Akron Shows Growth in Value of New Housing Construction
A state labor market study finds unemployment increasing in northeast Ohio, but in Akron there’s one bright spot in the data. The value of new home construction has risen nearly 47 percent in the last year.
The report from Ohio Bureau of Labor Market Information looked at eight metropolitan areas. It found unemployment claims in Akron rose 3.3 percent, and in Cleveland nearly six percent. Both cities also saw a decline in manufacturing hours worked, down nearly five percent in Cleveland.
Assistant Bureau Chief Lewis Horner explained why these areas are so important for the rest of the state.
“The eight metropolitan areas, the reason we have them highlighted is they actually account for more than 75% of employment in the entire state, so what happens in these metros pretty much drives what’s going to happen in the state as a whole.”
The report predicts statewide employment growth of 1.08 percent. Cleveland growth will be similar at 1.04 percent.
Only three of the metropolitan areas are expected to exceed that: Canton-Massillon, Cincinnati, and Columbus. The report forecasts Akron employment will grow by 0.72 percent.
Only Youngstown showed a negative growth rate, which the report’s authors say is likely due to the closing of GM’S Lordstown plant.
You can see the full report below.