Mahoning Valley: Down, but not out, according to Cleveland Fed researchers
Data for the Youngstown-Warren-Boardman Metropolitan Statistical Area (Youngstown MSA) presents a mixed picture, according to Federal Reserve Bank of Cleveland economic analyst Kyle Fee and intern Ashley Orr, a student at Youngstown State University.
The researchers note that there are a number of obstacles to overcome in the Youngstown MSA: the region’s industries are undergoing restructuring, employment has yet to recover fully from the recent recessions, the population is declining, and educational attainment is lower than the national average.
However, on the upside, per capita income growth is on par with, and even slightly better than, the nation, and the share of employment in the professional and business services sector -- one of the sectors leading the national recovery – is rising. The researchers also expect positive growth from the region’s shale industry.
For more info, see The Youngstown-Warren-Boardman Metropolitan Statistical Area.
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.
The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
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