Federal Economist Gives Largely Positive Update For Cleveland
Economist Joel Elvery says the Cleveland metro area is seeing an economic recovery that’s comparable to the nation.
“…on most indicators," qualifies Elvery. "So I think that’s good news, especially in light of the fact that we’ve just never really recovered from the 2001 recession.”
Cleveland’s unemployment rate has gone from 7.5 percent in August 2013, to 6.6 percent this August.
Gross Domestic Product has grown steadily, and employment growth is also strong, especially in the sectors of professional and business services, and leisure and hospitality.
Elvery adds that Clevelanders earn $818 a week on average, $56 dollars more than Ohio overall. Another bright spot is housing.
“What we saw in the first half of 2014 is that the housing market indicators are also improving. House prices have risen, building permits have increased a little bit, so we’re seeing that the housing market is now pointing in the same direction as the labor market is, in terms of a continued recovery.”
On the down side, manufacturing growth is largely stuck, and is below the rest of the state and national average.