Summer 2014

October 8th, 2014 by Daniel Lee

Slowing Recovery

The economic activity decreased in Coos County between summer 2014 and summer 2013. The Economic Index fell for the first time since Winter 2013 on a year-over-year basis. The pace of growth decreased steadily for three straight quarters. Though, three of the five component indicators still remained up from their 2013 summer levels. The decline in the economic activity was attributed largely to the struggling goods-producing sector and the stagnant labor market. Number of employed residents declined two quarters in a row on a year-over-year basis, while industrial electricity sales fell after increasing two consecutive quarters. The County’s housing market activity fell; both home sales and median home prices decreased from a year earlier. On a positive note, the tourism sector continued to grow; both average Saturday vehicle traffic counts and spending at lodgings were up from the prior year. But the pace of growth in spending at lodgings declined three straight quarter.

The State’s economy remained on track to recovery in summer 2014. The State Index increased 16 consecutive quarters on a year-over-year basis. All five component indicators remained up from the prior year. But, the pace of growth fell after increasing two straight quarters. The industrial sector continued to get stronger; industrial electricity sales grew ten consecutive quarters. The labor market remained strong as well; the number of employed residents expanded on a year-over-year basis. The tourism sector continued to be a force behind the recovery; Saturday vehicle traffic counts rose five quarters in a row and spending at lodgings increased six consecutive quarters on a year-over-year basis. The state’s housing market cooled off; home sales declined from prior year for the first time since summer 2011. Lastly, we are excited to announce an addition of a leading indicator for the state’s tourism industry. It is reported at the bottom of the leading indicator section.

Spring 2014

July 9th, 2014 by Daniel Lee

Recovery continued at modest pace.

The economic activity increased in Coos County between spring 2014 and spring 2013. The economy registered positive growth for the fifth consecutive quarter on a year-over-year basis, although the pace of growth declined two straight quarters. Four of the five component indicators were up from their 2013 spring levels. The tourism sector continued to lead the county’s economic recovery; both average Saturday vehicle traffic counts and spending at lodgings remained up from the prior year. The good-producing sector gained momentum; industrial electricity sales increased two consecutive quarters on a year-over-year basis. As a cautionary note, there were some early indications that the recovery may be slowing down. Number of employed residents declined from prior year for the first time since winter 2013. In addition, the pace of growth in spending at lodgings declined two straight quarter. The County’s housing market hit the brakes; both housing sales and median home prices were lower than their 2013 spring levels.

The State’s economic recovery gained momentum and widespread in spring 2014. The State Index increased 15 consecutive quarters on a year-over-year basis. The pace of growth rose two straight quarters. All five component indicators remained up from the prior year. The industrial sector gained momentum; industrial electricity sales grew nine consecutive quarters and its pace of growth increased three straight quarters. The labor market stayed the course on recovery; the pace of increases in the number of employed residents accelerated. The tourism sector continued to be a force behind the recovery; both average Saturday vehicle traffic counts and spending at lodgings were higher than their spring 2013 levels. The state’s housing market showed signs of cooling off; the pace of increases in median home prices slowed for the first time since Fall 2012.

Winter 2014

April 10th, 2014 by Daniel Lee

Economy chugged along amid severe winter weather.

In Winter 2014, the County’s economy remained on its path of economic recovery despite severe winter weather. Although the winter storms dampened the pace of growth, the County Index increased four consecutive quarters on a year-over-year basis with all five component indicators up from their 2013 winter levels. The good-producing sector started growing again; industrial electricity sales was higher than the prior year for the first time since Spring 2011. The labor market continued to improve; both number of employed residents and estimated wages and salaries were up from a year earlier. The tourism sector remained strong as well; both average Saturday vehicle traffic counts and spending at lodgings remained up from the prior year. The County’s housing market appeared to have reached a plateau; housing sales declined for the first time in two years, while the pace of increases in housing prices fell for the third quarter in a row.

The State’s economy advanced in Winter 2014. The State Index increased 14 consecutive quarters on a year-over-year basis. The pace of growth rose four straight quarters. All five component indicators remained up from the prior year. The industrial sector was stronger; industrial electricity sales grew eight consecutive quarters and its pace of growth increased two straight quarters. The labor market continued its recovery as well; both number of employed residents and estimated wages and salaries remained up from the prior year. The tourism sector grew stronger; both average Saturday vehicle traffic counts and spending at lodgings continued to grow at faster clips. However, the leading indicators showed a mixed picture regarding the future economic activity. Only one of the four state leading indicators was up in February. The state’s housing market showed signs of cooling off; the growth rate of home sales continued to decline and fell to the lowest rate in two years.