The Enid News and Eagle, Enid, OK

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March 27, 2008

Local indicators show no sign of pending recession

Economic and real estate figures from the end of 2007 certainly are encouraging for the Enid area during this time when there’s national talk of an impending recession.

Real estate in Enid and Garfield County seems to be holding its own, according to local officials. Reports from 2007 have shown increases in homes sales and home values.

Figures released for the fourth quarter of 2007 also show Enid’s retail sales sector was strong going in to 2008.

And, we continue to see some business development and growth, new businesses planned and new homes being built. We’re also seeing companies, such as StarTek and Advance Food Co., raising starting salaries over the last few months.

Those are certainly positive economic indicators recession woes haven’t affected Enid or Garfield County yet.

These positive figures are certainly something the business community can build on. Economic conditions are tied to the state of mind of the consumers. With all the national talk about recession, it often becomes a self-fulfilling prophecy. People hear bad news about the economy, so that affects them emotionally about their own finances. So good news about the economy certainly can help put consumers’ minds at ease.

There are very real indicators, however, consumers are concerned primarily about rising fuel prices. Fuel prices affect the costs of goods and services, and when those prices rise, so does the general cost of doing business. This may be one reason why retail sales have shown strength locally, and local retailers should do all they can to capitalize on this opportunity.

Local consumers should be cautiously optimistic about the future based on these recent strong reports. They should also pay attention more to what is going on locally with the economy than worry about what is being reported nationally.

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