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Parma's economy centers on three sectors of comparable size: health care and social assistance, manufacturing, and retail trade, together accounting for the largest share of the city's roughly 42,000 jobs. Manufacturing here spans food products, machinery, and fabricated metal, with Oatey, a plumbing products manufacturer, among the notable names still producing in the city. Health care draws heavily on Cleveland Clinic Parma Hospital, MetroHealth Parma Medical Center, and Southwest General Health Center, all operating within city limits.

As Ohio's largest suburb and the second-largest municipality in Cuyahoga County, Parma sits directly south of Cleveland and functions as a residential and commercial anchor for the county's south side. Public employers, including Parma City School District and the Cuyahoga County Board of Health, add to a base already thick with hospital systems and school district administration. The city's population, estimated near 79,000, has settled well below its 1970 peak of over 100,000, leaving a mature, built-out commercial footprint rather than a fast-growing one.

With three hospital systems, a large school district, and manufacturers like Oatey operating inside city limits, Parma has steady year-round demand for the trades and professionals that keep an older, dense suburb running: plumbers, HVAC technicians, dentists, and attorneys serving both households and the institutions anchoring the local workforce.