Pittsburgh’s employment continues to steadily advance, say Cleveland Fed researchers
Healthcare, construction, and manufacturing were among the strongest–performing sectors in the Pittsburgh metro area, according to the latest Federal Reserve Bank of Cleveland’s Pittsburgh Metro Mix. Bank researchers Mekael Teshome and Julianne Dunn also note the metro area’s unemployment rate has held steady at 3.8 percent since April 2019, though a declining and aging population could create challenges for the future.
“This is the lowest unemployment rate since at least 1990, and it indicates that the job market is currently tighter relative to job market conditions during other economic expansions,” write Teshome and Dunn.
Consumer finances are in relatively good shape, with debt and the credit card delinquency rates remaining low, while income per capita has increased. GDP per capita continues to grow faster in the Pittsburgh metro area than in the state and the nation since the Great Recession.
Examining the housing market, Teshome and Dunn find home price appreciation slowed, while home prices continue to increase at a reasonable pace. The average home value in the Pittsburgh metro area is about $143,600, relative to $173,800 in the state and $227,700 in the nation.
For more of Teshome’s and Dunn’s insights on economic conditions in the Pittsburgh area, read our latest Pittsburgh Metro Mix.
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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.
Doug Campbell, email@example.com, 513.455.4479