One of my jobs as editor of a business journal is to pay attention to various indicators and what they, well, indicate, about the economy. Consequently, I spend a good portion of my time writing about unemployment rates, real estate sales and tax collections.  

I’m also something of a geek. Perhaps in another life I would have worked as an economist. I actually consider these sorts of numbers interesting and enjoy reporting on them. I came to the office at 6 in the morning to join in a virtual media briefing staged by the Conference Board in New York to go over its latest global economic outlook. I was happy to do so because I got to listen to some real economists talk about such topics as gross domestic product, labor shortages and inflation. It was like Christmas — and nearly as entertaining as listening to officials from the Federal Reserve talk in their peculiarly parsed fashion about their projections.

Of course, none of the indicators singularly suggests what’s going on in the economy. But connect all the dots, and a more complete picture emerges.

In Mesa County, for example, the monthly unemployment rate has trended down even as higher prices and large commercial transactions push the dollar volume of real estate sales to record levels. Tax collections continue to outpace not only 2020, but the past four years. It’s picture of a local economy that’s rebounded from the COVID-19 pandemic, but one also challenges from labor shortages and higher housing prices.

In reporting other business stories, it occurred to me I should add two more indicators to my list — grand openings and relocations.

Grand openings are scheduled for Nov. 13 for the Ordinary Fellow, a new winery in Palisade, and Nov. 16 for the Shamrock Foodservice Warehouse, a new store in Grand Junction that will serve not only restaurants and caterers, but also the public. That’s not to mention the recent relocation of Networks Unlimited into larger and refurbished quarters in Grand Junction.

There’s no direct correlation among grand openings, relocations and economic growth. Courageous entrepreneurs open ventures in the midst of challenging times, still confident they’ll survive and perhaps even thrive.
More generally speaking, though, grand openings and relocations indicate improving conditions — of businesses opening to meet demand or relocating to keep pace with growth. The news is more often good than bad.

I’ll keep reporting on other economic indicators — not only because I think it’s important, but also because I happen to think it’s fun. But I’m also eager to report on grand openings and relocations. Consider that a not-so-subtle invitation to business owners and managers to help me with the process and let me know in a timely fashion when they occur.

It’s part of my job to pay attention to various indicators. They’re so, well, indicative.

Phil Castle is editor of the Business Times. Reach him at 424-5133 or phil@thebusinesstimes.com.