Toledo metro area’s economy rebounds, say Cleveland Fed researchers
By a number of measures, the economy of the Toledo metro area has essentially bounced back to where it was at the end of 2015. In the Federal Reserve Bank of Cleveland’s latest Toledo Metro Mix, Bank researchers Joel Elvery and Julianne Dunn found the number of jobs, the unemployment rate, output per person, and median personal income are all similar to their 2015 levels.
“This is a positive situation representing a recovery from the 2017 closure of the Jeep Cherokee plant that reduced the number of jobs and increased the unemployment rate in the region,” write Elvery and Dunn. “Coupled with the start of Jeep Gladiator production in March 2019, the rebound suggests the region will experience growth in 2019, as it will once again have two active Jeep plants (a first since the first half of 2017).”
After falling sharply at the end of 2017, the unemployment rate in the Toledo metro area gradually moved upward throughout 2018. In March 2019, the rate fell to 4.8 percent. According to the researchers, the drop is the result of both an uptick in the size of the labor force and a drop in the number of people unemployed.
Another bright spot in the region has been the housing market; building permits for apartments rose dramatically in 2018, and house values have continued to grow about 5.4 percent per year. In March 2019, the median home value was $113,400.
For more of Elvery and Dunn’s insights on economic conditions in the Toledo area, see our latest Toledo Metro Mix.
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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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