Consumer confidence is suffering as a result of a number of factors, including (1) the housing bubble (and the resulting decline in home values), (2) banking instability, and (3) stock market declines (including retirement, 401ks, college funds, etc). The resulting economic uncertainty is causing consumer to reduce spending, which is further causing local, regional and national retails to suffer. Today's news about the demise of Circuit City is yet one more business falling victim to the economic decline. We are likely to see more local businesses impacted by the reduced consumer spending. The next business may be another restaurant, or one of the many older businesses that have become institutions in North State communities (I will not even suggest a name for fear of jinxing the business).
Like so many of you, I've been very busy with work and family, I haven't been taking the time to write on this blog (ok, I also misplaced the password to log in). Well, I'm back. I'll post new information, data, and articles on topics related to the regional economy, regional economic development and our current economic crisis.
I look forward to hearing from you through your comments.
Dan
About Me: A local perspective from community and business members.
I believe that the economy can do things sometimes that we cannot prepare for entirely. But, if we keep engaged with what's happening with the economy and our own businesses we can take some corrective actions to replace lost revenues. Well thought out aggression. Some risk taking may be required.