Local economy shows signs of improvement

The sounds of circular saws and hammer guns and the sight of houses being framed and finished have been rare in Columbia during the housing market downturn. But in The Cascades, a subdivision at the southwestern corner of the city, there’s a flurry of homebuilding under way.
Steve Powell, the owner of Delta Systems Group, pointed out that six houses were under construction within blocks of his home in The Cascades.
(Additional details and photos are in the CBT Construction Update on Page 37)
“There is a little more activity now,” Rob Wolverton, president of R. Anthony Development Group, said.
The construction flurry can be attributed in part to the heavy snowfalls this winter. Builders were idle for most of the past three months, and are making up for lost time now that the weather has improved.
But Wolverton also said, “There seems to be a high sense of optimism in the market right now. The sense of dread is starting to go away.”
Other positive signs in the CBT’s monthly measure of economic indicators:
Hotel tax receipts were up nearly 8 percent in January and up about 1.5 percent in calendar 2010 compared with 2009. Sales tax revenue was up 4 percent in the latest monthly comparison. Home sales are up slightly, while the number of foreclosures in January was way down – 13 compared with 32 in January of last year.
Receipts
Hotel Tax Receipts
January 2011: $99,796
January 2010: $92,716
Change (#): $7,080
Change (%): 7.6%
1% Sales Tax Receipts
November 2010: $1,625,979
November 2009: $1,559,132
Change (#): $66,847
Change (%): 4.3%
LABOR
Columbia
Labor Force
December 2010: 93,539
December 2009: 91,990
Change (#): 1,549
Change (%): 1.7%
Unemployment
December 2010: 5,837
December 2009: 5,518
Change (#): 319
Change (%): 5.8%
Unemployment Rate
December 2010: 6.2%
December 2009: 6.0%
Change (#): 0.2%
Missouri
Labor Force
December 2010: 2,982,610
December 2009: 2,971,976
Change (#): 10,634
Change (%): 0.4%
Unemployment
December 2010: 275,410
December 2009: 275,320
Change (#): 90
Change (%): 0.0%
Unemployment Rate
December 2010: 9.2%
December 2009: 9.3%
Change (#): -0.1%
CONSTRUCTION
Building Permits
Residential
January 2011: 49
January 2010: 23
Change (#): 26
Change (%): 113.0%
Value-Residential
January 2011: $3,405,334
January 2010: $3,199,528
Change (#): $205,806
Change (%): 6.4%
Detached Single Family Homes
January 2011: 7
January 2010: 8
Change (#): -1
Change (%): -12.5%
Value-Homes
January 2011: $2,122,000
January 2010: $1,404,800
Change (#): $717,200
Change (%): 51.1%
Commercial
January 2011: 21
January 2010: 17
Change (#): 4
Change (%): 23.5%
Value-Commercial
January 2011: $1,529,000
January 2010: $2,032,700
Change (#): -$503,700
Change (%): -24.8%
Commercial Additions/Alterations
January 2011: 20
January 2010: 15
Change (#): 5
Change (%): 33.3%
Value-Additions/Alterations
January 2011: $1,379,000
January 2010: $2,000,000
Change (#): -$621,000
Change (%): -31.1%
HOUSING
Boone County detached
Single-Family Homes Units Sold
January 2011: 77
January 2010: 68
Change (#): 9
Change (%): 13.2%
Volume of Sales
January 2011: $13,286,516
January 2010: $11,268,910
Change (#): $2,017,606
Change (%): 17.9%
Median Price
January 2011: $157,500
January 2010: $140,550
Change (#): $16,950
Change (%): 12.1%
Months of Inventory
January 2011: 13.0
January 2010: 15.3
Change (#): -2.3
Change (%): -15.0%
Foreclosures in Boone County
January 2011: 13
January 2010: 32
Change (#): -19
Change (%): -59%
COLUMBIA REGIONAL AIRPORT
Passengers on Arriving Planes
January 2011: 2,533
January 2010: 1,783
Change (#): 750
Change (%): 42.1%
Passengers on Departing Planes
January 2011: 2,630
January 2010: 1,755
Change (#): 875
Change (%): 49.9%
UTILITIES
Water Customers
January 2011: 45,029
January 2010: 44,512
Change (#): 517
Change (%): 1.2%
Electric Customers
January 2011: 45,493
January 2010: 45,135
Change (#): 358
Change (%): 0.8%
Sewer Customers – Residential
January 2011: 40,731
January 2010: 40,277
Change (#): 454
Change (%): 1.1%
Sewer Customers – Commercial
January 2011: 3,636
January 2010: 3,531
Change (#): 105
Change (%): 3.0%
Contributors include: Laura Peveler, Karen Johnson, Sean Moore, Linda Rootes, Sarah Talbert and Lee Terry
Compiled by David Walle