Springs Economic Recovery Steady But Slow
The Federal Reserve said this week that keeping interest rates low has helped the nation recover from a recession. However, economic analysts in Colorado Springs downplay the impact the Fed has on the local economy.
The Fed cited a notable decline in the national unemployment rate as a reason to hold off on any increase in the interest rate. But Fred Crowley, an economist at The University of Colorado at Colorado Springs, said the city is only indirectly affected by Fed policy.
“Part of the reason is because we’ve lost primary employers in the hi-tech industry that are hard to replace,” said Crowley. “The economy is slightly better and the job market is slightly better, but progress has been slow.”
Signs of that progress, Crowley said, are the unemployment rate decreasing to just above 8 percent, 1,500 more jobs being created compared to last year; and home sales rising 8.5 percent. But Crowley says other factors, such as the changing population at Fort Carson and gas prices, have a greater effect on the city’s economy.
“High gasoline prices will discourage automobile-driven types of tourism,” Crowley said. “We depend on that a great deal. A growing Fort Carson could add 4,000 to 5,000 jobs this year. That’s significant compared to when we lost 5,000 to 6,000 jobs.”
Sherman Swafford of the Pikes Peak Workforce Center agreed with Crowley’s opinion of a slow recovery, saying that the trend is reflected in unemployed people who come to the Center to apply for jobs.
“I do believe that employers are starting to add more people cautiously,” said Swafford. “But a lot of teenagers are struggling to get fast food and entry-level positions because adults are taking those positions.”
Swafford advises job seekers to remain focused and tailor their resumes to specific skills required by employers.
One job seeker is Heather Stegeman, a mother of three who said she feels more optimistic than she ever has about finding work in customer service or sales.
“About a month ago, it seemed like there was a break and there were more decent jobs,” she said. “There’s not a ton of stuff, but more is available than there has been. Not just junk like door-to-door sales.”
The Workforce Center has scheduled a job fair on April 12 at Mr. Biggs Family Fun Center. Swafford said last year, the fair attracted 58 employers and more than 1,700 applicants.
To post a job opening as an employer or to apply for an opening, visit connectcolorado.com.
