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economic downturn mild compared to the 1991 recession. when, nationally, the unemployment level almost reached d percent.
tn contrast, the local unemployment level barely topped v- percent that year. Fuller said.
Locally, the unemployment rate stood at 4 percent in July, he said A year ago. it was 3.1 percent. Fuller said.
“Clearly, unemployment is growingr.'* he said. But “we're still the lowest among the tntgor metropolitan areas in the country."
The housing market remains the economy's “key variable.'* Fuller said. “The problem its that we've cut back on new home construction by maybe 60 percent from the norm.'*
From 3003 to 2005. the industry grew “enormously1* creating more homes than the market could absorb as well as a reduction in prices, he said. "We re slowly seeing: now the inventory going down."
It's created an “economics 101“ environment. Fuller said. “When prices go down, sales go up. When sales go up. then pricets begin to stabilise"
K rrujLti ctW reporter
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