NAICS 52

Finance and Insurance in Cleveland, OH

Metro Market Score 63.5 (Difficult), ranked #265 of 331 metros. 3,563 establishments, 44,588 jobs.

Metro Market Score 63.5

Favorable 0-35

Moderate 35-48

Challenging 48-60

Difficult 60+

Difficult

ⓘ Lower is better. Relative to national finance and insurance average.

💰High-Cost Market

Cleveland scores 63.5 on the Metro Market Score for finance and insurance, placing it in the bottom quartile. High wage costs, strong existing competition, or slowing growth contribute to tougher entry conditions compared to most metros.

Industry Concentration

87.9

LQ: 1.07

Rank #291 of 331 metros

Wage Competitiveness

87.9

$121,136 avg wage

Growth Trend

55.0

Employment growth index

Rank #150 of 331 metros

Wage Pressure

30.1

YoY wage change index

3,563 Finance and Insurance Firms in Cleveland

3,563

Establishments

+100.0% YoY

44,588

Total Employment

+0.0% YoY

$121,136

Average Annual Wage

+0.0% YoY

1.07

Location Quotient

Above national avg

Within Ohio

#9 of 11

finance and insurance metros in state

Ohio state rank

#14 of 51

for finance and insurance entry risk

vs State Median

+14.6

worse than median (48.9)

Cleveland vs Ohio Statewide

How this metro's finance and insurance market compares to Ohio overall. The state ranks #14/51 for entry risk.

Measure	Cleveland	OH Statewide
Overall Score	63.5 Difficult	48.2 Elevated
Score Type	Metro Market Score	Entry Risk Score
Rank	#265 of 331 metros	#14 of 51 states

Metro and state scores use different methodologies (metro has 4 QCEW-based metrics; state adds BDS survival and momentum data). Direct score comparisons are approximate.

Other Industries in Cleveland

Retail Trade 38.7 Construction 47.0 Accommodation and Food Services 48.6 Information 51.7 Administrative and Support Services 56.7 Other Services 57.6 Real Estate and Rental and Leasing 58.1 Professional, Scientific, and Technical Services 62.4 Healthcare and Social Assistance 69.5

Finance and Insurance in Other Ohio Metros

Mansfield 29.5 #45/331 Lima 31.2 #56/331 Sandusky 39.8 #104/331 Toledo 44.1 #137/331 Dayton-Kettering-Beavercreek 48.7 #161/331 Youngstown-Warren 48.9 #163/331 Canton-Massillon 51.2 #183/331 Springfield 56.8 #229/331 Akron 67.2 #279/331 Columbus 78.4 #327/331

Finance and Insurance Metros With Similar Conditions

Metros within 5 points of Cleveland's 63.5 score. Useful when comparing markets with comparable entry profiles.

Charlotte-Concord-Gastonia, NC 63.5 #264/331 Salem, OR 64.0 #266/331 Grand Island, NE 62.9 #263/331 Little Rock-North Little Rock-Conway, AR 62.8 #262/331 Lewiston-Auburn, ME 62.8 #261/331 Burlington-South Burlington, VT 64.5 #267/331 Ithaca, NY 62.4 #260/331 Lakeland-Winter Haven, FL 64.6 #268/331 Dallas-Fort Worth-Arlington, TX 64.7 #269/331 Durham-Chapel Hill, NC 62.0 #259/331

Finance and Insurance in States Bordering Ohio

State-level entry risk for finance and insurance in adjacent states. Use this to weigh cross-border options.

West Virginia 39.8 #2/51 Kentucky 40.0 #3/51 Indiana 45.4 #9/51 Pennsylvania 48.8 #19/51 Michigan 49.8 #23/51

Browse Finance and Insurance in Other States

State-level entry risk reports for finance and insurance across all 51 markets, sorted by rank.

About Metro Market Score: A weighted composite of industry concentration (25%), wage competitiveness (25%), wage pressure (20%), and employment growth trend (30%). Lower scores indicate more favorable conditions. For Cleveland's finance and insurance sector, the industry concentration component (87.9) has the strongest pull on the composite. Metro scores use QCEW data only (no BDS survival data at metro level). Read full methodology →

Data Sources

Quarterly Census of Employment and Wages (QCEW), Bureau of Labor Statistics. MSA-level establishment counts, employment, wages, and location quotients for the Cleveland, OH MSA area.

Data period: 2024. Last updated: April 2026.

Metro Market Assessment