Recently, I was invited to brief a bank board about Northern Colorado Prospers and my perspectives on where the economy is headed as we try to climb out of the Covid-hole. A PDF copy of my PowerPoint presentation can be found here.
In the middle of the presentation and in the ‘bonus slides’ section at the end you’ll find some interesting data. Some of it is unsurprising: initial unemployment claims filings soared mid-March through mid-April. The economic downturn was widespread but particularly hard on arts, entertainment, and recreation; accommodation and food services; other services; healthcare and social assistance; educational services; real estate, rental, and leasing; and retail.
Some other data:
- Unique job postings in the Fort Collins / Loveland MSA from February through June declined 14%; in the Greeley MSA the decline was 8.3%.
- The stay-at-home order reduced travel to workplaces by 49% in April and 37% in May in Larimer County and 43% and 32%, respectively, in Weld County.
- Residential real estate listings were down compared to last year- 10.7% in Larimer County and 19.2% in Weld, but median list prices grew 5.2% in Larimer County and 2.7% in Weld.
If you’re interested in that kind of information, take time to scan down through the presentation.
Regarding the outlook for the economy, there’s some information in the presentation. We’re all hungry for good economic news and it can be found in spots in the business press. Until the virus burns out or a vaccine is developed, we’ll continue to experience an economy operating at 80%. It was easy for state and local governments to close down the private economy. Reigniting it will take time. The good news is businesses as a group are resourceful, motivated, and innovative.