmpl53‑ 0000Transportation andMaterial Moving7,541 1%43‑ 0000Office andAdministrative Support6,267 1‑ 0000 Production6,081 %41‑ 0000 Sales and Related4,440 od Preparation and35‑ 0000Serving Related4,265 4%11‑ 0000 Management3,113 tional Instruction25‑ 0000and Library2,405 UnemplUnemplRateOnlineJob Ads3EmplChange10-Year ForecastMean AnnWages2Ann %TotalDemandExitsTransfersEmplGrowthAnn %Growth47‑ 0000Construction andExtraction2,189 42,1000.922258.7%28800.7%2,7407331,7902170.9%29‑ 0000Healthcare Practitionersand Technical2,164 llation,49‑ 0000 Maintenance, andRepair2,015 0000 Healthcare Support1,906 usiness and Financial13‑ 0000Operations1,748 ing and Grounds37‑ 0000 Cleaning andMaintenance1,517 25,7000.901236.6%59420.6%2,3168961,2082121.3%1,163 ‑ 0000Personal Care andService21‑ 0000Community and SocialService816 43,0000.91161.7%46-13-0.3%1,1193496191511.7%15‑ 0000Computer andMathematical672 62,0000.43172.4%321063.5%624122409931.3%633 39,1000.57202.5%10431.4%733284382671.0%33‑ 0000 Protective ServiceSource: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.10
Cleveland, TN MSA, 2020Q31Current5-Year HistoryOccupationEmplArts, Design,27‑ 0000 Entertainment, Sports,and Media609 plUnemplRateOnlineJob Ads3EmplChange10-Year ForecastMean AnnWages2Ann %TotalDemandExitsTransfersEmplGrowthAnn %Growth17‑ 0000Architecture andEngineering605 74,3000.68142.5%35-12-0.4%557155343590.9%19‑ 0000Life, Physical, and SocialScience316 57,2000.6982.6%13513.6%34266242341.0%45‑ 0000Farming, Fishing, andForestry245 24,2000.72238.3%n/a-26-2.0%431101311190.8%23‑ 0000 LegalTotal - All Occupations190 69,7000.4441.7%3101.1%1585182261.3%50,902 55,0460.9%Source: JobsEQ Data as of 2020Q3 unless noted otherwiseNote: Figures may not sum due to rounding.1. Data based on a four-quarter moving average unless noted otherwise.2. Wage data are as of 2019 and represent the average for all Covered Employment3. Data represent found online ads active within the last thirty days in the selected region; data represents a sampling rather than the complete universe of postings. Ads lacking zip code information but designating aplace (city, town, etc.) may be assigned to the zip code with greatest employment in that place for queries in this analytic. Due to alternative county-assignment algorithms, ad counts in this analytic may not matchthat shown in RTI (nor in the popup window ad list).Occupation employment data are estimated via industry employment data and the estimated industry/occupation mix. Industry employment data are derived from the Quarterly Census ofEmployment and Wages, provided by the Bureau of Labor Statistics and currently updated through 2020Q2, imputed where necessary with preliminary estimates updated to 2020Q3. Wages byoccupation are as of 2019 provided by the BLS and imputed where necessary. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growthpatterns.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.11
Industry ClustersA cluster is a geographic concentration of interrelated industries or occupations. The industry cluster in theCleveland, TN MSA with the highest relative concentration is Textile/Leather with a location quotient of 4.91. Thiscluster employs 566 workers in the region with an average wage of 34,011. Employment in the Textile/Leathercluster is projected to contract in the region about 2.4% per year over the next ten years.Location quotient and average wage data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics, imputed where necessary, and updatedthrough 2020Q2 with preliminary estimates updated to 2020Q3. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.12
Education LevelsExpected growth rates for occupations vary by the education and training required. While all employment in theCleveland, TN MSA is projected to grow 0.9% over the next ten years, occupations typically requiring a postgraduatedegree are expected to grow 1.7% per year, those requiring a bachelor’s degree are forecast to grow 1.1% per year,and occupations typically needing a 2-year degree or certificate are expected to grow 1.2% per year.Employment by occupation data are estimates are as of 2020Q3. Education levels of occupations are based on BLS assignments. Forecast employment growth uses national projections from theBureau of Labor Statistics adapted for regional growth patterns.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.13
