There is a broad surge in construction projects throughout the Greater Cleveland area. There has been a steady stream of headlines citing diverse new projects such as the downtown casino, the medical mart, the Innerbelt bridge, new hospitals and new housing. The totals invested in these projects is starting to add up to a significant amount, with $5 billion being invested in the city of Cleveland alone.
What is encouraging is that this investment is coming from a wide variety of sources and involves a wide variety of investment types. Cleveland isn’t seeing a surge in construction in just one industry. While several hospitals have been built like the new VA building and the UH Seidman Cancer center, Cleveland’s thriving health care sector isn’t responsible for everything going on in University Circle. The Cleveland Museum of Art is undergoing a $350 million renovation, and private money is building apartments and hotels.
The new Horseshoe casino and the Medical Mart are responsible for $865 million worth of construction downtown, which will likely spur additional new investment in hotels and restaurants. But also several buildings downtown are being renovated, and apartments and retail were recently put in East 4th. There is even a new aquarium being built.
In all the Plain Dealer has compiled an excellent list of all the construction projects in the city proper over $5 million. It comes out to 84 projects, much of it private money. Read between the lines here. In a sluggish national economy, with a high national unemployment rate, we’re seeing a broad based surge in investment in Cleveland, and this isn’t all public money. This is excellent proof – along with the relatively low Cleveland area unemployment rate – that the Cleveland economy is in the midst of a major turn around.