Columbus metro area continues to be one of the Fourth District’s strongest performers, say Cleveland Fed researchers
The Columbus metro area’s unemployment rate is low and falling even as the labor force expands. The labor force in the Columbus metro area has grown by about 10,000 people this year, as people continue to be attracted to the area by the strong job prospects, driven by growth in the government, construction, and transportation sectors, found Federal Reserve Bank of Cleveland researchers Mekael Teshome and Sarah Mattson.
Writing in the Bank’s latest Columbus Metro Mix, Teshome and Mattson note favorable demographics, including strong population growth, high educational attainment, and a low median age, which suggest opportunities for continued growth in the future.
Examining the housing market, home prices in the metro area have risen faster, on average, than home price appreciation in the state (5.4 percent) or the nation (4.9 percent). On a year–over–year basis, home prices in the Columbus metro area rose 6.9 percent in August 2019. The median home value in the Columbus metro area is $195,400, which is affordable relative to the national median home value of $229,600 but is relatively expensive for Ohio (which has a median home value of $141,400).
For more of Teshome's and Mattson’s insights on economic conditions in the Columbus area, see our latest Columbus 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.
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