Economy Turnaround

Throughout 2002, our economy has taken a beating, but the experts say there is cause for optimisim in 2003. The numbers reveal a year in which all the major economic indicators were down.

There were 1,608 foreclosures in 2002. That's a 37% increase from the same time last year. Experts say they believe the increase is directly related to people who lost their jobs last year.

Where layoffs are concerned, more than 3,300 people have lost their jobs since the begining of the year. On a positive note, that's still less than last year's 5,000. But, experts say, in total jobs, the losses were not great. They say that indicates growth in other parts of the economy.

Two other key indicators were also down in 2002. City sales tax revenues through November are down 4.36%. Bankruptcies statewide hit a record high this year at more than 19,000.

The numbers do still show, Colorado Springs is an attractive place for businesses to relocate, and that could mean good news in the coming year.