Printer friendly version2nd Quarter 2007
La Plata County's Economic Indicators
A Publication of the Fort Lewis College School of Business Administration
National, State, and Local Unemployment Comparisons
When comparing La Plata County with the national and Colorado economies with respect to unemployment and personal income, the local economy fares very well. The year started off with a January unemployment rate of 3.5%, down from 4.2% a year earlier. The most recent data from the Bureau of Labor Statistics indicates a preliminary unemployment rate of 2.6% for La Plata County in August of this year. La Plata County’s unemployment rate continues to remain below both the national and the state’s rates (see Table 1). Unemployment rates this year continue to remain below 2006 rates (see Chart 1).
TABLE 1 – Comparison of Unemployment Rates : National, State, Local
Area |
2006 Annual Average |
August 2007 |
United States |
4.6% |
4.6% |
Colorado |
4.3% |
3.6% |
La Plata County |
3.4% |
2.6% |
Sources: U.S. Department of Labor, Bureau of Labor Statistics and Colorado Department of Labor and Employment, Labor Market Information
CHART 1 – La Plata County Unemployment Rates: 2006/2007 Comparison
ECONOMIC INDICATORS FOR LA PLATA COUNTY
Note: Quarter to quarter comparisons will no longer be provided. Please contact Deborah Walker at the Office of Economic Analysis and Business Research (walker_d@fortlewis.edu) if you would like to obtain quarter to quarter data.
Tourism
Year to Year (Quarter Comparison) – Comparing the second quarter of 2006 to the second quarter of 2007, ridership on the Railroad (not including special events) increased by 1.17%, visits to Mesa Verde National Park decreased by 2.74%, enplanements increased 9.4%, and lodger’s tax revenue (adjusted for inflation) increased by 32.6%.
Retailing
Year to Year (Quarter Comparison) – Comparing the second quarter of 2006 to the second quarter of 2007, retail sales in La Plata County increased by 3.3% (adjusted for inflation).
Employment
Year to Year (Quarter Comparison) – Comparing the second quarter of 2006 to the second quarter of 2007, employment in La Plata County increased by 7.75%. Industries which have seen growth over the past few years have been local government, construction and information.
Agriculture
Year to Year (Quarter Comparison) – Comparing the second quarter of 2006 to the second quarter of 2007, alfalfa hay prices, adjusted for inflation, increased by 16%, while calf prices, adjusted for inflation, decreased 8%.
Industrial Activity
Year to Year (Quarter Comparison) – Comparing the second quarter of 2006 to the second quarter of 2007, industrial kilowatt-hours used decreased by 6%.
Population
Year to Year (Quarter Comparison)–Comparing the second quarter of 2006 to the second quarter of 2007, population (as measured by the number of new residential electric meters installed) in La Plata County increased by 2.5%.
Finance
Year to Year (Annual Comparison) – According to the Federal Deposit Insurance Corporation (FDIC), La Plata County’s banking deposits increased by 1.37% if we do not account for inflation (from $1,020,000,000 to $1,034,000,000). After adjusting for inflation, however, the deposits decreased by 1.32%. The FDIC information indicates that there are a total of 9 commercial banks in La Plata County with 19 branch offices.
Fort Lewis College
Year to Year (Quarter Comparison)–Comparing the second quarter of 2006 to the second quarter of 2007 (the end of the winter trimester plus the first two summer sessions headcount) Fort Lewis College enrollment decreased by 2.6%.
Construction
Year to Year (Quarter Comparison)–Comparing the second quarter of 2006 to the second quarter of 2007, the value of building permits issued by La Plata County and the City of Durango decreased by 9% (adjusted for inflation).
Energy Prices
Year to Year (Quarter Comparison)–Comparing the second quarter of 2006 to the second quarter of 2007, energy prices decreased by 0.27% (adjusted for inflation). Energy prices can be very volatile, changing drastically from one quarter to the next.
Real Estate
Year to Year (Quarter Comparison) - Comparing the La Plata County median residential housing price in the second quarter of 2006 to the second quarter of 2007, the price (adjusted for inflation) increased by 9.7%.
