Economic Dashboard August 2018

How is the economy right now in Durango and La Plata County?

Find out the latest on our employment, home construction, tourism, and other key measures of our local economic performance. If you have any questions, please feel free to contact us and we can walk you through what the data means.

Local Economic Conditions

August 2018

Economic conditions in La Plata County from August 2014 to August 2018.

 

Summary
Improved (+) 9
No Change (o) 3
Declined (-) 7
Improved (Declined) 2
Current Last Month Last Year

Change

(vs Last Year)

Workforce
  Labor Force 32,872 32,915 31,739 +
  Unemployment Rate (%) 3.1 3.0 1.9
  Labor Force Participation (%) 58.3 58.5 57.0 +
  Job Openings 1,175 1,013 1,860
8
Construction & Housing
  New Permits (to Date) 184 165 178 +
  Value of Permits ($,000) (to Date) 95,184 86,181 87,927 +
  Home Sales 561 470 565 o
  Average Home Price ($) 480,586 469,427 433,419 +
  Earnings Needed* ($) 84,800 82,600 70,500
8
Travel & Tourism
  Enplanements 18,648 18,959 18,003 +
  Lodgers Tax ($) 142,785 125,498 164,387
  Train Visitors 14,001 16,088 25,383
8
Gas & Oil
  New Permits (to date) 79 76 81
  Production (mmcf) 24,179 21,032 24,223 o
8
Other
Sales Tax, Durango ($,000)** 1,487 1,551 1,548
Commercial Sales ($,000) (to date) 22,487 16,063 18,376 +
Foreclosures (to date) 32 32 36 +
  Energy Use
     Commercial (mwh) 58,867 58,859 55,282 +
     Commercial Accounts 6,468 6,469 6,424 o

Notes:

*”Earnings needed” is the household income necessary to purchase an average-priced home in La Plata County.

**Sales tax for Durango includes Use Tax.

Sources: Employment: Colorado Department of Labor and US Census Construction & Housing: City of Durango, La Plata County, Mortgage-X.com, and the Wells Group  Travel & Tourism: City of Durango, Durango Area Tourism Organization (DATO), and Durango & Silverton Narrow Gauge Railroad   Gas & Oil: Colorado Oil & Gas Conservation Commission  Other: City of Durango (Sales tax and business permits), La Plata County Treasurers Office (Foreclosures),  and LPEA (Energy Use) (LPEA data is unaudited)

Economic Dashboard July 2018

How is the economy right now in Durango and La Plata County?

Find out the latest on our employment, home construction, tourism, and other key measures of our local economic performance. If you have any questions, please feel free to contact us and we can walk you through what the data means.

Local Economic Conditions

July 2018

Economic conditions in Durango and La Plata County, July 2014-July 2018.

 

Summary
Improved (+) 9
No Change (o) 3
Declined (-) 7
Improved (Declined) 2
Current Last Month Last Year

Change

(vs Last Year)

Workforce
  Labor Force 32,915 32,625 31,594 +
  Unemployment Rate (%) 3.0 2.7 2.1
  Labor Force Participation (%) 58.5 58.0 56.8 +
  Job Openings 1,013 1,008 2,218
8
Construction & Housing
  New Permits (to Date) 165 126 149 +
  Value of Permits ($,000) (to Date) 86,181 66,560 73,818 +
  Home Sales 470 384 476 o
  Average Home Price ($) 469,427 476,687 433,349 +
  Earnings Needed* ($) 82,600 84,300 71,300
8
Travel & Tourism
  Enplanements 18,959 17,724 18,499 +
  Lodgers Tax ($) 125,498 99,671 144,637
  Train Visitors 16,088 1,465 36,542
8
Gas & Oil
  New Permits (to date) 76 76 62 +
  Production (mmcf) 24,823 23,728 24,633 o
8
Other
Sales Tax, Durango ($,000)** 1,551 1,432 1,620
Commercial Sales ($,000) (to date) 16,063 14,742 17,631
Foreclosures (to date) 32 32 36 +
  Energy Use
     Commercial (mwh) 58,859 54,896 55,789 +
     Commercial Accounts 6,469 6,471 6,423 o

Notes:

*”Earnings needed” is the household income necessary to purchase an average-priced home in La Plata County.

