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Press Release

Lexington is seeing strong and broad-based employment growth, says Cleveland Fed economist Joel Elvery

“With a notably lower unemployment rate and faster employment growth, the Lexington metro area continues to have a stronger labor market than the state of Kentucky or the nation,” says Joel Elvery, an economist at the Federal Reserve Bank of Cleveland. He highlights continued rapid growth in the construction, leisure and hospitality services, and education and health services sectors.

Elvery also notes that the metro area has a stable level of building permits and rising home values, on par with national housing market trends.

For more of Elvery’s insights on economic conditions in the Lexington area, see our latest Lexington Metro Mix.

And in case you missed them, check out these 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.

Media contact

Doug Campbell,, 513.455.4479