Bounceback Falls Flat

As summer approaches, we are seeing our local economy bounce back, but not quite all the way.

Restaurants and retail establishments saw moderate growth in Q1, according to the Federal Reserve’s quarterly report known as The Beige Book

Unemployment numbers are back to pre-pandemic levels. Our real estate market has leveled off, with commercial real estate looking less steady and residential stopping growth altogether. Tourism is up, and employees remain empowered in the face of a looming recession.

Amid all of this, we are not seeing economic recovery in the way we want. A recession is predicted to begin in the last half of the year. Food and rent costs are still through the roof and the labor market is still suffering.

What is happening?

For one thing, housing cost is a major limiting factor in population growth. Historically low interest rates on homes brought people to the state during 2020 and 2021, and for a while we saw an uptick in local economic growth.

However, in the face inflation and growing interest rates, people are being prevented from moving to the state. This is according to a report filed with WMUR

Rising costs of transportation, food, and childcare are also a factor in our state’s slowed growth. Increasing homelessness is another issue.

April first saw the end of the pandemic’s homelessness aid program. Over 20,000 people were left without a roof after the program ends. Homelessness is a cycle. Once it occurs, it is incredibly difficult to escape.

Lack of housing leads to unclean clothing and extreme stress, not a good look for anyone trying to get a job.

Also worth noting is the massive retirement boom that occurred in 2020. National retirement rates skyrocketed in 2020, with many people retiring early instead of waiting out the pandemic.

The resulting skill gap that has been created can be felt in every industry. It is unfortunate that we will be feeling the results for decades across the economy.

Economy and You

with Amie Spicer

About one third of the employed population changed careers during the pandemic. This massive shift on top of early retirement’s popularity is one of the many reasons our state is having one of the worst employee shortages of all time. Teen employment rates are at an all-time high, but it is not enough. Even though we are back to prepandemic unemployment, our state is over 1000 people short of being “fully staffed” at any time.

Patience is critical. Community is vital.

With so much pressure, there are bound to be fissures. Violent crime reports have doubled in the past two years. Restaurants are still reporting some of the worst treatment of serving staff in years. Nearly everyone is floating in a sea of stress.

Being patient with others and ourselves will help build up our local cultures and create spaces where people want to be.

Our state is an amazing place. Even in uncertain times we can turn to the natural beauty around us. It is time to come together as communities. With so many lost and so many retirees, it is unlikely that we will return to prepandemic conditions for many years. It is up to us to make it better.

Amie Spicer moved to the Monadnock area seven years ago from Denver, CO. Before the pandemic, they ran the Community Supper at All Saints Church in Peterborough and created the Community Supper Master List, a statewide data base of local free food resources. They love being active within the local community and taking long drives into the mountains. They are also a long-time performance artist with an emphasis in the circus arts.

Book Donations Sought For Putney Garden Fundraiser

The Putney Public Library seeks book donations to support the Garden Fundraiser Book Sale that will be held on Saturday, May 20th from 9 a.m. to 1 p.m. and Sunday, May 21st from 11 a.m. to 3 p.m. at 55 Main Street in Putney, VT.

While books of all kinds are welcome, they are unable to accept encyclopedia sets, magazines, textbooks, Reader’s Digest condensed books, DVDs and CDs, and anything that is musty or moldy. Donations should be brought in during library hours: Mondays to Fridays from 10:30 a.m. to 6 p.m. and Saturdays from 10 a.m. to 1 p.m. For more details, call 802-387-4407 or email emily@putneylibrary.org. Please, recycle this newspaper.