**Sales tax for Durango includes Use Tax.

Sources: Employment: Colorado Department of Labor and US Census Construction & Housing: City of Durango, La Plata County, Mortgage-X.com, and the Wells Group  Travel & Tourism: City of Durango, Durango Area Tourism Organization (DATO), and Durango & Silverton Narrow Gauge Railroad   Gas & Oil: Colorado Oil & Gas Conservation Commission  Other: City of Durango (Sales tax and business permits), La Plata County Treasurers Office (Foreclosures),  and LPEA (Energy Use) (LPEA data is unaudited)

Economic Dashboard June 2018

How is the economy right now in Durango and La Plata County?

Find out the latest on our employment, home construction, tourism, and other key measures of our local economic performance. If you have any questions, please feel free to contact us and we can walk you through what the data means.

Local Economic Conditions

June 2018

Economic conditions in La Plata County from June 2014 to June 2018.

 

Summary
Improved (+) 10
No Change (o) 4
Declined (-) 5
Improved (Declined) 5
Current Last Month Last Year

Change

(vs Last Year)

Workforce
  Labor Force 32,625 32,245 32,619 o
  Unemployment Rate (%) 2.7 2.1 2.1
  Labor Force Participation (%) 58.0 57.4 58.7 o
  Job Openings 1,008 881 1,729
8
Construction & Housing
  New Permits (to Date) 126 98 115 +
  Value of Permits ($,000) (to Date) 66,560 44,128 57,495 +
  Home Sales 384 299 399
  Average Home Price ($) 476,687 474,748 428,348 +
  Earnings Needed* ($) 84,300 84,100 69,900
8
Travel & Tourism
  Enplanements 17,724 15,449 16,896 +
  Lodgers Tax ($) 99,671 59,335 91,575 +
  Train Visitors 1,200 13,463 27,467
8
Gas & Oil
  New Permits (to date) 76 66 56 +
  Production (mmcf) 24,370 25,126 23,794 +
8
Other
Sales Tax, Durango ($,000)** 1,432 1,259 1,350 +
Commercial Sales ($,000) (to date) 17,298 13,698 17,298 o
Foreclosures (to date) 32 27 34 +
  Energy Use
     Commercial (mwh) 54,896 55,288 53,385 +
     Commercial Accounts 6,471 6,470 6,426 o

Notes:

*”Earnings needed” is the household income necessary to purchase an average-priced home in La Plata County.

**Sales tax for Durango includes Use Tax.

Sources: Employment: Colorado Department of Labor and US Census Construction & Housing: City of Durango, La Plata County, Mortgage-X.com, and the Wells Group  Travel & Tourism: City of Durango, Durango Area Tourism Organization (DATO), and Durango & Silverton Narrow Gauge Railroad   Gas & Oil: Colorado Oil & Gas Conservation Commission  Other: City of Durango (Sales tax and business permits), La Plata County Treasurers Office (Foreclosures),  and LPEA (Energy Use) (LPEA data is unaudited)

Economic Dashboard May 2018

How is the economy right now in Durango and La Plata County?

Find out the latest on our employment, home construction, tourism, and other key measures of our local economic performance. If you have any questions, please feel free to contact us and we can walk you through what the data means.

Local Economic Conditions

May 2018
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Economic conditions in La Plata County from May 2014 to May 2018.

 

Summary
Improved (+) 11
No Change (o) 3
Declined (-) 5
Improved (Declined) 6
Current Last Month Last Year

Change

(vs Last Year)

Workforce
  Labor Force 32,245 32,039 32,136 o
  Unemployment Rate (%) 2.1 2.3 1.9
  Labor Force Participation (%) 57.4 57.1 57.9 o
  Job Openings 881 924 2,055
8
Construction & Housing
  New Permits (to Date) 98 71 82 +
  Value of Permits ($,000) (to Date) 44,128 31,095 35,843 +
  Home Sales 299 209 310
  Average Home Price ($) 474,748 486,673 426,968 +
  Earnings Needed* ($) 84,100 85,000 70,600
8
Travel & Tourism
  Enplanements 15,449 13,734 14,651 +
  Lodgers Tax ($) 59,335 61,323 53,479 +
  Train Visitors 13,463 3,737 12,536 +
8
Gas & Oil
  New Permits (to date) 66 52 55 +
  Production (mmcf) 25,426 23,948 24,766 +
8
Other
Sales Tax, Durango ($,000)** 1,259 1,363 1,158 +
Commercial Sales ($,000) (to date) 13,698 12,153 16,723
Foreclosures (to date) 27 19 29 +
  Energy Use
     Commercial (mwh) 55,288 52,775 53,401 +
     Commercial Accounts 6,470 6,461 6,425 o

Notes:

*”Earnings needed” is the household income necessary to purchase an average-priced home in La Plata County.

