Signs of Recovery in Your Community

Businesses are starting to become more and more optimistic about an economic recovery coming sooner than later. Good news for communities that have been struggling over the past year but do you know how to read the signs of recovery in your community? Here are a few examples of successful businesses, pockets of consumer spending and rebounds to look for in your community.

Personal Services – Over the past year and a half businesses offering personal services (i.e. salons, spas, massage) have been experiencing a drop in demand. Recently, more and more of these businesses are expressing an increased demand and are seeing consumers no longer holding out on paying for these services. Can you easily walk into a salon in your community and get an appointment immediately or do you have to book in advance?

Increased Automobile Sales – Certainly financial incentives and low or zero payment plans are playing a role in consumers purchasing cars. But look around your community and see how many new vehicles are on the road, how many have temporary paper plates or demo plates?

Temporary Agencies – Local temp agencies are starting to report an increase in demand for their workers. As local businesses start to see an increase in demand for their product or services, one of the first places many will go to is the temp agencies to start to fill the vacancies. Talk to your local agencies to see what they are experiencing.

Business Expansion – Are any businesses expanding in your community? Many communities are seeing an expansion of their local businesses, particularly the ones who had planned it over a year ago are now starting to go ahead with their original expansion plans.

Consumer Spending – Are your local consumers confident enough to spend their discretionary income on products considered non-essential or luxury? The sale of 1 million iPhones 3Gs within three days of its launch in the US was clearly one sign of recovery.

Advertising – The way businesses spend their advertising and marketing dollars have changed over the past number of years and businesses have cut marketing budgets. Recently, businesses are starting to investment again in marketing and advertising. Online, low-cost advertising investments are booming. What's happening with your local businesses?