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North Carolina Named Top Business Climate Again

November 4, 2009 No comments

For the 5th year in a row, and eighth time in the last nine years, North Carolina ranks at the top for best business climate, according to Site Selection Magazine. Editor-in-Chief Mark Arend said, “The synergy between North Carolina’s research parks, corporations, communities, and economic developers at the state and local levels is a major factor in this year’s top ranking.”

Winston-Salem, North Carolina
Image via Wikipedia

The magazine describes the ranking process as “a blend of objective, actual new or expansion project announcements, and subjective input from corporate site seekers.”

For the entire story, click here.

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Colorado Springs Ranked #24 Strongest Economy

October 30, 2009 No comments

Business Week Magazine recently ranked the top 100 metropolitan economies in the US and Colorado Springs came in at number 24. Metro areas were compared on economic growth, home prices, job growth and employment.

San Antonio, Texas came in at number one and Memphis, Tennessee brought up the rear.

For the complete story, visit the Business Week site.

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Government-Backed Financing Entities Only Players in Multi-Family

October 29, 2009 No comments

According to the latest issue of Multifamily Executive magazine, the multi-family market is being buoyed by loans from Freddie, Fannie, and HUD-backed FHA loans. The bad news is that for buyers or developers unwilling or unable to get financing from these sources, there’s virtually no other alternative right now.

Although rumors are starting to circulate that insurance companies whose investment portfolios have improved recently might re-enter the market, it’s unclear how they would be able to compete with the GSEs. That may change depending on the continued solvency of the GSEs. Right now they have healthy multi-family loan values and their default rate is below 0.5%, in contrast to the 3.13% rate that commercial banks report. However, a recent GAO report indicates “that Fannie and Freddie stand to bleed $400 billion by the time the issue of the conservancy is resolved.” This may make it more difficult for legislators to continue supporting Fannie and Freddie in their current status.

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Colorado Springs Vacancy Drops in 3rd Quarter

October 28, 2009 No comments

Thanks in large part to new army troops arriving at Fort Carson from Fort Hood in Texas, the area vacancy rate dropped to 8.6%, down from 9.2% for the same period in 2008.

Ironically, in the areas nearest Fort Carson, the vacancy rate stood at 16.9% in the 3rd quarter. Even though that was higher than most parts of the Springs, it was down considerably from the 36.3% rate in the 3rd quarter of 2006.

Unfortunately for property owners, the decreased vacancy did not lead to higher rental rates. The average rate at the end of the quarter was $695.40 a month, down from $717.65 in the 2nd quarter of 2009.

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Colorado Springs Unemployment Falls

October 28, 2009 No comments

The unemployment rate in Colorado Springs fell to 7.4% in September, its lowest level since December of last year. This continues a downward trend from 8.2% in July to 7.8% in August.

According to Fred Crowley, senior economist for the Southern Colorado Economic Forum,“This, and the fact that local employment numbers are no longer deteriorating, is more affirmation and evidence that the local recession is over and has been for about six months. Most of the other local economic indicators are moving upward.  The recovery won’t be rapid, however, because the local economy no longer has much of a manufacturing base that can be recalled from layoff.”

Click here to read more on the current state of the city’s economy.

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