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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