You say you want to talk about inflation?
Economist expects job growth to slow in Boulder County
Wells Fargo expert says high cost of living will curb expansion
By Carly Schulaka
Camera Business Writer
The high cost of living in Boulder County likely will constrain future economic growth, says Dr. Sung Won Sohn, chief economist and senior vice president of Wells Fargo.
Sohn was in Boulder on Thursday afternoon when he spoke to about 85 local business people and Norwest Bank customers about economic conditions around the world and in Boulder County. Norwest and Wells Fargo merged last year.
Although Boulder County and the rest of the country is experiencing strong economic growth, a recession is bound to hit someday.
"A recession is going to come in the next year, or in five years," Sohn said. "Whenever it comes, Boulder might be looking for more businesses and more jobs. High housing prices are a constraint on that growth."
While the median home price in the United States in 1998 was about $130,000, the median price in Boulder County was more than $190,000, according to graphs supplied by Sohn. The median price of a Boulder County single family home in 1999 through March was $230,811, according to the Boulder County Assessor's Office. (cont)
bouldernews.com
Oh, sorry, I forgot, housing is not part of cost index.......
rh |
