Toledo ranks in top mid-sized cities for economic growth
TOLEDO – According to the U.S. Department of Commerce, the United States grew 2.8 percent in the second fiscal quarter. Certain cities have enjoyed healthy economic growth over the last few years.
Toledo is one of those cities that have enjoyed an economic boost and has earned the rank of 20th in Top Cities for Economic Growth for Mid-Sized Cities (250k-500k population) in a recent survey by Coworking Cafe.
According to the article, written by Andreea Neculae, data was compiled from various reliable sources to evaluate the evolution of key economic and social indicators from 2018 to 2022. The analysis focused on the following indicators:
- Median Earnings
- Business Applications
- Crime Rate
- Educational Attainment
- Employment Rate
- Unemployment Rate
- Gross Domestic Product (GDP)
- Housing Units
- Infrastructure (Total Roadway Miles)
- Population Growth
- Trade-Exports
The article goes into detail on each of these indicators and their sources. Each city earned a set number of points based on each category.
Doug Ressler, senior research officer at Yardi Matrix (parent company of Coworking Cafe) offered more insight about the survey and additional information about Toledo’s growth. He pointed to a few major reasons why Toledo is doing so well economically.
He explained to the Toledo Free Press that Toledo is known for its low cost of living. Housing prices are significantly lower compared to many other cities in the U.S., with a median home sale price of around $123,2501. He also said affordability extends to other aspects of life, such as groceries, utilities and healthcare.
Ressler said that one factor contributing to Toledo’s affordability is the availability of jobs. “The city has a diverse economy with opportunities in various industries, including healthcare, education and manufacturing. The job market in Toledo is stable, and the unemployment rate is lower than the national average.”
Diverse job opportunities in industries, such as healthcare, education and manufacturing boost the city’s economy. Ressler said this diversity helps stabilize the job market.
Toledo can attract residents and visitors with cultural attractions such as museums, theaters and art galleries. Toledo also has reputable educational institutions, such as The University of Toledo and Owens Community College.
Small midwest cities enjoy certain advantages over larger cities. Ressler explained that the midwest cities have a lower cost of living, less traffic a stronger sense of community, and lower crime rates compared to larger urban areas. The major disadvantages are the limited public transformation, healthcare access compared to larger cities and overall financial resources.
One of the areas that Toledo is doing well in, according to Ressler, is affordable housing.
While Toledo is doing well, there are some areas where the city could improve. Ressely said there are about 25.6 percent of residents living below the poverty line, which is significantly higher than the national average. Ressler added that another issue the city is currently facing is the declining population.
“Toledo in the past five years has seen a slight decrease in residents. The population has reached 278,193 with a population growth rate of -0.8 percent in the last year and -2.8 percent in the last five years.”
Other disadvantages Toledo faces are poor road conditions and harsh winters.
Overall Toledo enjoys an affordable cost of living, employment opportunities, quality education and fun cultural attractions. You can read the original article by Coworking Cafe here.
