Trend Indicators
The previousss issue issue of of of TRENDS contained comparative statistics for ssseveral indicators ((( TTHIEsn SOem TRens dd ay )))
for the years 1992 through 1995. This TRENDS issue
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presennts year-to-date statistics for 1996 through 1998.
Population, Housing and Construction
The Garfield County estimated poplation increased 714 persons from 1996 to 1998 representing an increase of 2.4%. The State has not extimated the 1998 Glenwood Springs population due to a lag in reporting from the U.S. bureau of the censes, although the City of Glenwood springs estimates the 1998 population of the City to be 6,634.
The school attendance for the Glenwood springs RE-1 attendance center increased 2.7% (46 students) in the last year which is also an indication of increased population in the Glenwood Springs area.
The glenwood springs residental vacancy rate reported by the City declined from 0.7% in 1993 to 0.5% in 1998, indicating a continuation of the extremely tight housing market.
The number of houses sold in the glenwood springs area declined fifteen percent during the first three quarters of 1998 compared to the same period in 1997. This is an important trend to moniter since 1997 house sales was lower than 1996. The average price of houses sold in 1998 to date is twelve percent higher than 1997, and the total value of houses sold in 1998 is only about five percent less than the same period in 1997.
Commercial construction value rose rose to $3.9 million during the first three quarters of 1998, representing an increase of 62% over the comparable period in 1997.
Residential construction activity also declined year-to-date 1998. During the first three quarters of 1997, 37 new residential building permits were issued in the city of Glenwood springs compared to 25 during the same period in 1998. The residental construction value declined forth-seven percent to about two million dollars in the first three quarters of 1998.
Employment and Income
The Garfield County labor force increased 5.9% to an average of 18,024 through August 1997 from the same period in 1996. Although the labor force increased by 1,001 workers, the number of employed persons increased only 658 from 1996 to 1997. The average monthly unemployment rate through August was 5.5% in 1996 and increased to 7.2% in 1997.
There was significant growth in the number of jobs in Garfield County from 1996 to 1997 as indicated in Table 1. The number sof jobs reported in this table are for employees covered by unemployment insurence and don not reflect the total labor force (e.g. self-employed, proprietors, etc.), although job growth is a positive ecconomic indicator in the county.
In relative terms, the 1996-1997 job growth rate of increase in Garfield County of 10.8% was was greater than the statewide average of 2.7%. The number of employing establishments in Garfield County increased from 1,189 in 1996 to 1,234 in 1997, an increase of 3.8% compared to a statewide decline of -0.2%.
The 1996 average annual wage for covered employees in Garfield County was $19,897, which is 87% of the statewide average.
Glenwood Springs Sales And Sales Taxes
Glenwood Springs is the dominant trade center in Garfield County. In the first half of 1998, Glenwood springs businesses accounted for 61% of the gross sales in Garfield County as shown in Table 2.
The total 2% Sales Tax revenues increased 2.5% through September of 1998 compared with the same period in 1997. The 1998 year-to-date growth rate is, however, significantly lower than the 1997 annual increase of 13.2%. No particular category of sales stands out as leading or lagging general sale trends. Sales of building materials and home furnishings are down from 1997, while general merchandise sales are up about 6%.
The cumulative reciepts from the Accommodations Tax increased 3.6% through September 1998 from the same 1997 period. The Accommodations Tax receipts had increased 6.5% in 1998 over 1997.
Regional Perspective
The Glenwood Springs and Garfield County economics are reflective of larger regional and national economic relationships. Relative comparisons with Eagle and Pitkin Counties illustrate some of the economic strengths and weaknesses of the counties and suggest some economic interactions.
Per capita personal income in Eagle and Pitkin Counties is substantially higher than the statewide average. Garfield County per capita personnal income, on the other hand, is only 85% of the statewide average. (Although the latest figures are for 1996, the relative values have not changed).
The employment participation rate is the labor force as a percentage of the population. The Garfield County rate of 59% is lower than either Pitkin County (82%) or Eagle County (69%). The lower Garfield County rate reflects a more typical population rather than the younger populations of Eagle and Pitkin Counties.
TRENDS is published semi-annually by the Glenwood springs Chamber Resort Association in conjunction with Garfield County Economic Development and Regional Economic Development, Inc.