Colorado Springs Job Market Picking Up and There’s No Sign of Stopping
“In a way, we are kind of in a boom,” said Tatiana Bailey, director of the Southern Colorado Economic Forum. “If you look at where we were at 1½-to-two years ago, so many of the indicators have turned around. We were lagging the state and the nation. We now have strong employment numbers with people re-entering the labor force, construction is going through the roof, and sales of luxury goods are really strong. It is a boom, so people are starting to wonder when the bust will follow, but it seems to me that growth is spread across so many industries that it is sustainable.”
While it might seem the local economy shifted into a higher gear last year, Bailey said that growth had been building for years.
- Local health-care projects that began in 2015 had been in the planning stages for the past two or three years.
- The local housing industry absorbed thousands of foreclosed homes in the past five years that dragged down prices and were an obstacle to a healthy housing market.
- The local tourism industry enjoyed peak seasons in the past two years that weren’t set back by wildfires or floods.
“Economic recoveries usually can be divided into two phases: The first phase as you come out of the recession is painful and takes a long time, but in the second phases you see a takeoff period where the job and stock markets are very strong. We are definitely in phase two of the recovery in the local economy,” Bailey said.
Exert from “Boom time in Colorado Springs: All signs point to a buoyant economy” posted on TheGazette.com
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