Friday, July 13, 2012

Wells Fargo mid-year report on Colorado

Wells Fargo released its July 2012 special report on Colorado today. Traditional media reported on this, but failed to link to the source material. Here it is.

If you're a regular reader of divisionofhousing.com, there's not much new information from the housing front here for you.

Among some of the report's observations:
Home prices in Colorado have begun to slowly move upward.
Home sales are up too

On employment:

  • In employment overall, however, the report noted that employment growth is beginning to slow, especially in high-tech jobs. 
  • The report also noted that construction job growth is the highest among the employment sectors, although we can note that this comes after a multi-year period of repeated declines, so this will be much delayed relief for that sector. 
Overall:

Colorado’s economy appears to be losing a bit of momentum going into the second half of the year. Growth should remain stronger in the Centennial State than in the country as a whole, which has less direct exposure to the Euro Zone financial crisis and slowing global economy in general. Job growth has been stronger in Colorado and the unemployment rate has fallen a little further, reflecting the better mix of faster growing industries located in the state. The housing market is also improving and residential construction is making an increasingly positive contribution to the state’s economy. Over the long term, Colorado’s favorable mix of high paying industries, the state’s well-educated workforce, diverse energy industry and vibrant tourist trade should sustain Colorado’s position as one of the leading growth state’s in the West and the nation.

There's more.