RRJ #5New signs of economic recovery in metro Denver

New signs of economic recovery in metro Denver

Reference:

Zartler, J. (2010,March3) New signs of economic recovery in metro Denver,Metro Denver http://www.9news.com/seenon9news/article.aspx?storyid=133793&catid=509

Summary:

According to the EDC the metro Denver Economic Development Corporation, there are many good indications of improvement in the segments. The second quarter’s report expressed positive growth in six annual economics signs versus positive in one economic sign in the month before. The good sing here is the growth in the metro area has increased the home prices. The improving in the price will make momey people feel better because they will get a lot of many in terms of raising in the home prices. But Silverstein said that is enough to make them feel happy without getting improve in the job, he added, "When we look at recovery, we look at production primarily and so companies will see increased sales activity and increased demand for their product but they're not necessarily going to be hiring yet. For many people it's not a recovery until there's job opportunity out there.”

That recovery will involve losing a few jobs before improve by the end of the year; metro Denver lost 55,000 jobs in 2009, Silverstein said that there will improving in the job by the end of 2010. She has expected about 1,500 added jobs in 2010, that is better than losing them last year. According to what she said, there are many ground to use for recovery. That means the economic case is growing.

Reaction:

"When we start to see those home prices improve that makes many people feel better because so many people have a lot of their wealth tied up in their homes," she said.

Silverstein says although there are many signs pointing to a recovery, most people will not feel like that is the case until they see job growth.

"When we look at recovery, we look at production primarily and so companies will see increased sales activity and increased demand for their product but they're not necessarily going to be hiring yet. For many people it's not a recovery until there's job opportunity out there," Silverstein said.

On that front, the Metro Denver EDC is expecting a small number of job losses before things are expected to improve at the end of the year.

Metro Denver lost 55,000 jobs in 2009 and although Silverstein does not have an exact prediction for job losses in 2010, the good news is that she sees a turn around by the end of the year.

"We're expecting by the end of 2010 we'll start to see job growth. In fact, we're expecting that we'll add about 1,500 jobs which doesn't sound like a huge number but it certainly is better compared to where it was last year," she said.

Silverstein says 2010 is only the beginning of the long road to recovery.

"We still have a lot of ground to recover. This was a very deep recession so a lot of ground to recover but we're definitely on that uphill climb which is where we want to be," she said.