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January 11th, 2010 6:33 AM
Farmington Daily Times, "Unemployment at 8.9% in the County". Unemployment in San Juan County rose to 8.9% in November which is reportedly the highest level in the State. The San Juan County economy relies, to a large extent, on extractive industries including coal mining and oil and gas exploration. Natural gas prices fell into the low $2.00/MMCF in late summer due to many factors including fears that new supplies, the new shale plays in the northeast and north, could glut the market and lead to an oversupply in the future. This, coupled with the national recession, led to layoffs in the area and a general slowdown of the San Juan County economy. In spite of this, the area market has been essentially stable although some segments of the market including manufactured homes and properties in the higher price ranges are curretnly over supplied which will likely lead to a softening of prices in the future. Once interest rates rise and the tax incentives expire, the market overall will most likely soften.

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Posted by Robert Dinning on January 11th, 2010 6:33 AMPost a Comment

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