Toledo metro area’s economic conditions continue to improve, say Cleveland Fed researchers
A downward shift in the unemployment rate and a growing labor force suggests that good job prospects may be drawing people into the Toledo job market. Growing 6.4 percent from March 2018 to March 2019, the construction sector continues to add jobs at a strong pace, and aside from normal fluctuations, other sectors’ employment levels are holding steady, found Cleveland Fed researchers Joel Elvery and Julianne Dunn.
Writing in the Bank’s latest Toledo Metro Mix, Elvery and Dunn also note the Toledo metro area’s unemployment rate has fallen slowly in recent months, holding steady at 4.4 percent in July 2019. Enough people are finding work in Toledo that the number of people who are unemployed has fallen even as more people are entering the labor force.
The housing market is another bright spot in the region: Residential building permit issuance rebounded in the spring, home price growth accelerated in August, and the median home value is now higher than its prerecession peak. In the metro area, the median home value grew 6.8 percent in the 12 months through August 2019, to $117,100.
For more of Elvery's 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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