Here are pieces that jumped out to me:
- From 2008 to 2009, average national income dropped 2.8%.
- In the Denver metro area, it dropped 4.2% (150% national avg).
- In Boulder, it dropped 5.1% (180% national average).
- The highest growing income was in Jacksonville, NC – 11.9% increase.
These numbers made me pause and rethink the state of Colorado’s finances. In 2007, I kept hearing that Colorado was in a ‘bubble’ of stability and was not affected as badly as the rest of the country by the recession. I wonder….was it just a lag? Are we (Colorado) about to feel the recession effects in our own backyard?
This is what I know from my own life:
Signs that CO’s economy is worsening
- My husband lost his job in May (construction).
- Our across the street neighbor lost his job February of 2009.
- Three of the women I work with (of 50) are now working full-time because their husbands were laid off within the past 6 months.
- We did not give raises this past year out of concern for cash flow in 2010.
Signs CO’s economy is recovering
- We hired 4 new positions in the past 9 months.
- Our backlog (signed contracts for upcoming work) is higher than it’s been in 3 years.
- We bid some construction jobs and the number of contractors at pre-bid meetings is about 1/2 what it was 2 years ago.
So what do you think? On the rise? Or about to decline? Any signs in your own life that give support one way or the other?