This post is brought to you by Cordell Construction Projects.
The last few years haven’t been great for a majority of the country in regards to the economy. One example is construction companies and home builders. They were hit really hard with the economic downturn as prices on existing properties plummeted.
I was a bit isolated from the beginning of the down turn as I was just graduating from college after the worst had hit. I had secured a job right before the economy nose dived. Prior to graduating the company laid off 20% of their workforce in the first layoff ever for the company. That made me have my doubts whether or not they would hold up their end of the deal. I am happy to say that they upheld their end of the deal when I graduated.
I don’t have a ton of experience in knowing what an economic turnaround or booming economy feels like because of the economy I graduated into. The media often talks about how anemic this recovery has been and the fact that it almost doesn’t even seem like a recovery. Despite these facts I’m starting to see signs of life from the economy where I live. I’m no expert but I’d say things are slowly starting to get better.
Why I Think the Economy is Turning Around Where I Live
There are quite a few reasons why I think the economy is turning around where I live. The most noticeable trend has been all of the new construction projects that have been popping up all over town. I know a friend who is having a nice home built in a brand new subdivision. I would think a new subdivision wouldn’t be started unless the economy was coming back.
I have also seen tons of commercial buildings popping up all over town. I’ve seen new restaurants start up and many franchises building new stores around our town. I’ve also seen local companies build new buildings for what I imagine is a growing business. All of these construction projects add a nice boost to our local economy.
Record Tourist Tax Revenue
It isn’t just construction that makes me think things are turning around either. I live in a tourist destination and all of the reports that have been coming out point to this being the best year ever for our town! Bed taxes (short term hotel taxes) have hit records for many months this year. This isn’t due to an increase in the tax rate but instead is from an increase in nights spent in our area. The longer people stay the more money they’ll likely inject into the local economy!
While things are far from perfect I think my local area is finally starting to see a turn around. It may just be a local phenomenon but hopefully it expands to the rest of the country soon enough. I’m sick of hearing about the doom and gloom on the TV and radio and I’m sure you are too!
How is the economy fairing in your area? Do you think it has begun to turn around or do you think the worst is yet to come?