Cleveland’s slow economic growth continues, says Cleveland Fed economist Joel Elvery
Economic indicators show that Cleveland’s growth continues to be weaker than that of Ohio and the nation
Economic conditions were stable in the Cleveland metro area during the first half of 2017, according to Federal Reserve Bank of Cleveland economist Joel Elvery.
“While employment growth has been weak, the unemployment rate has declined in recent months,” writes Elvery in the Bank’s latest Cleveland Metro Mix. He says that job losses in the manufacturing sector and the trade, transportation, and utilities sector were more than offset by gains in professional and business services, education and health services, and leisure and hospitality.
Elvery also notes that Cleveland’s housing market remains strong, with both home price growth and the number of building permits issued at or near their highest levels since the economic recovery began in 2009.
However, apart from building permits, Elvery says economic indicators show that Cleveland’s growth continues to trail that of the state and the US as a whole.
For more of Elvery’s insights on economic conditions in the greater Cleveland area, see the Cleveland 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.
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