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Press Release

A broad range of indicators show that the economy of the Lexington metro area has continued to expand, says Cleveland Fed economist Joel Elvery

“Most notably, real output per capita grew 3.8 percent in 2015, more than twice the largest increase in any year since 2011,” says Joel Elvery, an economist at the Federal Reserve Bank of Cleveland. Elvery notes that the region has added about 4,100 jobs in the 12 months leading up to March 2016, and the unemployment rate continues to fall. He says the Lexington area housing market has also been strong lately.

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

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