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Press Release

The economy of the Toledo metro area has continued to improve as demand for autos remains high, says Cleveland Fed economist Joel Elvery

“In the latest data, Toledo’s unemployment rate and its rate of home price growth were nearly the same as those of the nation, and output per capita continued to grow,” says Joel Elvery, an economist at the Federal Reserve Bank of Cleveland. However, Elvery says it’s likely Toledo’s growth will slow in 2017 because the demand for autos is no longer rising, and the region is not seeing growth in financial activities and professional and business services.

For more of Elvery’s insights on economic conditions in the Toledo area, see our latest Toledo 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,, 513.218.1892