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.
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
