Metro Denver’s economy is holding its ground, but falling home prices, rising inflation and the national slowdown are weighing on it, according to a monthly economic summary Tuesday from the Metro Denver Economic Development Corp.
“A milder housing correction has helped local retail sales remain reasonably strong,” wrote Patricia Silverstein, an economist at Development Research Partners in Littleton.
The seven-county metro area continues to add jobs, with 7,100 more positions in February than January.
Some statistics from the report:
• Despite the housing slump, metro consumers spent 9 percent more last year than they did in 2006. Retail sales rose 15.3 percent in Boulder County and 14.6 percent in Adams County.
• Metro foreclosures in the first two months of the year are up 24 percent compared with the first two months of 2007, with Douglas County experiencing a 136.8 percent increase.
• Homebuilders have cut back activity drastically going into 2008. They pulled 57 percent fewer home permits in January than in January 2007.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
