Economist: 6 months until Denver recovers

KUSA - A report, compiled by The Metro Denver Economic Development Corporation (Metro Denver EDC), says recent corporate announcements and an improvement in our region's business climate bode well for future job growth.

In its Monthly Economic Summary for November 2009, the EDC says entities such as Conoco-Phillips, SunRun, a San Francisco-based solar energy company, and German-based SMA Solar Technology AG will all start Colorado operations in the next few years.

"This is a very big deal for Colorado we're excited that not only are we being recognized across the country for our renewable energy capabilities, but now, also across the globe," Metro Denver EDC Chief Economist Patty Silverstein said.

The report goes on to say that Houston-based Conoco-Phillips is currently redeveloping the StorageTek campus in Louisville and will employ as many as 7,000 workers in the long term.

The report cautions there are still challenges to overcome citing a loss of about 66,000 jobs in Denver in just the last year.

Silverstein says national labor markets also remain weak and recovery could take a while to trickle down to our area.

"Job growth is still scarce and the reality is that even as we are starting to see positive signs at a national level with GDP growth it's still going to take a while for that to be translated into employment growth in our region," Silverstein said.

Silverstein says the housing market is a mixed bag.

"On the residential side those home prices are certainly a bit more stable. Commercial markets we're still watching very carefully. We're still determining that there's going to be a little bit of pain in those markets," she said.

Silverstein says it could take up to six months for Denver to see a true recovery.

For more information, visit the Metro Denver EDC website.