Economic conditions remain strong in the Lexington metro area, says Gary Wagner, head of the Cincinnati Branch of the Cleveland Fed
“The unemployment rate for the Lexington metro area is the lowest it has been since 2001, and the region has nearly 9 percent more jobs today than it did in 2007,” says Gary Wagner, a vice president and senior regional officer at the Cincinnati Branch of the Federal Reserve Bank of Cleveland. Writing in the Bank’s Metro Mix, Wagner also notes that inflation-adjusted per capita income levels in the region are growing, while consumer debt levels and credit card delinquency rates are both well below the national average.
In addition, Wagner says that year-over-year home price growth in the Lexington metro area has accelerated in the past six months and is now much closer to the national average than at any time in the post-recession period. He notes that home prices in the Lexington metro area and the state of Kentucky are 11.5 percent and 10 percent above their pre-recession peaks, respectively.
Wagner also highlights the region’s strength as an education center, writing that “Lexington boasts a higher percentage of adults with bachelor’s degrees and a lower percentage of adults without high school diplomas than the national average.”
For more of Wagner’s insights on economic conditions in the Lexington area, see our latest Lexington Metro Mix.
In case you missed them, check out these other articles focused on 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, email@example.com, 513.455.4479