National Economic Picture
The Labor Department announced that the U.S. unemployment rate fell to 4.7 percent in January, its lowest rate in more than four years. (The Rocky Mountain News, February 4, 2006).
Home prices in Denver rose 4.2 percent over January of 2005. Prices were flat compared with December, signaling a shift to a buyer's market. The median price for a single family home in Denver is $245,000. (The Denver Post, February 10, 2006).
The Dow rose above 11,000 in February, pushed upward by better-than-expected retail sales figures for January and a drop in crude oil prices. The Commerce Department reported that retail sales rose 2.3 percent in January, beating the forecast of 9.9 percent and notching the biggest rise since May 2004. (The Denver Post, February 15, 2006).
Construction of new homes nationwide rose in January at their highest pace in more than 30 years. The Commerce Department reported that building activity was up 14.5 percent in January as compared with December. (The Denver Post, February 17, 2006).
Economic indicators monitored by the Conference Board, a private research group, rose sharply in January, indicating robust growth in the Spring. (The Denver Post, February 22, 2006).
Consumer prices rose in January at their highest rate in 4 months, fueled by rising encergy costs. (The Denver Post, February 23, 2006).
Across the U.S., new homes sat unsold at record levels, despite the warmest January in over 100 years. The Commerce Department reported that sales of new single-family homes fell by 5 percent in January--the slowest pace since January 2005 and leaving a record of 528,000 new homes unsold. (The Denver Post, February 28, 2006).
On the last day of the month of February, the Dow Jones Industrial Average fell by more than 100 points, due to a comination of investment concerns: weakness in homes sales, consumer confidence and manufacturing. (The Denver Post, March 1, 2006).
Local Economic Picture
