4th Quarter highlights from the Economic Council
Real estate sales and transactions in the 4th quarter of 2007 were down compared with previous years. However, 2007 was a record real estate year for Eagle County reporting $2.96 billion in sales. The average price for all real estate transactions in Eagle County was $1.1 million, nearly 25% over the 2006 average.The number of building permits issued dropped in 2007 when compared with 2006 by 18% and 4.6% in the towns and the county respectively. All the towns and the county reported a drop in permit valuations in 2007.State sales tax collections, were up in Eagle County and the Town of Vail. The Town of Gypsum saw a 45.5% state sales tax increase in 2007 when compared with 2006. Red Cliff saw a 21.4% increase. Eagle County’s unemployment rate in the 4th quarter of 2007 held steady around 3%, indicating virtual full employment. Colorado state unemployment increased to almost 4.5% during the same period.Increases in plane traffic during October and November caused growth overall for the fourth quarter 2007. Enplanements in December were actually down: 23,478 in 2007 compared to 25,104 in 2006 and 23,652 in 2005.Among neighboring resort Counties, Eagle County collected the most state sales tax, $39 million and was second in ownership tax per registered vehicle ($138 per vehicle to Pitkin County’s $153.)To view or download the entire Quarterly Report: 4th Quarter 2007, use our ‘Resource Center’ quick link to access our ‘Data, Reports, and Tools’ folder. http://www.economiccouncil.biz/doc/toc.asp?assn_id=12818&link_id=78670
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Are we seeing more bears because there are more bears on the valley floor, or because we’re all spending more time at home? It could be a bit of both.