**Sales tax for Durango includes Use Tax.

Sources: Employment: Colorado Department of Labor and US Census Construction & Housing: City of Durango, La Plata County, Mortgage-X.com, and the Wells Group  Travel & Tourism: City of Durango, Durango Area Tourism Organization (DATO), and Durango & Silverton Narrow Gauge Railroad   Gas & Oil: Colorado Oil & Gas Conservation Commission  Other: City of Durango (Sales tax and business permits), La Plata County Treasurers Office (Foreclosures),  and LPEA (Energy Use) (LPEA data is unaudited)

Economic Dashboard April 2018

How is the economy right now in Durango and La Plata County?

Find out the latest on our employment, home construction, tourism, and other key measures of our local economic performance. If you have any questions, please feel free to contact us and we can walk you through what the data means.

Local Economic Conditions

April 2018
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Economic conditions in La Plata County from April 2014 to April 2018.

 

Summary
Improved (+) 10
No Change (o) 4
Declined (-) 5
Improved (Declined) 5
Current Last Month Last Year

Change

(vs Last Year)

Workforce
  Labor Force 32,039 31,381 31,589 o
  Unemployment Rate (%) 2.4 2.9 1.9
  Labor Force Participation (%) 57.1 56.0 56.9 o
  Job Openings 924 881 1,863
8
Construction & Housing
  New Permits (to Date) 71 52 55 +
  Value of Permits ($,000) (to Date) 31,095 18,655 24,066 +
  Home Sales 209 148 219
  Average Home Price ($) 486,673 476,352 432,425 +
  Earnings Needed* ($) 85,000 82,900 71,900
8
Travel & Tourism
  Enplanements 13,734 15,201 12,370 +
  Lodgers Tax ($) 61,323 42,056 55,983 +
  Train Visitors 3,737 4,676 4,049
8
Gas & Oil
  New Permits (to date) 52 47 47 +
  Production (mmcf) 21,757 25,532 21,862 o
8
Other
Sales Tax, Durango ($,000)** 1,363 1,046 1,287 +
Commercial Sales ($,000) (to date) 12,153 11,673 7,040 +
Foreclosures (to date) 19 16 22 +
  Energy Use
     Commercial (mwh) 52,775 56,074 50,812 +
     Commercial Accounts 6,461 6,415 6,420 o

Notes:

*”Earnings needed” is the household income necessary to purchase an average-priced home in La Plata County.

**Sales tax for Durango includes Use Tax.

Sources: Employment: Colorado Department of Labor and US Census Construction & Housing: City of Durango, La Plata County, Mortgage-X.com, and the Wells Group  Travel & Tourism: City of Durango, Durango Area Tourism Organization (DATO), and Durango & Silverton Narrow Gauge Railroad   Gas & Oil: Colorado Oil & Gas Conservation Commission  Other: City of Durango (Sales tax and business permits), La Plata County Treasurers Office (Foreclosures),  and LPEA (Energy Use) (LPEA data is unaudited)

Economic Dashboard March 2018

How is the economy right now in Durango and La Plata County?

Find out the latest on our employment, home construction, tourism, and other key measures of our local economic performance. If you have any questions, please feel free to contact us and we can walk you through what the data means.

Local Economic Conditions

March 2018
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Economic conditions in La Plata County from March 2014 to March 2018.

