Cleveland — Population Loss Dampens Growth
March 2016 | PDF
By a number of measures, the Cleveland metro area’s economy continues to improve: the unemployment rate is lower than it has been in a decade, GDP per capita and income per capita continue to outpace the nation, and credit card delinquencies remain low. At the same time, other measures like employment levels, home prices, and homebuilding remain relatively weak, largely because of sustained population loss. However, population loss slowed greatly in 2013 and 2014. Hopefully this headwind will continue to fade.
Metro Area Snapshot
||Unemployment Rate||Median Home Values||Payroll Employment||Credit Card Delinquency Rates|
|December 2015||One-year change||January 2016||One-year change||September 2015 (thousands)||One-year change||2015:Q4||One-year change|
|Nearby metro average||5.0%||−0.4||$125,350||3.5%||1,072||1.3%||6.8%||+0.0|
||Cleveland Metro Area||United States|
|2014||Change from 2009||2014||Change from 2009|
|Adults with less than a high school diploma||10.8%||−1.5%||13.1%||−1.7%|
|Adults with an undergraduate degree or higher||29.5%||+2.6%||30.1%||+2.2%|
|Median age (years)||41.2||+1.0 years||37.7||+0.9 years|
|Median household income||$49,927||−0.4%||$53,698||−3.2%|
Sources: Census Population estimates; American Community Survey.
Demographics and Education
According to the 2014 US Census Bureau population estimates, Cleveland is the 31st largest of the nation’s 381 metropolitan statistical areas. This is down from 29th largest in 2013.
All monthly and quarterly figures are seasonally adjusted and all dollar figures are in current dollars, except home prices (which are left nominal). Where applicable, these adjustments are made prior to calculating percent changes or indexes. Several charts use indexed measures to facilitate comparisons across regions and have a reference line at 100. These numbers can be thought of as the percentages of pre-recession levels. If levels were growing before the recession, pre-recession indexes will be below 100; if levels were falling before the recession, pre-recession indexes will be above 100.