Cleveland, Ohio — The Cleveland Economic Development Corp. said Tuesday it expects the economy to add about $3 billion in 2016 and another $1.5 billion in 2017.
That’s a slight bump from a year ago when the company predicted $3.2 billion in economic growth.
It’s about 10% faster than last year’s $2.9 billion in growth.
The city is now one of the top five economic centers in the country, with about one-fifth of the country’s population.
But it’s still struggling with the Great Recession, and the unemployment rate has been climbing for months.
Last year, Cleveland saw about 10,000 layoffs, and about half of those were in the city’s construction industry.
It will add another 15,000 jobs by the end of the year.
The company is forecasting another $600 million in job growth next year, but it doesn’t have any specific numbers yet.
It’s the latest sign that Cleveland is not alone in the nation’s Great Recession.
Many cities have experienced declines in jobs as the recession has deepened.
A recent CNNMoney report estimated that Cleveland lost nearly a third of its workforce in the downturn.
The new report is just one indicator that the Cleveland area is not going anywhere anytime soon.
Cleveland, which has been struggling with high unemployment and a high-poverty rate, has struggled to attract companies and workers.
The economic recovery has not come easy.
The city has struggled with the high cost of housing and the high costs of public education, which have forced many residents to move elsewhere.
The number of people on public assistance is down almost 20% from 2008, but the number of children living in poverty is still skyrocketing.
In 2016, Cleveland’s unemployment rate was 12.4%, up from 10.3% in 2015.
But that number has been steadily climbing, rising to nearly 18% in 2017, according to the U.S. Department of Labor.
The region also has a high cost-of-living.
The average home cost in Cleveland in 2017 was $223,700, according the Cleveland Economic Institute.
That’s about $13,000 more than it was in 2013.
But the unemployment is dropping.
The Cleveland area’s unemployment is now at 4.5%, down from 5.6% in 2016.
That means the unemployment in Cleveland is now lower than the unemployment of New York, Los Angeles, and Seattle.
The unemployment in New York is 11.2%, compared with 5.5%.