Tuesday, September 29, 2009

Businesses Put Economic Indicators in Real Terms

In today’s regular update on economic indicators, we learned that the County’s resident employment was 489,000 in July—a decline of nearly 14,000 from July 2008. Also, the value of new construction starts for residential projects is below $158 million to date in 2009 compared to nearly $210 million over the same period last year.

At my invitation, representatives from the business community joined us to explain what these and other indicators mean in real-life terms. Our guests told us that their small and mid-sized businesses were continuing to see revenue losses of up to 40%. While business owners continue to try to avoid layoffs, they asked the Council to consider the fiscal impact of legislation on businesses. Indeed, we need to do just that, and I am continuing to meet regularly with the business community to try to find solutions as we all work our way through the troubled economy.

The full discussion will be re-broadcast on CCM channels Comcast 6, RCN 6 and Verizon 30 on October 2 at 7 p.m., or you can find it online at www.montgomerycountymd.gov.

1 comment:

Anonymous said...

Yes, the business climate is difficult, and we need to keep in mind that our region is not suffering as much as other areas.

We also need to recognize that neighborhoods are suffering, many very seriously and need support to recover from these hard times.

Somewhat dismissively, DHCA refers to these very stressed communities with their lower and lower property values as "naturally-occurring affordable housing."

How sad. Folks are underwater and the county is not eager to see their way to help neighborhoods.