Denver Recession

In today's news, Tom Clark with the Metro Denver Economic Development Corp. has said we could run another 6-12 months, but Colorado is spared with its full wrath! Most states across the country should see some recovery in 3rd quarter 2009, and some not until 4th quarter 2009.

With over $1 trillion in losses that have been written off by banks across the country, still another $1 trillion in write-offs are still expected. The stimulus program that is being injected by banks should help this concern.

In Denver, Development Research Partners in Littleton expects to see flat retail sales and negative job growth of .4 percent this year, but the country's outlook is 3.5 decrease in retail sales and 1.1% decline in jobs. This sets Colorado far ahead of most states, again.

Colorado is on record for the fifth-best rate of job growth in the country last year. The hardest hit sectors have been the financial services and durable-good manufacturing industries. Colorado never experienced the large double digit increases in home prices as some locations across the country has experienced over the last ten years, such as California, Arizona and Nevada. VectraBank's economic forecaster, Patricia Silverstein expects metro-Denver's median home values to increase 1% this year, making Denver the first in the nation to recover!