Building new apartments in Colorado might actually help boost the economy.
Housing is one of the factors that keeps the economy down and though things are looking better, Colorado isn’t out of the woods yet.
“I think the single biggest issue is housing,” Bruce Alexander, President and CEO of VectraBank, said. “Usually housing recovery pulls us out of an economic recession but this time I’m concerned about it; there doesn’t seem to be much traction. There’s a high inventory of unsold homes; we’re still tenth in the U.S. in terms of foreclosures.”
Because the purchase of homes is down more and more people are looking to rent apartments in Colorado.
“We’re going to see some 3,000 to 4,000 apartments built in the next year and that’s great for job creation,” Alexander said.
New apartments and tourism are the two things the state is counting on to turn the economy according to https://www.9news.com/money/204311/344/The-good-the-bad-the-ugly-Colorados-economy.
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