In Colorado, economy rebounds, but not support for Obama

September 18, 2012

LA Times

Throughout Denver and its suburbs, the housing market is booming. Homes are being sold a day after they’re listed, prices are climbing, and contractors are scrambling to find the construction help they need. A growing economy typically bodes well for a president seeking reelection, but despite a Denver-area housing boom and other promising indicators, Colorado voters remain torn between Obama and Romney.

There are many reasons the economy around Denver is doing so well, said Ron Throupe, a professor at the Burns School of Real Estate and Construction Management at the University of Denver. The mining and high-tech industries have brought jobs to town, putting pressure on a real estate market that didn’t build much during the downturn. Young adults who moved in with their parents during the slow days of the recession are now moving out and looking for places to live. And there’s suddenly a perception that the market has nowhere to go but up, making buyers scramble to lock in the best prices they can. “It’s really been this year that we’ve seen the market get really aggressive in a short time period,” Throupe said.