 

Summary
Improved (+) 10
No Change (o) 2
Declined (-) 7
Improved (Declined) 3
Current Last Month Last Year

Change

(vs Last Year)

Workforce
  Labor Force 31,381 31,411 30,750 +
  Unemployment Rate (%) 3.0 3.3 2.2
  Labor Force Participation (%) 56.0 56.1 55.4 o
  Job Openings 881 975 1,807
8
Construction & Housing
  New Permits (to Date) 52 33 33 +
  Value of Permits ($,000) (to Date) 18,655 10,836 12,002 +
  Home Sales 148 91 158
  Average Home Price ($) 476,352 467,440 415,063 +
  Earnings Needed* ($) 82,900 80,300 69,600
8
Travel & Tourism
  Enplanements 15,201 12,588 15,901
  Lodgers Tax ($) 42,056 34,185 38,893 +
  Train Visitors 4,676 1,856 4,397 +
8
Gas & Oil
  New Permits (to date) 47 35 2 +
  Production (mmcf) 23,010 22,887 23,940
8
Other
Sales Tax, Durango ($,000)** 1,046 1,142 1,068
Commercial Sales ($,000) (to date) 11,673 10,284 3,950 +
Foreclosures (to date) 16 10 19 +
  Energy Use
     Commercial (mwh) 56,074 53,890 52,718 +
     Commercial Accounts 6,415 6,401 6,368 o

Notes:

*”Earnings needed” is the household income necessary to purchase an average-priced home in La Plata County.

**Sales tax for Durango includes Use Tax.

Sources: Employment: Colorado Department of Labor and US Census Construction & Housing: City of Durango, La Plata County, Mortgage-X.com, and the Wells Group  Travel & Tourism: City of Durango, Durango Area Tourism Organization (DATO), and Durango & Silverton Narrow Gauge Railroad   Gas & Oil: Colorado Oil & Gas Conservation Commission  Other: City of Durango (Sales tax and business permits), La Plata County Treasurers Office (Foreclosures),  and LPEA (Energy Use) (LPEA data is unaudited)

Across the Divide 5/11/18: Who is driving the population growth?

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Across the Divide

New ideas from around the world that could impact your business here in La Plata County!
Brought to you by your La Plata County Economic Development Alliance

May 11, 2018

In the April 6th Across the Divide, we talked about Census data showing that mid-sized cities and suburbs were making a comeback.

It’s not just anyone that is driving that population growth though.  Anecdotal and increasingly statistical data is suggesting millennials are powering this trend:

https://www.curbed.com/2018/5/1/17306978/career-millennial-home-buying-second-city

Author Patrick Sisson finds that millennials can “boomerang” to midsized cities under the right conditions.  First, it is typically millennials who are “settling down” and either getting married or considering starting families.  Second, the economics also have to work: generally, the communities need to be cheaper than the big cities; as well as afford good home ownership opportunities.  Finally, there should also be better career opportunities available.  The article also finds that an increasing number of tech jobs are locating to smaller cities.  Other writers, such as Joel Kotkin at City Journal, have documented that there has been strong growth in professional service jobs within small cities which could also be creating opportunities.

Are millennials moving to La Plata County?  Over the last 16 years, the 25-39 year old population has been growing, at best, at the same pace as the county overall.  Usually it’s slower though.  But in the City of Durango, the story is startlingly different:

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In the 1990s, barely anyone between 25 and 39 years old moved to Durango. However, in the 2000’s growth in the 25 to 39 year old age group was almost two times faster than the city as a whole.  So far this decade, growth in older millennials is three times as fast as the city overall.

Durango is not only offering more professional opportunities, but remote working is allowing talented young individuals to work from anywhere.  It is getting harder to find couples in and around Durango where at least one of them isn’t working remotely.  If we lack local opportunities, high speed internet is allowing many young professionals to fill the gap.

So, it seems like Durango at least is seeing the millennial boomlet that other small cities are experiencing.  Will other areas in La Plata County benefit?  Only time will tell!

-Roger Zalneraitis, Executive Director

If you come across an article on business, politics, or economics that can have an impact here in the Four Corners, send it over to info@yeslpc.com and we will give you a special thank you courtesy of the investors in the Economic Development Alliance!

 

May 2018 Investor Meeting

Be the first to know about important local issues…

Join Us for the May Investor Meeting
Tuesday, May 8, 2018
7:30 am – 9:00 am
La Plata County Fairgrounds
2500 Main Ave, Durango

Meeting documents are available by clicking on the links below:

Agenda
Balance Sheet
Statement of Operations

Thank You to our 
May Coffee Sponsor! 

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We look forward to seeing you next week!

Thank You,
Roger Zalneraitis
Executive Director