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Press Release

Toledo’s housing market and employment situation are improving, says Cleveland Fed economist Joel Elvery

Economic growth in the Toledo metro area has been strong during the past year, according to Joel Elvery, an economist at the Federal Reserve Bank of Cleveland. “This is partially due to the metro area’s concentration of auto and glass manufacturing, industries that grew more strongly in 2016 than manufacturing as a whole,” says Elvery. Writing in the Bank’s Metro Mix, Elvery notes that Toledo also had strong employment growth in financial activities and professional and business services.

Elvery says the region’s solid employment growth since mid-2014 is also reflected in its housing market, where prices are rising almost as fast as in the nation. He notes that, between March 2016 and March 2017, the median home value in the Toledo metro area rose 6.6 percent, to $108,400.

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

And browse through our Region, for data, maps, research, and other articles related to the diverse economies and communities in 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