Toledo reports more jobs, more tax revenue - 13abc.com Toledo (OH) News, Weather and Sports

Toledo reports more jobs, more tax revenue

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Toledo's economy continues to improve and that's helping the city's bottom line.  Strong job numbers mean more tax revenue.

It's not dramatic growth but it's steady.

Tuesday, a new jobs report showed Toledo's unemployment rate dipped to 8% in October... down from 8.2%.

So far this year, the federal government reports Toledo has created 3,000 in manufacturing,  medical, banking, transportation and other industries.

Toledo's commissioner of treasury and taxation, Clarence Coleman, told a city council committee that the job growth is diversified, saying, "It's not just one employer, the growth is across the board."

With more people working, Toledo is collecting more taxes, up 4.6% in October.  For the year, . the city has collected $5-million more in taxes than in 2011.

That is important because tax collections have now increased between 4- and 6- percent for 18-months, indicating the city's economy is  on the rebound.

Councilman George Sarantou noted that growth during the hearing, saying, "It would seem we have a clear, consistent increase in tax revenue.  Slow, but consistent.'

And next year could see more good job numbers.   Jeep will hire 1200 workers by the end of the summer.  That will help with unemployment and tax collections.

Mayor Mike Bell (I) is being conservative on his administration's tax collection estimate for next year thinking it will grow about 3%, but it's higher than that this year.

Yet, there is one looming threat:  the fiscal cliff at the national level.

If Congress and the president do not work out a favorable budget deal, Toledo and the country could slip back into recession with much higher unemployment.

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