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Huntington Bank economist: regional economy is strong
By Kalea Hall
YOUNGSTOWN
The regional economy is strong and getting stronger.
Low unemployment rates, payrolls in line with the national average and hiring rates on par with other parts of the nation are some of the reasons Huntington Bank Director of Economics George Mokrzan says the economy in the Michigan, Indiana and Ohio, Kentucky, Pennsylvania and West Virginia region is in a revival.
“Michigan, Indiana and Ohio are really growing strongly during the economic recovery and expansion,” Mokrzan said.
Overall, the area has seen solid employment growth with a manufacturing boom.
“We are still manufacturing-intensive relative to the rest of the nation,” Mokrzan said.
Huntington’s regional economy report, released Tuesday, shows more than 331,200 net manufacturing jobs created in Michigan, Indiana and Ohio alone for more than 50 percent of the 591,000 net manufacturing jobs created in the nation since the recovery began.
Unemployment rates are the lowest they have been since 2001 across the region because of the strength in labor markets.
“That is just a fabulous performance,” Mokrzan said of the low unemployment rates. “It’s an indication of our future being quite bright for our area.”
In Ohio, the October unemployment rate was 4.4 percent. In the Youngstown-Warren Metropolitan Area, the unemployment rate was 5.5 percent, which is the lowest it has been since 2001.
Nonfarm payrolls in the region grew 10 percent from the end of the recession in June 2009. In Ohio, payroll grew by about 8 percent.
In the Midwest, hiring also has picked up.
“The state is growing strongly,” Mokrzan said of Ohio.
While low energy prices have affected some of the manufacturers directly linked to the industry, they have benefitted others such as the auto industry.
“It is definitely a complex economy in our region,” Mokrzan said.
The region is expected to see more growth in the spring. Specifically, Ohio will see growth of 1.5 percent to 4.5 percent, according to the report.