Economist Claims Recession Over in Colorado Springs

According to Fred Crowley, Senior Economist at UCCS, “The Business Conditions Index (BCI) now stands at 79.09, up from its March value of 70.4.  This is a 12.35% improvement since March.  The bottoming of the BCI and significant improvement in several local indicators since March suggests the Colorado Springs economy is probably out of its recession.”

He goes on to say,”The most important measure of the area’s economic health might be employment.  Since employment tends to lag the business cycle,  the Forum expects this barometer of the economy will be slow in its recovery.  Real wages are expected to be stable for several more months.  Building permits normally begin to slow in the late summer.  Car sales are expected to rebound sharply in July and August due to the Cash for Clunkers (CARS) program.  Car sales are expected to be a little stronger with the introduction of the 2010 model year cars.  Sales tax should see a spike from the new troops at Fort Carson and the Cash for Clunkers program (CARS) before a relative decline in the late third quarter.”

In his Quarterly Updates and Estimates report, Crowley covers the local residential housing market, including foreclosures and MLS activity, the multi-family market, airport emplanements,  car sales trends, and sales tax results.

You can read the entire report here: 2009 – Vol 08 No 1 Jul 2009

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