Cash Flow Markets
At NexGen Invest, our team has worked for years in both domestic and global property markets. At this time we have identified one particular market that we feel trumps all others: Cleveland, Ohio.
The Metropolis of the Western Reserve
The Greater Cleveland Metro area is the second largest city in Ohio and the nation’s 14th largest, with just under 3 million people. It boasts 29 colleges and universities offering world-class education and training. Cleveland was a manufacturing mecca in the 18th century, and over time its economy has spread to include finance, healthcare, and technology. Named by the Economist as one the most livable cities, Cleveland is vibrant and progressive, offering the famous Rock and Roll Hall of Fame, a new casino, and much more. In fact, recent presentations of CNN Money’s Top 100 Places to live have included six different Cleveland suburbs.
A City Rich in Culture & Arts
Culture finds a unique expression in Cleveland at the renowned Playhouse Square Center, the USA’s second largest center for performing arts, playing host to global audiences. The Cleveland Museum of Art and Cleveland Museum of Contemporary Art house ancient as well as modern art masterpieces. The Cleveland Orchestra is ranked among the best five in the country. Cleveland’s cuisine is another matter of pride—food centers are located all over the city, including a broad array of Central and Eastern European offerings.
A Progressive Economy
Investors and the government are collaborating to pour millions of dollars into Cleveland’s revival. These strategic investments include infrastructure as well as arts. The Greater Cleveland Partnership reveals the worth of the latest projects to be around $7 billion. The projects include:
- University Hospitals Case Medical Center renovation project (worth $560 million)
- New convention center & medical mart project ($465 million)
- Public Square casino project ($350 million)
- Ohio government spending on incentives to shift base of its 6,200-employee HQs from Chicago to Cleveland ($400 million)
- InvestOhio a $100 million tax credit program for SMEs, launched by Ohio Department of Development
- Chrysler’s Toledo plant to get $500 million worth investments
- Ford’s Cleveland plant to get $128 million worth investments
Rapidly Increasing Job Market
The U.S. Labor Department has announced that Ohio shows the second-largest increase in employment in June 2012. The state’s unemployment rate has slipped to 6.5%. Ohio is among the 11 states that have achieved success in lowering unemployment rates.
- Cleveland holds the top national position in new tech jobs, with a phenomenal growth of 107%. Companies like Deloitte & Touche and IBM are hiring, and 68% of tech companies have declared their plans to add more staff in the coming months.
- 11 Fortune 500 companies are headquartered in Cleveland, including Parker Hannifin, Eaton, TravelCenters of America, Sherwin-Williams, and Cliffs Natural Resources.
- 150 foreign corporations from 25 nations have Cleveland offices.
- More than 168 engineering firms employ 73,500 people in greater Cleveland.
- Cleveland’s biotechnology and biomedical industry has grown three times to reach at $150 million.
- Northeast Ohio is home to 100 biotechnology companies and 100 research laboratories.
- Cleveland is known as the Biomedical City. The Cleveland Clinic Foundation is proud to be the USA’s largest hospital-based biomedical engineering department.
- The Cleveland Clinic employs more than 37,000 people.
- A number of colleges offer courses in bioscience technology, including Case Western Reserve University, Kent State University, Cleveland State University, and Lakeland Community College.
- NASA has a large presence in Cleveland.
Cleveland’s Price-to-Rent Ratio
Because Cleveland has a large, relatively stable number of renters, it boasts the best price-to-rent ration in the nation at 12.97. In other words, it costs less in Cleveland to purchase a house that will produce $1,000 of rent than anywhere else in the nation. Take advantage of this undervalued market today!
The Time is Right to Invest in Cleveland!
Cleveland’s economy is booming. Comprehensive and well-rounded development makes it a great place to buy property – right now! Cleveland sits in the most populated county in the seventh most populated state in the country, and has been ranked as the most undervalued market nationwide by the Wall Street Journal. Investment money is pouring into the area, and the government is taking all of the right steps to create a strong emerging market. Now is the time to capitalize on this while prices are low and rents are high. Lock in an incredible ROI by getting started with NexGen now.