Cleveland was first developed as a center for heavy manufacturing because of it's prime location at the head of many canals, such as the Ohio and Erie Canal, as well as railroads, but later diversified into more of a service economy. Some of its main industries today are insurance, other financial services, and healthcare.
Many companies have their headquarters in Cleveland, such as Eaton Corporation, National City Corporation, and KeyCorp. The largest employer in Cleveland is Cleveland Clinic, one of America's best hospitals, which reflects on the cities renowned health care and health sciences. Cleveland is also a growing center for biotechnology and fuel cell research, which is being led by Case Western Reserve University and a number of hospitals.
Another important trend in Cleveland is the development of high-speed fiber optic networks throughout the city. This has led to a growing technology sector, and Cleveland being named an Intel "Worldwide Digital Community".
The median income for a household in Cleveland in 2000 was $25,928, and the unemployment rate is 6.00%.
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