Has the economic outlook for our city,county, state and our nation left you confused? A recent article in The Gazette, the Colorado Springs newspaper, the author lead with the headline “Forecast: Local economy will rebound a bit in 2012”. As readers continued to read the article, it described all the ways why the economy does NOT look great for the Springs region. I was disappointed. I had hoped for a pick-me-up. The author was referring to the “Vectra Bank Colorado’s 19th Annual Economic Forecast Breakfast titled “Addressing Economic Uncertainty in 2012”
There is no doubt, the recession has hit a lot of folks hard. It is also important to remain realistic about economic facts and political influences on Colorado Springs. Smart budgeting on all government levels is key in moving through the changes in our economy. We also need to hold on to and believe in the positive aspects of our future. That said, let’s look at some positive facts for our county:
- 2700 Soldiers are being relocated to Fort Carson, to form a new helicopter brigade – this is expected to generate approximately another 2,100 jobs
- $286 Mio have been allocated to Colorado Springs for military construction projects.
- The total cost of the facilities that the new helicopter brigade will require is a total of $730 Mio over the next 4 years. (Bring it on!)
- The home inventory has declined, because new listings have declined but sales have increased. The decrease in home inventory is positive as it keeps prices from plummeting even further and hopefully reducing the number of short sales.
- The lending rates are still at historical lows. Combine the lending rates with low but stable home prices, that makes it good news for buyers as well as for sellers.
- Construction for homes $200,000 and below has kicked in which means jobs and ….more jobs….and DEMAND!
Speculations about 2012 are plentiful and our economy can go either way depending on the upcoming events this year. I would hope that we all pull together and be strong to get us through this recession.