The Lexington metro area is exhibiting signs of continued economic growth, says Gary Wagner, economist and regional officer of the Cleveland Fed
The Lexington metro area’s unemployment rate—which has been at or below 4.1 percent for 31 consecutive months—is well below the unemployment rate for both the commonwealth and the nation, says Gary Wagner, vice president and senior regional officer at the Federal Reserve Bank of Cleveland’s Cincinnati Branch. Referencing the Bank’s latest Lexington Metro Mix, Wagner notes that employment grew in the Lexington metro area in 2016 in most industry sectors, with job growth in two sectors—construction and trade, transportation and utilities—outpacing both the commonwealth and the nation.
Examining the housing market in the Lexington area, Wagner says that housing prices and residential building permits have been increasing in recent months. “The median home value in the Lexington metro area in June 2017 was $159,500, 9.4 percent higher than in June 2016,” says Wagner.
Regarding consumer finances, Wagner says that while consumer debt per capita for the Lexington area was higher than that of the commonwealth in March 2017, it remains much lower that that of the nation. He also notes that the metro area’s credit card delinquency rate is lower than that of Kentucky and the US.
For more insights on economic conditions in the Lexington area, see our latest Lexington Metro Mix. Or schedule a conversation with Wagner by contacting June Gates.
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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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