The regional banking/finance industry is not considered a core export industry cluster in the region. This service industry grew at 2.0 percent from 1985 to 1995, reaching 2,400 jobs. Because local financial services are essentially a source of supporting economic inputs to the region's other export based clusters, the industry asked to be categorized in the Regional EDGE Process as an economic infrastructure rather than as a cluster. However, members of the industry said that stimulating general business growth and the consequent demand for financial assistance was essential to the health of the local financial services industry.

Benchmarking: How Do We Compare?

During the 1986 to 1996 period the cluster clearly out-performed its national counterparts, increasing earnings by $328.6 million in the region (due in large part to the outstanding growth of First of America). In fact, $148.9 million, or 45.3 percent of this growth can be attributed to the industries' increased market share. The merger of First of America and Cleveland-based National City Corporation, however, may have a major impact on the industry's future growth. If many of the corporate-related activities are consolidated outside the region, then the banking/finance cluster may resume a course of growth that parallels the economic activity in the region.