Economists: Self-Employed Drive Local Economy

According to the U.S. Bureau of Labor Statistics, the unemployment rate in Colorado Springs is at a two-year low.

Economists said the statistic shows that more people are working but not necessarily that they are getting hired by businesses.

Tom Binnings with Summit Economics said the number of those self-employed has increased, which has helped lower the unemployment rate.

“More people are going out and saying, ‘I’m tired of not working’ and they’re finding work,” said Binnings.

KRDO NewsChannel 13 spoke to Mike McGrath who lost his job a year ago. He told us that since then, he has been working to make ends meet and seeking self-employment with his wife.

“We’ve kind of jumped on full board with a pet-sitting business,” said McGrath.

Local economists said the unemployment rate is a sign that the economy is improving, but they pointed out a major concern.

The U.S. plans to cut about $500 billion from its defense budget. This week it was announced that more than 100 jobs are expected to be cut locally in the Air Force.

“Colorado Springs just needs to get focused as a community,” said Binnings.