A variety of local economic research is right at your fingertips at the Economic Research Center. Many reading this may ask: “the Economic What?”.
The Economic Research Center is a project of the Vail Valley Partnership and the Economic Council of Eagle County and is home to a variety of research efforts. There is a plethora of information available to business owners, those looking to relocate a business in Eagle County or someone looking to expand their business.
The past few years have been challenging both locally and nationally. One constant remains: businesses need data. The Economic Research Center has information on local economic indicators, demographics, labor force reports, local housing information and more. There are also helpful links to other entities that have research available to businesses, including the Northwest Council of Governments, the Colorado Association of Commerce & Industry and all our local municipalities.
The Economic Council of Eagle County recently completed the 2012 Workforce Report for Eagle County. Since2006, the Economic Council of Eagle County has asked employers on an annualbasis about their business outlook, their employees, and their forecasts for the future. Complete results of this year’s survey are available at
www.vailvalleypartnership.com.
The Economic Council invited employers to participate in this research by sending them an email link to an online survey. The Vail Valley Partnership and its member associations throughout the county included information and the survey link in their online newsletters, and area non-profit organizations were invited to weigh in as well.
“Cautious optimism” might be the best way to recap the feelings from the business community. For the first time since 2007, the report showed strength in the labor force with an increase in vacant jobs. In addition, nearly a third (30%) of respondents think the County economy is better off than last year. quite a change from the 2008-09 survey, when only 2% said the economy was better (and 89% said things looked worse). Respondents are feeling more optimistic about their own businesses too – 86% say the outlook is “about the same” or “better”, compared to the 63% of respondents who gave that economic outlook last year.
As we gaze into our crystal ball and try to predict the future, employers have done a pretty good job over the last few years forecasting Eagle County’s economy. There is a sense that things are looking up, with 39% seeing improving trends, and another 43% thinking that the economy will be about the same. Only 9% say “things are getting worse,” and the same number aren’t venturing any guesses (9% responded “Don’t Know”).
As part of the survey, we asked employers, “What are your predictions for 2012, specifically for your business?” There’s still some lingering uncertainty; 6% say they don’t know what next year will bring. About the same percentage think their business will be worse off next year, the lowest negative rating since we began asking this question. Two in five are predicting “the same,” and another 2 in 5 say they predict improving trends for2012-13.
Some key conclusions from the 2012 Workforce Survey:
✓ Employers are positive. They see improving trends both for their own businesses and for the county as a whole.
✓ Housing is starting to be on the radar again as a workforce issue. Employers believe that as the economy ramps up again, the need for workforce housing will too.
✓ Providing health insurance for employees is a major challenge.
✓ Layoffs have slowed down, it’s a little harder to find employees, and there are some vacant positions.
✓ The H2B Visa program is no longer an effective source for hiring employees.
✓ Transportation should stay on the “watch list” as a potential difficulty for employees.
✓ There is a growing appreciation of the interconnectedness of towns in the valley, and the potential benefits of working together to strengthen the economy.
As always, I encourage all member businesses to get engaged with the Partnership and to contact us with any suggestions you may have tohelp us better serve you and for non-members to join the Partnership. Call us at (970) 476-1000 or stop by our offices in Avon at Traer Creek Plaza to share your feedback.