Economic Development

Cleveland Metro Economy Slowly Improving, Fed Reports

CLEVELAND — Economic conditions in the Cleveland metro area continue to improve, according to a report released Monday by the Federal Reserve Bank of Cleveland.

The unemployment rate fell 0.9 percentage points in the 12 months leading up to May 2018. This drop, combined with slow but steady growth in employment, is a sign of real improvement in the local labor market, the report finds.

Gross domestic product per capita and income per capita grew slowly in 2016. Although consumer debt per capita and the credit card delinquency rate have risen slightly, they remain at relatively low levels compared to the metro area’s recent past.

Median home values continue to rise, even as residential building permit issuance has slowed in 2018.

The Cleveland metro area includes Cuyahoga, Lake, Geauga, Lorain and Medina counties.

To download the Cleveland Fed’s entire report, CLICK HERE.

Published by The Business Journal, Youngstown, Ohio.