How is the economy where you are?

[jag01]

I live where there is a huge dependence on the oilfield. The oil patch has hit a low, and there are a lot of jobs being lost. It's had a ripple effect on other industries as well, programs being cut, ect.  Anyone else having an economic dip where you are at?

[cabbagecabbage]

Everyone is rich! J/K. It's been balls since 08. My husband's new contract has something like a 3% raise over four years and we're lucky because he has a stable job. I worked in fine dining/catering sales in 08 and that industry is struggling a lot.

[abs]

Mar 20, 2015 10:54:30 GMT -5 jag01 said:

I live where there is a huge dependence on the oilfield. The oil patch has hit a low, and there are a lot of jobs being lost. It's had a ripple effect on other industries as well, programs being cut, ect.  Anyone else having an economic dip where you are at?

I'm in Houston and our economy definitely depends on oil. It's scary for a lot of our friends right now but overall the economy is okay.

[Kcthepouchh8r]

We are in a state with one of the highest unemployment rates since the downturn. We were in the top 2-3 for a while but it seems we have moved up the list a few spots. Thankfully my family or any friends/relatives have been impacted. One aunt nearly ran out of unemployment but was very particular about where she wanted to work (didn't want to drive more than 20 minutes, didn't want to drive into the city for work) but that was more her own doing and thankfully she found work just two weeks before she was to receive her last check.

[cna]

Not the end of the world, but not great either. The oil fields are big here and our unemployment rate is 5.7%.

[melew]

It is doing alright. Unemployment is 6.3, which is much better than a couple of years ago, though still on the higher side of national averages. Home prices are rising and there are fewer short sales/foreclosures.

[justbecause]

Not a lot of jobs here to begin with but I guess the economy is ok here.
Everything seems to be getting more expensive and wages don't seem to be increasing as much as things are going up but that's everywhere, right?

[gastro]

I live in the sf Bay Area. It's booming here. Absolutely insane. Everyone is an overnight millionaire from selling their internet company to apple, google or facebook

[andrewsgal]

It's taking a massive hit. Can't say I am surprised. I mean that's what happens when your idiot governor pats himself on the back for being in the oil companies back pocket.

I feel like the Texas economy has always be touted as one of the best under false pretenses and now that's crashing.

We don't have any friends in oil so we and our friends are fine but it's hitting the state and our town pretty hard.

The problem with oil jobs is they often allow unskilled and uneducated workers to earn a very decent salary. Which is great when times are good. However when they get laid off there is very little chance of finding a job in which they will make even close to what they did. Causing them to downsize which a lot of time leads to foreclosures or repossessions.

[andrewsgal]

Interestingly enough my town in particular is in a housing boom. If we sold now we would walk away with 30% more than we paid 4 years ago. Houses are selling in 6 hours and there are bidding wars which is unheard of here.

[auroraloo]

Ours is pretty good, we have one of the lowest unemployment rates (except for Target). Our COL is slightly above national average depending on where in the metro you are.

[vlagrl]

I think it's pretty good. I don't know our unemployment stats but DH and I have jobs that are doing well. My dad was laid off last year and found a job in 6 months.

[trizzie]

What andrewsgal said. And the real estate market in my city is also crazy hot. We have jokingly talked about putting our house up for sale because of the ridiculous amount we could make, but the problem is there is no where to go.

[andrewsgal]

Mar 21, 2015 22:55:10 GMT -5 trizzie said:

What andrewsgal said. And the real estate market in my city is also crazy hot. We have jokingly talked about putting our house up for sale because of the ridiculous amount we could make, but the problem is there is no where to go.

DH and I talk about the same thing, but have the same problem lol.

[abs]

Mar 22, 2015 6:11:17 GMT -5 andrewsgal said:

Mar 21, 2015 22:55:10 GMT -5 trizzie said:

What andrewsgal said. And the real estate market in my city is also crazy hot. We have jokingly talked about putting our house up for sale because of the ridiculous amount we could make, but the problem is there is no where to go.

DH and I talk about the same thing, but have the same problem lol.

Yep!  Our house is now worth so much more than we bought it for 5 years ago. I'd love to move closer in to the city since DH's commute is getting worse and worse.  Um, nope.  The problem is everything else has increased in value, too!  So, here we stay. Good thing I like our neighborhood!

The real estate market really is crazy though.  Houses are going for more than asking price and are selling within days of hitting the market. I feel like it can't last but so far it has.

[4speedy]

Things are better in our area than they have been in years. I live in Southeast Michigan and my DH works in the auto industry. We were the first to go into recession, we started feeling the effects in 2008. We had 4 horrible years and 2 not so good years. This year's things are much better for us, partially due to low oil prices. people are again buying higher profit margin SUV's.

I am so sorry for what you are experiencing. We have so so many friends who will never recover. We have friends where spouses had to separate because one moved to find work while the other stayed back because the mortgage was upside down and the home was in foreclosure or short sale. My best friend was in this situation and her marriage did not withstand the financial strain. We also have several fiends who are in a weird situation because they filed for divorce but economics forced them to stay together in the home. These have been particularly brutal divorces. It's just nuts, the things were have seen friends go through because of the bankruptcies/layoffs/layoffs in the auto industry.

I am so so grateful my own family made it through the last few years and things are on the upswing for us.

[expectantsteelerfan]

I'm not positive, but I'm pretty sure in my area the economy is doing really well. I think the metro area I'm closest to was recently voted one of the best for new graduates to find jobs and stuff like that.