Q1 2014 Wade Wire

As our last report suggested, the economy overcame significant hurdles to end 2013 on a relatively high note. Then the Bureau of Economic Analysis released a recent report showing that national GDP growth was near stagnant at 0.1% for first quarter 2014.

2014 · First Quarter Highlights

Local Economic Outlook Continues to Improve

Are People Working?

 Unemployment Numbers Have Plummeted Since 2013
 Toledo & Lucas County Unemployment Down 2% from 3/13 to 3/14  Local Payroll Withholding Survey: up 10.36% from Q1/13

Are People Spending?

 Despite Severe Winter, Strong Consumer Spending
 Sales Tax Collections Up 3.22% From Q1/13
 First Quarter Auto Sales Have Risen For Six Consecutive Years

Are People Building?

 Construction Sector Hit Hard by Severe Winter Weather
 Numbers Down From Last Q1/13 in Every Category
 Local Builders Under Pressure to Make Up for Lost Time

 Most Discouraging Numbers:
 Weather-Hampered Housing Starts/Construction Projects
 Room Remains for Improvement in Local/National Jobs and Wages

Look for Accelerated Growth in 2014 (Especially Auto Sector)

Full Report Here