Coloradans’ growing confidence may be pushing the local economy in a positive direction.
The Metro Denver Economic Development Corp. reports that consumer confidence in metro Denver has hit a five-year high even as the region steadily adds new jobs.
The organization’s Monthly Economic Summary for June 2013 shows that consumer confidence rose to 89.1 – the highest point since March 2008 – in the Mountain Region, which includes Colorado. The index rose by 23.6 percent over the previous month and increased by 51.8 percent compared with May 2012.
The Monthly Economic Summary provides a snapshot of metro area economic activity, as well as its relationship to national and regional economic trends.
“Consumers are more optimistic about future job prospects and the state of the economy,” explains Patty Silverstein, president of Development Research Partners and chief economist for the Metro Denver EDC. “Consumer confidence jumped by almost 90 percent between April and May, which paints a positive picture for what's happening economically on many fronts in the Metro Denver region.”
Metro Denver’s employment picture also improved between March and April, as employers added more than 17,000 jobs and the unemployment rate dropped to the lowest point since December 2008.
Employment, unemployment and residential home sales were a few of the 16 Metro Denver indicators that moved in a positive annual direction in this report - the same number as last month. Fifteen of the indicators moved in a positive monthly direction, compared with 14 indicators in the previous report.
National consumer confidence also rose to its highest point since February 2008 in May, leading economists at the Conference Board to conclude that consumer confidence is on the mend after several episodes of uncertainty regarding federal policy decisions. The index gained 10.4 percent compared with the April number and was 18.3 percent higher than last year's level.
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