Gross Domestic ProductGross Domestic Product (GDP) is the total value of goods and services produced by a region. In 2019, nominal GDP inthe Cleveland, TN MSA expanded 5.4%. This follows growth of 3.8% in 2018. As of 2019, total GDP in the Cleveland,TN MSA was 4,752,723,000.Gross Domestic Product data are provided by the Bureau of Economic Analysis, imputed by Chmura where necessary, updated through 2019.Of the sectors in the Cleveland, TN MSA, Manufacturing contributed the largest portion of GDP in 2019, 1,482,140,000 The next-largest contributions came from Health Care and Social Assistance ( 453,712,000); RetailTrade ( 354,980,000); and Real Estate and Rental and Leasing ( 306,446,000).Gross Domestic Product data are provided by the Bureau of Economic Analysis, imputed by Chmura where necessary, updated through 2019.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.14
Cleveland, TN MSA Regional MapSource: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.15
Region DefinitionCleveland, TN MSA is defined as the following counties:Bradley County, TennesseeSource: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.Polk County, Tennessee16
FAQWhat is a location quotient?A location quotient (LQ) is a measurement of concentration in comparison to the nation. An LQ of 1.00 indicatesa region has the same concentration of an industry (or occupation) as the nation. An LQ of 2.00 would mean theregion has twice the expected employment compared to the nation and an LQ of 0.50 would mean the regionhas half the expected employment in comparison to the nation.What is separation demand?Separation demand is the number of jobs required due to separations—labor force exits (including retirements)and turnover resulting from workers moving from one occupation into another. Note that separation demanddoes not include all turnover—it does not include when workers stay in the same occupation but switchemployers. The total projected demand for an occupation is the sum of the separation demand and the growthdemand (which is the increase or decrease of jobs in an occupation expected due to expansion or contraction ofthe overall number of jobs in that occupation).What is a cluster?A cluster is a geographic concentration of interrelated industries or occupations. If a regional cluster has alocation quotient of 1.25 or greater, the region is considered to possess a competitive advantage in that cluster.What is the difference between industry wages and occupation wages?Industry wages and occupation wages are estimated via separate data sets, often the time periods beingreported do not align, and wages are defined slightly differently in the two systems (for example, certainbonuses are included in the industry wages but not the occupation wages). It is therefore common thatestimates of the average industry wages and average occupation wages in a region do not match exactly.What is NAICS?The North American Industry Classification System (NAICS) is used to classify business establishments accordingto the type of economic activity. The NAICS Code comprises six levels, from the “all industry” level to the 6-digitlevel. The first two digits define the top level category, known as the “sector,” which is the level examined in thisreport.What is SOC?The Standard Occupational Classification system (SOC) is used to classify workers into occupational categories.All workers are classified into one of over 804 occupations according to their occupational definition. Tofacilitate classification, occupations are combined to form 22 major groups, 95 minor groups, and 452occupation groups. Each occupation group includes detailed occupations requiring similar job duties, skills,education, or experience.About This ReportThis report and all data herein were produced by JobsEQ , a product of Chmura Economics & Analytics. The information contained herein was obtained from sources we believe to be reliable.However, we cannot guarantee its accuracy and completeness.Source: JobsEQ , http://www.chmuraecon.com/jobseqCopyright 2021 Chmura Economics & Analytics, All Rights Reserved.17
The population in the Cleveland, TN MSA was 122,563 per American Community Survey data for 2015-2019. Cleveland, TN MSA, 22.0% have a bachelor’s degree or higher which compares with 33.5% in the nation. The median household income in the Cleveland, TN MSA is 50,086 and the median house value is 152,729. Summary1 Percent
