Colorado to gain jobs in ’10, forecast says
The Denver Post
Colorado should see job growth returning and home prices start rising again this year as the U.S. economic recovery gains traction, according to a forecast Wednesday from Vectra Bank Colorado.
The U.S. economy should grow 2.5 percent to 3 percent this year, adjusting for inflation, predicted economist Jeff Thredgold at Vectra Bank’s 17th Annual Economic Forecast Breakfast.
While not especially robust, that recovery and a global rebound are the two precursors needed for Colorado to enjoy consistent job growth again.
“Colorado will move out of its own recession by the latter part of 2010,” Thredgold said.
Still, the need to unwind the massive debts accumulated by households, businesses and government will translate into a recovery sluggish in its pace and volatile in its temperament.
“The recession has left a swath of damage and challenges to be addressed in 2010,” said Patricia Silverstein, who presented her forecast on behalf of the Metro Denver Economic Development Corp.
Nonfinancial debt in the U.S. equals nearly 250 percent of the nation’s economic output, compared with 157 percent on average in past decades, noted George Feiger, chief executive of Contango Capital Advisors.