ECONOMY: When looking at the data available for 2006, the La Plata County economy fairs very well. According to the Bureau of Labor Statistics, the annual average wage in our count in 2005 was $32,163, compared with the state average of $41,601 ( a little more that 75%.)
The latest available unemployment rate locally is 2.9%. Although this is considered very low, which is typically seen as a good thing, it also indicates that some local employers may have trouble finding workers; that might put upward pressure on local wages. Those industries that pay the highest wage in the county are mining (including oil and gas extraction), followed by transportation and warehousing, information and wholesale trade.
Major employers in La Plata County include firms in the construction industry, service, retail and government. These industries, which include tourist activity, continue to drive the local economy. The 2006 data for retail sales, passengers both using the Durango-La Plata County Airport and the Durango/Silverton Railroad, visitors to Mesa Verde and lodger's tax revenue all show increases over 2005.
Agriculture still remains an important contributor to our economy. Hay production and cattle and sheep ranching remained strong. Other contributors to our economy are Fort Lewis College, the construction industry and the real estate industry. Residential real estate prices continued to increase in 2006, but it appears price increases are flattening out. With the development progressing at Three Springs, expect construction to remain strong.
Finally, bank deposits, which are an important indicator of the ability of financial institutions to make loans, continued to increase in La Plata County. According to the FDIC, the first six months of 2006 showed a 16.7% increase over the same period in 2005.
Please feel to contact us for additonal informaton regarding Durango real estate and our economy or visit our websites http://www.HomesInDurango.com and http://www.DurangoRealEstate.biz.
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