ECONOMY: Deborah Walker, Associate Professsor of Economics and co-director of the Office of Economic Analysis and Business Research at Fort Lewis College, says our local economy continues to look good despite what we hear from some economists regarding the national credit crunch caused by problems in the mortgage lending market.
Even thought we might eventually feel some of the fall out, as of now most local indicators are still positive. We are lucky to live in a fairly diverse seconomy and do not have to rely on one sector to keep jobs and income growing.
In looking at the local labor market, for example, the average number of people in the labor force in the second quarter of 2006 in La Plata County was 91,627. In 2007 the average increased to 93,800. The number of people in the county who want jobs is growing and our economy is accommodating them with new jobs. Most business people we talk to are looking for people to work.
The average unemployment rate in the second quarter of 2006 was 3.4 percent. In 2007 the rate was down to 2.6 percent.
The trend in Tourism is upward with with more passengers using the Durango-LaPlata County Airport and an increase in riders on The Durango & Silverton Narrow Gauge Railroad.
Agriculture dollars, an important sector in our economy, increased 16 percent in second quarter of 207 over the same period in 2006.
Median home prices increased 3.9 percent in Durango, 30.8 percent in Bayfield and 34.5 percent at the resort areas. The number of sales has slowed but values remain strong.
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http://DurangoRealEstate.biz
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