Local Economic Outlook Continues to Improve.

Buoyed by the sustained strength of the automotive sector, steady consumer spending, and an emerging homebuilding and construction trend, our local and national economies continued to improve through the fourth quarter of 2013.

In retrospect, much the same could be said of 2013 as a whole. Despite considerable negative external factors (to be discussed later), most of the local economic indicators we tracked during the fourth quarter (Q4/13) and throughout 2013 outperformed their markers from the previous year – suggesting that the economy is starting to gain some steam as we begin the new year.

Yet some of our indicators continue to hold back the local economy. As was the case in my Q3/13 report three months ago, the biggest cause for concern remains the sluggish recovery of jobs and wages at the local level. Although both the national and local unemployment rates dropped throughout 2013, local employment and wages continued to lag well behind the pace of overall growth. Whether the economy’s current momentum will generate significant job and/or wage growth in 2014 remains to be seen, but it will likely determine the extent and sustainability of our rebound from the Great Recession.

Are People Working?

• Unemployment Numbers Trending Downward
  • Finished 2013 With Lower Rate Than 2012
  • Some Jobless People No Longer Seeking Work

Are People Spending?

• Strength of 3rd and 4th Quarters boosts economy
  • 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 Robust (Especially New Toledo Activity)
• Most Discouraging Numbers:
  • 2013 Residential Adds/Alts lower than 2012
  • Area Slow to Regain Jobs and Wages Lost in Recession

Economy Poised for Growth in 2014

>> Download Full Wade Wire Report for Q4 2013 (PDF)
>> View the report on the Lucas County Treasurer website.