BANKING: They say money makes the world go round. In Durango, banks - the ultimate money keepers - both reflect and help drive the local economy.
As Durango grows in population and wealth, the local banking industry is growing along with it. La Plata County has 10 banks with 19 branches. Their combined deposits topped $1 billion in 2006 for the first time.
The local banking industry is intimately tied with the housing industry. Consumer deposits fuel loans that in turn drive economic growth, including construction. The local industry is doing well, while not quite enjoying growth as strong as a year ago.
Banks are further fueled by Durango's tourist economy which attracts people with money to spend. People come into town to take advantage of the many attractions and typically they have an above average median income. Many are thinking about buying a second home or retiring to Durango. *
*source - The Durango Herald
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