April 2007 - Interest Notes

Northern Chapter luncheon features economic update

The 45 individuals who attended CMLA’s Northern Chapter luncheon March 20 got the chance to hear from northern Colorado’s top economic development team. Maury Dobbie, President and CEO of the Northern Colorado Economic Development Corporation (NCEDC) and Dr. Martin Shields, Associate Professor of Economics, Colorado State University, (and a key player in a new partnership between NCEDC and CSU) both shared their insights on economic activity and progress in northern Colorado.

Ms. Dobbie’s presentation covered the activities and purpose of the NCEDC, which is the only organization in Larimer County to be completely dedicated to preserving and increasing primary job opportunities for local residents. When it comes to the importance of that mission, Ms. Dobbie noted, “It’s critical to remember that a good job is the beginning of a good life. Sustaining and enhancing the economic vitality of Northern Colorado while maintaining an environment and quality of life is what we’re about.” Ms. Dobbie also noted that while a healthy competitive environment exists in northern Colorado when it comes to what city or county gets a particular employer, there is no hostility. “We all work well together,” she said. “Everyone realizes that strong employment in northern Colorado benefits everybody.”

Dr. Martin Shields provided an analysis of economic growth and opportunities that exist in northern Colorado. He shared that moderate economic growth (about 2.8%) is expected in 2007. Dr. Shields doesn’t expect any big losses in manufacturing and expects the healthcare industry to continue to grow in northern Colorado. He noted that any hike in mortgage interest rates could have a negative impact on the economy and that some ripples and fallout from the sub-prime market were taking their toll on housing. Dr. Shields also noted that while unemployment is low, pay is also low relative to the region. “When the average salary in Weld and Larimer counties is $36,000 and the mortgage payment goes up substantially, that can cause serious problems for some people,” he noted. To conclude, Dr. Shields noted that areas to watch and monitor include the slowdown in residential construction, lots of retail projects but fewer retail jobs, and manufacturing jobs.