A state of recovery? Colorado edition.

July 29, 2010

In preparation for Housing and Urban Development (HUD) Deputy Secretary Ron Sims’ visit today to Pueblo, Colorado to discuss the American Recovery and Reinvestment Act (aka the “stimulus”) and Washington’s plan for the road ahead, below are some facts to consider:

Colorado’s share of the $862-billion “stimulus” bill awarded: $3,697,240,000
(=1.8% of the $202 billion that has already been given to states).

Colorado’s share of population = 1.6%

Colorado’s unemployment rate was 7.3% when the “stimulus” was enacted in February 2009; today it is 8.0%.

Colorado’s 8.0% unemployment rate is lower than the national average of 9.5%.

Colorado lost 84,600 jobs between February 2009 when the “stimulus” was enacted and June 2010.

For FY2011, Colorado’s estimated budget shortfall is $1.5 billion, as of 7/15/2010.

Colorado’s number of foreclosed homes was 4,219 when the “stimulus” was enacted; today that number is has grown to 4,591.

Example of “stimulus” spending:

Over a one year period, Colorado spent $247,000 of stimulus money on road signs to designate which construction projects were funded by the stimulus.  An effort to prevent the state from posting more signs failed in late January.

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