Cleveland—Mixed Economic Performance
August 2016 | PDF
The most recent data for the Cleveland metro area show mixed economic performance. The region continues to slowly add jobs, but the manufacturing sector and the professional and business services sector each lost over 1,500 jobs in 2015. It appears that a number of people entered the labor force and started looking for jobs in the first half of 2016. This is good news because it suggests that the economy has improved enough to draw people back into the labor market, but the downside is that the unemployment rate has increased as a result. The news with some measures is strictly good—GDP per capita continues to rise, home prices increased for 12 months in a row, and residential construction has been ticking up.
Metro Area Snapshot
||Unemployment Rate||Median Home Values||Payroll Employment||Credit Card Delinquency Rates|
|May 2016||One-year change||June 2016||One-year change||December 2015 (thousands)||One-year change||2016:Q1||One-year change|
|Nearby metro average||4.9%||−0.3||$129,600||4.4%||1,076||1.2%||6.7%||0.0|
Cleveland lost jobs in two of the sectors that account for a larger share of its employment.
|Sector||Employment||12-month change||Share of employment|
|Education and health services||193,184||3,165||19.2|
|Trade, transportation, and utilities||183,531||2,654||18.2|
|Professional and business services||139,475||−2,576||13.8|
|Leisure and hospitality||99,277||2,650||9.9|
Source: Bureau of Labor Statistics’ Quarterly Census of Employment and Wages.
The sectors that added the most jobs in Cleveland in 2015 were education and health services; leisure and hospitality; and trade, transportation, and utilities. Together, these sectors added just under 8,500 jobs in 2015. The sectors that lost the most jobs were manufacturing and professional and business services—these sectors lost a total of 4,173 jobs in 2015. The losses in those sectors are particularly troubling because each accounts for at least 12 percent of Cleveland’s employment, and both grew in Ohio and the nation.
||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||$50,796||−0.4%||$54,632||−3.2%|
Sources: Census Population estimates; American Community Survey.
Demographics and Education
According to the 2015 US Census Bureau population estimate, Cleveland remained the 31st largest of the nation’s 382 metropolitan statistical areas.
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.