Cleveland's nickname, the "Mistake on the Lake," was coined for its history of financial trouble. Though the city has recuperated, residents and visitors still use this name fondly. Cleveland used to be the country's 5th largest city, and the Cleveland-Akron-Elyria is the nation's 14th largest combined statistical area with a population of 2,945,831 (Cleveland comprises 461,324 of this total). It lead other Ohio cities by population in 2003, and is followed by the Cincinnati (nearly 2 million) and Columbus (1,612,694) metropolitan areas.
The average income per capita in Cleveland was $34,264 two years ago, right above the national average. The Mistake by the Lake's economy is driven by a variety of forces:
- Manufacturing and heavy industry
- A growing service industry (healthcare, retail, etc.)
- Lake Erie vacation destination jobs
- Strong retail and hotel job opportunities
- The Goodyear tire company, headquartered in Akron
The "Polymer Valley" has become Cleveland's new nickname in the last decade, thanks to the strong presence of the Goodyear. The Cleveland area is home to the highest number of polymer companies in the US.
Biotech engineering is the Cleveland area's latest development, with over 100 biotech companies based in northeastern Ohio. The Cleveland Clinic hospital foundation houses the largest biotech department in the country.
Despite the growth of these industries, Cleveland's population has actually decreased in the past few years. However, with the amount of research and technology happening there, it's certainly no "Mistake" anymore.
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