The Columbus Business Journal reports that Metro Columbus holds the strongest economy in Ohio, according to a regional analysis by the Federal Reserve Bank of Cleveland. The study included factors such as employment rates, housing, income per capita, consumer debt, and gross domestic product. Here are some of the highlights!
Home Prices: Metro Columbus home prices have made a strong post-recession recovery. Price growth is now consistent with historical norms, bolstered by strong employment and housing demand.
Housing Permits: Homebuilding in the Columbus area continues to outpace that of the nation, state, and nearby metro areas. Despite this, housing supplies remain tight for two reasons: One, new build construction has not ramped up quickly enough with regional demand. Second, there is a huge pool of owners who are still upside down in home value, or have so little equity that they cannot afford to sell and have enough down payment for their next home purchase.
Unemployment Rate: The unemployment rate is now lower than pre-recession levels. As of December 2014, unemployment in the Columbus area stood at 4.0%, lower than the state’s unemployment rate of 5.1%. Job prospects remain positive, especially in the construction, professional and business sectors. Manufacturing and other skilled trades are also showing a resurgence.
Consumer Debt: Since 2005, consumers in the Columbus area have had less mortgage, auto, and credit card debt per capita than the national average. Metro Columbus residents reduced their debt during the recessionary period, and debt levels have remained steady since 2014.
Credit Card Delinquency: The credit profile of the Columbus area remains better than the rest of the nation, and is equal to the rest of the state. Delinquency rates hover near pre-recession levels, at about 7%. Consumer credit quality Metro Columbus has been consistent for the past 10 years.
Income Per Capita: Metro Columbus continues to have higher income per capita than the rest of Ohio. Gradual population growth has contributed to income stability and improving income levels. The Columbus area continues to attract highly-educated, skilled workers into well-paying professional positions and business services.
To sum it up, Metro Columbus has lead Ohio in economic recovery and growth for the past several years, and will continue its economic leadership for the foreseeable future! Living in the Columbus area offers a world of opportunity and an attractive quality of life. If you are considering relocating to Columbus, let us provide you with in-depth information about our communities, homes and amenities!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
