As others see it: The recession's over?Knowing that the Great Recession ended June 2009 should make us all happier. Don’t you feel it?
By: Bemidji Pioneer, Worthington Daily Globe
Knowing that the Great Recession ended June 2009 should make us all happier. Don’t you feel it?
The panel of experts which studied all the economic indicators for the past few years determined that the recession ended in June 2009 and lasted 18 months. Even in Minnesota, personal income increased 0.8 percent in the year since then, placing it 12th in the nation. Before that, income had declined.
That might be all well and good, but at ground level it still feels like a recession. Home foreclosures continue, an indicator that bank credit still isn’t very fluid. Unemployment is still in double digits — where are the new jobs? And who has seen a pay raise recently?
Beltrami County still ranks high in the state for its number of homeless people. And even higher for the number of homeless youth and young adults. ...
So the Great Recession ended a year ago. There are very little signs of that recovery here. In fact, if it weren’t for the pipeliners last winter, many businesses would have been shuttered in Bemidji. Also, government contracts such as the Bemidji Regional Event Center, Bemidji Regional Airport and Highway 197 project have kept construction workers on the job.
There is hope, albeit slow. The opening next year of the Menard’s store will provide many new jobs. And hopefully that will spring into more businesses and services for our community, slowly beginning to hire those now on the unemployment ranks.
The Great Recession may have been over a year ago on paper, but it will take many years before results are seen in the field. ...