Population loss dampening Cleveland’s growth, says Cleveland Fed economist Joel Elvery
By a number of measures, the economy in the Cleveland metro area continues to improve, says Joel Elvery, an economist at the Federal Reserve Bank of Cleveland. "The unemployment rate is lower than it has been in a decade, GDP per capita and income per capita continue to outpace the nation, and credit card delinquencies remain low." At the same time, says Elvery, other measures like employment levels, home prices, and homebuilding remain relatively weak, largely because of sustained population loss. However, he notes that population loss slowed greatly in 2013 and 2014. "Hopefully," he says, "this headwind will continue to fade."
For more of Elvery's insights on economic conditions in the greater Cleveland area, see our latest Cleveland Metro Mix.
The latest Cincinnati Metro Mix was also released today. And in case you missed them, check out these recent Forefront articles about the region served by the Cleveland Fed – Ohio, eastern Kentucky, western Pennsylvania, and the northern panhandle of West Virginia.
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.
Doug Campbell, firstname.lastname@example.org, 513.455.4479