Cincinnati’s strong economic performance continues, says Gary Wagner, head of the Cincinnati Branch of the Cleveland Fed
The economy in the Cincinnati metro area continues to outperform the state, according to Gary Wagner, vice president and senior regional officer at the Cincinnati Branch of the Federal Reserve Bank of Cleveland. “Compared to Ohio, Cincinnati’s unemployment rate and credit card delinquency rate are lower, while its home price values and payroll employment growth are higher,” writes Wagner in the latest Cincinnati Metro Mix.
According to Wagner, employment levels in the Cincinnati area have generally been trending upward since 2010. While all of the metro area’s largest industry sectors experienced increases in employment in 2016, Wagner notes that the financial activities sector saw the strongest employment growth: 3,689 jobs, a 5.9 percent increase over the previous year.
Examining the Cincinnati housing market, Wagner says the 6.3 percent increase in housing prices in the Cincinnati metro area in May 2017 was higher than Ohio’s housing price growth but lower than the nation’s (5.7 percent and 7.4 percent, respectively).
Wagner also notes that the credit card delinquency rate in the Cincinnati metro area, 6.1 percent in March 2017, was lower than that of Ohio (6.7 percent) and the nation (7.1 percent).
For more of Wagner’s insights on economic conditions in the greater Cincinnati area, see the Cincinnati Metro Mix.
And browse through our Region, for data, maps, research, and other information 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.
Doug Campbell, email@example.com, 513.455.4479