Mesa County's economic landscape has shown mixed signals in 2024, with a notable slowdown in the labor market despite some positive developments in housing and inflation. Employment figures dropped from 74,145 in June 2023 to 72,993 in June 2024, with a slight recovery to 73,022 in the second quarter. The unemployment rate in Q2 was recorded at 3.9%, a slight increase from 3.8% in Q1 [e11d41ce].
On a more positive note, total building permits issued in the county reached 3,792, which is comparable to last year's total of 3,880. Notably, single-family home permits surged by 46.98%, increasing from 232 to 341, indicating a robust demand for new housing [e11d41ce].
Inflation has also shown signs of easing, falling to 2.5% as of August 2024, while U.S. GDP growth was reported at 3% in Q2 2024. This decline in inflation may contribute to a more favorable economic environment for residents [e11d41ce].
Rental prices in Mesa County have increased by 4.9%, rising from an average of $1,514 to $1,589, reflecting ongoing demand in the rental market. Meanwhile, mortgage rates have decreased, with 15-year rates dropping from 6.43% to 5.68% and 30-year rates from 7.07% to 6.5%, potentially making homeownership more accessible [e11d41ce].
In terms of economic activity, sales tax revenues increased by 2.44%, totaling $31,579,669, and new business filings rose slightly from 2,561 to 2,584. Additionally, foreclosure filings decreased from 65 in Q2 2023 to 45 in Q2 2024, indicating improved stability in the housing market [e11d41ce].
In the energy sector, Mesa County approved 23 drilling permits in 2023, contrasting with a decline in drilling permits statewide, suggesting a localized growth in energy exploration [e11d41ce].
