Cleveland’s housing market is up, while its labor market performance is mixed, says Cleveland Fed economist Joel Elvery
The economy of the Cleveland metro area continues to grow, albeit at a slower pace than nearby metro areas, Ohio, and the nation, according to Federal Reserve Bank of Cleveland economist Joel Elvery. Writing in the Bank’s Metro Mix, Elvery notes that home prices in the Cleveland metro area grew in 2016 at their fastest rate in more than a decade, and the area saw a gain of 7,500 jobs between September 2015 and September 2016.
However, Elvery says this good news is tempered by an unemployment rate that has risen since October 2015 and which is above the average for both the state and the US as a whole. Elvery says the increase in the unemployment rate “is most likely due to the labor force’s growing faster than the number of jobs,” and he notes that “Cleveland’s labor force rose by about 10,000 people between October 2015 and March 2016 – a sharp break from the downward trend that started in March 2007.”
For more of Elvery’s insights on economic conditions in the Cleveland area, see our latest Cleveland Metro Mix.
And in case you missed them, check out these other articles and reports 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