Vail Valley Voices: We’re making our own snow in Vail
Vail, CO, Colorado
Editor’s note: The following is an excerpt from the Vail Homeowners Association monthly report for December. We publish weekly excerpts from the association, which keeps a close eye on economic and political trends in and outside of the town. The newsletter electronic version with links to supporting documents is available at http://www.vailhomeowners.com
Winter season’s under way with the help of man-made snow: Snow making has again proven its investment value, enhancing the slopes for the opening of the winter ski season on Nov. 18.
Skiers will find the Vail experience further elevated this year by the opening of a new selection of high-caliber restaurants in town and on Vail Mountain.
Vail’s widening choice of quality dining is furthering its reputation for culinary excellence and diversity. The notoriety gained is a reflection of the increasing presence of high-value clientele, whose sustained loyalty is essential in attaining an enduring international reputation.
Year in review: Vail is seeing tourism beginning to pull its weight. Real estate sales, however, remain in the doldrums. Vail’s business climate overall is heartening, but season-to-season progress remains an edgy proposition depending upon a multitude of variables.
Both the town of Vail and Vail Resorts are holding their bottom lines on a steady course. The push locally to expand international trade continues to break new ground in Latin America, particularly Brazil.
Financial markets remain volatile, responding to worried speculation about insolvent sovereign debt, energy production and bubbling emerging economies. Production is falling off in both European and Asian markets.
The effects of the Great Recession are not yet ending. In the U.S. manufacturing shows improvement; construction and housing do not.
Consumer debt is the lowest it has been in many years. The people who have jobs are doing well and are in much better financial shape. Their higher education and experience make them more competitive in the new economy.
These people have money and now they’re spending it. They’ve been working hard and haven’t been on vacation in some time.
Vail’s tourism economy is the beneficiary of these trends.
Town of Vail finances are better than most: Sales tax results for the third quarter report double-digit increases of 16.81 percent over the prior year. Town revenue highlights through the end of November show total town revenues across all funds revenues of $42.2 million are up 5.3 percent from budget and down 6.7 percent from last year because of a decrease in real-estate transfer tax collections.
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