Local Economy Better Off Today Than 2012

With relatively few and intermittent exceptions, the local economic indicators we’ve tracked for both Third Quarter 2013 (Q3/13) and throughout the year suggest that our current economy, taken as a whole, is better off now than it was a year ago. In particular, despite the negative impact the 2013 payroll tax hike may have had on middle and lower income earnings this year, we can still detect a prolonged positive trend in retail sales and encouraging evidence of growing consumer confidence – the former contention by comparing this year’s sales tax figures to last year’s numbers, and the latter is supported by the continued robust strength of county auto sales.

Yet not all of our indicators have shown clear improvement in the intervening year. For example, because the Q3/13 unemployment numbers are currently headed in the right direction, but the jobless rate is approximately half a point higher than Q3/12, we will take up the debate about the relative strength of both those numbers and the local job market. Last, we will assess both some encouraging developments regarding local construction activity as well as some stubborn lingering effects of the foreclosure crisis still holding back our local economy.

Are People Working?

• Unemployment Numbers Mixed
• Down Last Several Months
• But Up From 2012

Are People Spending?

• Positive Trends in Retail Sales & Consumer Confidence
• Sales Tax Collections Up From 2012
• Auto Sales Continue 5-Year Upward Trend

Are People Building?

• Construction Sector Continues Growth
  • Virtually All Categories Show Improvement from 2012
  • New Construction Especially Strong
• Most Discouraging Numbers: Residential Adds & Alterations
  • Lone Category to Show Decline
  • Makes Efforts to Stabilize Neighborhoods Critical

Economy Should Continue to Show Progress Into 2014

>> Download Full Wade Wire Report for Q3 2013 (PDF)
>> View the report on the Lucas County Treasurer website.