Central Ohio economy Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Continued Growth in Forecast for Ohio’s Regional Economy

RealSupport — Mon, 17 Jul 2017 22:11:06 +0000

The latest Federal Reserve Beige Book forecasts continued economic growth for Ohio, western Pennsylvania and eastern Tennessee. Columbus Business First recently summarized the Fed’s findings, and we’re sharing the highlights here, along with our own insights!

In case you’re new to the Beige Book, it’s an economic report that is published every eight weeks for each of the twelve Federal Reserve districts. The entire state of Ohio, along with western Pennsylvania and eastern Tennessee, falls under the boundaries of the Federal Reserve Bank of Cleveland, also known as District 4.

In producing the Beige Book, our local Federal Reserve institution acquires input from business leaders, economists and other banks. The Beige Book is a snapshot of the District’s financial health, taking employment, sales trends, prices and real estate activity into consideration.

Because of the wide geographical area included in our District, and the variety of economic conditions that exist from one locality to another, the Beige Book is not a crystal ball. However, it provides a broad sense of where our regional economy is headed. For example:

Our labor market is tightening amid economic expansion, with job openings in finance, healthcare and technology. Wages are growing for highly-skilled and well-educated employees. More employees are also needed in the skilled trades, including construction workers and contractors.

Manufacturing remains a large element of our regional economy. Car sales are up 3% compared to a year ago, and manufacturing job growth is in positive territory. Economists note that overall production in this sector is slower than a year ago, which tempers the overall forecast.

Real estate is a bright spot for Ohio and our District as a whole. The Beige Book notes that residential market activity reflects higher home prices and higher transaction volumes than the same period a year ago. Commercial real estate construction is also on the rise, with new development in progress for educational services, health care and e-commerce distribution facilities.

Brick-and-mortar consumer retail is a struggling sector, which a story is playing out around the country. Demand is low for shopping center and mall space, while sales of apparel and electronics have softened. The fast-changing landscape of consumer tastes and shopping preferences have traditional retailers on the ropes.

One should keep in mind that Central Ohio’s economy tends to be stronger than the rest of the state, and stronger than the District 4 areas of adjoining states. Yet the larger economic trends are worth understanding when you are relocating to Columbus or moving across town!

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.

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

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Metro Columbus Economy Remains Strongest in Ohio

RealSupport — Thu, 12 Nov 2015 07:57:30 +0000

Central Ohio continues to make gains in employment, home values and business growth, according to a recent analysis by the Federal Reserve Bank of Cleveland. The economic report was summarized in the Columbus Business Journal, and we’ve combined highlights from both sources for you!

Metro Columbus continues to add jobs. Unemployment has declined below pre-recession levels, standing at 3.9% as of July 2015. Ohio’s unemployment rate statewide averaged 5.0%.

Columbus’s best-performing employment sectors include construction, medical and business services, trade, transportation, utilities, leisure and hospitality. Combined, these sectors account for more than 50% percent of area employment!

Home prices in the Columbus area increased by an average of 4.2% through July 2015. The national average for home price gains was 3.9%. The Federal Reserve Bank of Cleveland attributes improved home values in Columbus to strengthening employment and limited home supply. Meanwhile, the “shadow inventory” of foreclosures and serious mortgage delinquencies in Metro Columbus has steadily declined.

Business services have enjoyed a strong year in Columbus, posting a 5% gain in year-over-year activity. Gross Domestic Product per capita in the Columbus area, as of the most recent statistics available in 2013, improved by 1.6% since the early recession.

In a prior blog post, we detailed the positive impact of higher education and entrepreneurship, which is contributing strongly to the future economy of Central Ohio. Columbus ranks #12 among U.S. cities for business startups.

When you add it all up, Columbus has much to offer! Ready to find your Columbus home? 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.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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Metro Columbus Holds Strongest Economy in Ohio

RealSupport — Wed, 10 Jun 2015 23:12:52 +0000

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!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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