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2009 Northern Colorado Economic Outlook

2008 Was an Awful Year for the US Economy. Source: Bureau of Labor Statistics. Another View. Today's Storyline. Last year wasn't so bad in northern ColoradoUntil the past few months2009 is going to be roughBut the US recovery should begin by mid-summerPolicy makers: Plan for 3 years out, not just 3 months.

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2009 Northern Colorado Economic Outlook

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    4. Today’s Storyline Last year wasn’t so bad in northern Colorado Until the past few months 2009 is going to be rough But the US recovery should begin by mid-summer Policy makers: Plan for 3 years out, not just 3 months

    5. Things Looked Pretty Darn Good Locally Until Late Summer

    6. Education and Government Continue to Add Jobs

    7. Residential Construction Employment Down

    8. It Could be Worse

    9. Looking Ahead

    10. 2009 Clouded by Uncertainty We are not immune to national problems But our diversified economy and educated workforce will help us weather the storm It’s not going to be painless Unemployment will creep up

    11. We Offered a Forecast in October…

    12. Employment Growth Expected to Remain less than 2%: 4,000 New Jobs

    13. Employment Growth Expected to Remain less than 2%: 4,000 New Jobs

    14. Now We’re not So Sure

    15. Regional Economic Outlook 2009 The unprecedented turmoil hampers our forecasting efforts, as our models don’t do a good job with human emotion For 2009 we expect a difficult first 6 months, but the national outlook should improve by the end of the 3rd quarter Northern Colorado, however, tends to lag the US

    16. Regional Economic Outlook 2009 For the year, we forecast very little employment change from 2008 Health care and professional services remain bright spots Retail and leisure slow substantially Construction, real estate and finance will continue to struggle Manufacturing is the wild card

    17. Moving Forward

    18. A Federal Government Driven Recovery Business and consumer pessimism will prolong the recession Lower interest rates should (finally) help the housing market And increased government spending can dampen the recessionary effects Two primary challenges to Mr. Obama Increase business investment Restore consumer confidence

    19. State and Local Implications There is great temptation to do something to spur jobs immediately But we need to think long term as well and maintain investment in core strengths Recommit to education Continue to build the new energy economy Maintain and repair infrastructure (FASTER) Enhance state support for entrepreneurism

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