The Vail Valley Partnership, in our role as the regional chamber of commerce and destination marketing organization in Eagle County, expanded our role earlier this year by merging the operations of the Economic Council of Eagle County into our business operations.
This consolidation has had numerous benefits as the Partnership and Economic Council have many mutually shared goals. Specifically, the Economic Council of Eagle County promotes long-term economic health for Eagle County. We focus on countywide retention of workforce and recruitment of sustainable new business. We do this in party by providing relevant economic data and analysis, offering economically focused programming and promoting relationship building between governments and the private sector.
Some of our recently published research, as well as other indicators from local municipalities, helps shed light on the continuing economic recovery:
Unemployment:
Good news: our unemployment rate in Eagle County through May has improved from prior highs in 2010 and 2011.
Bad news: our unemployment rate in Eagle County through May is still much higher than pre-recession levels of 2007 and prior.
Complete report on unemployment numbers in Eagle County from 2005 – 2012, view the data here
Workforce Report:
Good news: More businesses are hiring. And nearly a third (30%) of respondents think
the economy in Eagle County 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). Survey respondents are feeling more optimistic about their own businesses too – 86% say the outlook is “about the same” or “better”, compared to 63% who gave that economic outlook last year.
Bad news: Eagle County has experienced a shrinking of the labor force, from a high
of nearly 32,000 in 2008 to 29,425 in 2011. The number of employed people dropped by 4,000 in that time period (a drop of 12.5%). The number of businesses went from a high of 3,611 in 2008 to about3,200 in 2011, a decline of just over 11%.
Complete workforce reports from 2007-2011, view the data here
Real Estate & Housing:
Good news: Land Title’s monthly market analysis shows a steady increase in month-over-month sales growth in both number of transactions and revenue. Slifer, Smith & Frampton Real Estate recently reported pre-recession inventory levels.
Bad news: Foreclosures in Eagle County are on pace to set another record, if first quarter numbers predict the year’s total. So far in 2012 (January – March), 209 foreclosures were filed, compared to 120 during the first quarter of 2011.
Complete real estate reports, view the data here
Tourism Indicators:
Good news: Vail completed the winter season with record sales tax collections, Vail’s lodging occupancies compare very favorably with other mountain resorts and Vail’s sales tax growth is very strong compared to other mountain resorts.
Bad news: Lodging rates are not growing at the same rate as occupancies and numerous mid-week gaps still exist.
Complete Town of Vail reports, view the data here
The Economic Council and the Vail Valley Partnership will continue to measure and report on local economic indicators, workforce reports and real estate trends. We also work closely with regional groups and state-wide efforts to enhance our tourism industry and to pursue economic development opportunities for Eagle County.
I can be reached at cromer@visitvailvalley.com, 970-477-4016 or at the Vail Valley Partnership offices at Traer Creek Plaza in Avon.
The Vail Valley Partnership (VVP) is a regional leader in sustaining & enhancing the Vail Valley as a tourism destination and as a place to do business by contributing to the identity and economic wellbeing of the Eagle River Valley. The VVP takes a leadership role to bring groups, meetings, events and leisure visitors to the Vail Valley for the economic benefit of the community and our member businesses.
Chris Romer is the executive director of the Vail Valley Partnership and the Economic Council of Eagle County.