YVDP: Local economy getting stronger
Many economic indicators show improvement despite slow jobs recovery
January 15, 2013
The economy in Moffat County continues to show slow but steady improvement, according to Yampa Valley Data Partners.
YVDP last week released its first quarter economic forecast, which measures the local economy based off factors such as retail sales, real estate, employment and construction.
Those primary sectors show the local economy is improving slightly and has been for about the last year, the YVDP report states.
It's good news considering two YVDP spotlights show Moffat County continues to drag in a couple of key economic sectors.
Of YVDP's comparison counties, including Routt, Eagle, Garfield, La Plata and Summit counties, Moffat County is the only county that has experienced declining median real estate prices since the beginning of the recession in October 2008.
In that time the median listing price has dropped from $238,900 to $132,900.
Routt County, in comparison, is the only county to experience positive growth month to month, quarter to quarter, and year to year since about December 2011, the report states. But, Routt County's median listing price at the end of 2012 remains more than $100,000 less than before the 2008 recession.
The other area where Moffat County appears to be lagging is in regards to post recession jobs recovery.
According to YVDP there have been four recessions since 1980, each lasting for periods of about six to 16 months.
Though the latest recession exceeded the four previous ones in terms of length, officially 18 months according to the National Bureau of Economic Research, the more startling statistic is how much longer it is taking to see the number of jobs available return to pre-recession levels.
For example, following the four previous recessions it took seven, six, zero, and 21 months, respectively, to restore the number of available jobs to pre recession levels. It's been 55 months since the latest recession and the jobs market has not yet fully recovered, the YVDP report states.
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