Employment market (Santa Fe: real estate, hotel, to live)

[Vinegaroon]

There is now a hiring freeze on state government jobs due to the weakening economy statewide. I would think since Santa Fe is the capital, the government may be the biggest employer here. The hiring freeze on government jobs may mean that finding private jobs becomes more competitive.

[Xavious Orgus]

Care to make any predictions on the health of Santa Fe (gov, employment, housing, etc..) over the next 6 months???

Not taking anything to the bank, just interested in some insider opinions.

[GreatSantaFe]

Without trying to sound like a Pollyanna ("oh sure, he's a Realtor so of course he's going to be positive", yada,yada,yada) imho Santa Fe will experience the economic downturn just like most of the rest of the country - but just not as much. This is a special place - folks want to come here to live, retire, vacation....(From a 2006 city press release "For the fifteenth straight year...Santa Fe was selected as the Second most popular travel city in the country after San Francisco and ahead of a host of desirable travel towns in the [Conde Nast Traveler]magazine's 19th Annual Readers' Choice Awards." )

So, given its naturally beautiful environment, enduring popularity and the fact that it is the seat of state govenrnment (and govt jobs rarely shrink), I just don't think we'll suffer as badly as many other places.

[Vinegaroon]

Originally Posted by GreatSantaFe

Without trying to sound like a Pollyanna ("oh sure, he's a Realtor so of course he's going to be positive", yada,yada,yada) imho Santa Fe will experience the economic downturn just like most of the rest of the country - but just not as much. This is a special place - folks want to come here to live, retire, vacation....(From a 2006 city press release "For the fifteenth straight year...Santa Fe was selected as the Second most popular travel city in the country after San Francisco and ahead of a host of desirable travel towns in the [Conde Nast Traveler]magazine's 19th Annual Readers' Choice Awards." )

So, given its naturally beautiful environment, enduring popularity and the fact that it is the seat of state govenrnment (and govt jobs rarely shrink), I just don't think we'll suffer as badly as many other places.

I mostly agree with you GSF with the caveat that if this keeps up, industries tied to tourism will suffer. I have talked to people in the hotel industry in town, and their numbers are down.

[WasSoggyInSeattle]

Yeah, its a domino effect - if you can't get a job or lose a job, you can't/probably won't travel... thus the tourism dollars go splat. I do agree with Vinegaroon that private jobs may get more competitive now...

[GreatSantaFe]

Originally Posted by Vinegaroon

I mostly agree with you GSF with the caveat that if this keeps up, industries tied to tourism will suffer. I have talked to people in the hotel industry in town, and their numbers are down.

Yes, and my friends in the restaurant business say the same. I still go back to my sense that while all towns that depend on tourist dollars will suffer, Santa Fe will suffer less. If we can assume that with fewer dollars available, those who choose to travel will pick destinations closer to home, then we will see more regional tourists (i.e. those from the southwest). What we may lose in visitors from say New York or Pennsylvania may be made up for by more visitors from Phoenix, Denver, Dallas and Los Angeles.

It'll sure be interesting to follow this over the coming months/year to see how it plays out.

[Vinegaroon]

Originally Posted by GreatSantaFe

Yes, and my friends in the restaurant business say the same. I still go back to my sense that while all towns that depend on tourist dollars will suffer, Santa Fe will suffer less. If we can assume that with fewer dollars available, those who choose to travel will pick destinations closer to home, then we will see more regional tourists (i.e. those from the southwest). What we may lose in visitors from say New York or Pennsylvania may be made up for by more visitors from Phoenix, Denver, Dallas and Los Angeles.

It'll sure be interesting to follow this over the coming months/year to see how it plays out.

If you are correct, then I think the multitude of art galleries will suffer hard times. My bet is that many of their customers come from out east and farther away.

[Xavious Orgus]

It has been said many times, by top trend forecasters, that commercial real estate will be the next to fall. Not saying this will happen in every market. However, most places will see shops close starting around February, after a lackluster holiday shopping season.

I am just waiting for GM to go under, so I can lose the rest of my money and start over in Santa Fe.

[loborick]

I have also spoke to some people in the tourism industry here and they are starting to get encouraged with the drop in gas prices. They are seeing more tourists from surrounding states that are willing to drive as well as an increase in foreign visitors because of the weak dollar.

Santa Fe will suffer, but I agree with those that it will not suffer as much. It will make the fight for non-government jobs tougher because of the freeze.

[Xavious Orgus]

Cheap gas is here for awhile, so take that trip and enjoy it while it lasts!