Tamara ChuangBusiness/Technology ReporterQuick links: Colorado Misery Index | Colorado Springs rent ranks | Dish for $1 | New CSU AI lab | Reader poll: Better days?After last week’s edition of What’s Working reported on findings from the UCCS Economic Forum in Colorado Springs, a few people took issue with the rather low U.S. inflation rate reported in August of 2.5%. But what about the recent years of high inflation, they cried!(Is this a good time to mention that Denver’s inflation was down to 1.9% in July?)That’s the thing about tracking economic data. The inflation rate is based on the change in the Consumer Price Index. Sometimes that’s reported from one month to the next or, in most cases, it’s the change in prices from one year earlier. It’s what the Federal Reserve looks at when adjusting interest rates.Economist Bill Craighead, director of the Economic Forum based at the University of Colorado, Colorado Springs, mentioned that he has to be sensitive at public events. Even as inflation has slowed, he understands that the more positive data doesn’t erase consumer memories of how high prices rose in the past three years.Bill Craighead, program director at the University of Colorado, Colorado Springs Economic Forum, gives an economic update of the region during the UCCS Economic Forum on Sept. 26, 2024. (Chuck Bigger, for UCCS Economic Forum)So, when will people forget about the high inflation of 2021 and 2022? Or, at least, when will inflation become a less painful and distant memory?Maybe decades or never, according to one study on long-term effects of hyperinflation in Germany from 100 years ago! The experience of the German currency inflating “6 billion-to-1 relative to its pre-war value” in 1923 was possibly passed down from parent to child, leaving folks in those towns expecting higher inflation in recent years than residents in other places.In other musings, economists behind The Briefing Book, which include many who worked in the Biden and Obama administrations, put the rate of a fading memory at 50% a year, based on consumer sentiment and when inflation starts slowing. But another reason bad memories may linger is partisan social media and misleading posts on high prices that “may have scrambled the link between economic fundamentals and consumer sentiment to some extent,” they wrote. The economists also “eagerly await more sophisticated research on this topic.”Craighead said he didn’t have a solid answer but shared the historic data he’s familiar with.“I think the inflation is recent enough that we still get that ‘this costs more than I think it should’ feeling fairly often (it even happens to economists!),” he replied in an email. “In the U.S., we have to go back to the 1980s for a good comparison — inflation was 4.3% in Sept. 1984 (and the unemployment rate was 7.3%) just before President Reagan was re-elected supposedly based on the perception that the economy was improving.”By then, it had been four years since inflation peaked at 14.8% in March 1980. The consumer sentiment index didn’t start improving until 1983, although the U.S. had also had high unemployment in late 1982, he pointed out.Craighead last week had also shared the Misery Index, a measure of America’s economic discomfort that adds annual inflation to the unemployment rate. Nationwide, that was down to 6.7 in August, compared with its 76-year average of 9.2.That got me thinking about what was Colorado’s misery index? I tracked down the data and took the sum of Colorado’s annual unemployment rate and Denver’s annual inflation rate to come up with this chart:While last year was closer to the state’s 43-year average of 8.8, it has come down this year as inflation slowed. In the first half of this year, we’re at 6.7. However, unemployment rates are back up so many may still be quite miserable. Just less miserable than last year.“I do sometimes wonder,” Craighead added, “if there’s just a lot of negativity out there for other reasons that gets projected onto the abstraction of ‘the economy’ and gets amplified with social media — but I’m an economist, not a psychologist!”➔ Ruh roh. Colorado’s job growth overestimated? A more comprehensive analysis of job data from the Bureau of Labor Statistics called the Quarterly Census of Employment and Wages showed that instead of adding jobs, Colorado’s private companies lost jobs in the March quarter compared to a year earlier. That could mean we’re down by as many as 73,000 private-sector jobs, have a much higher unemployment rate and living in a state that is showing signs it’s already in a recession, according to an analysis by Denver labor economist Ryan Gedney. We’ll dig deeper into these alarming stats in a future story. If you’re an employer or business owner who has cut jobs or a worker who has experienced it, please share your story by emailing tamara@colradosun.comTake the poll: When will we forget?Maybe it’ll be a new job or a big raise that helps you forget how much things used to cost. Take the What’s Working reader poll and we’ll share results in a future newsletter. >> cosun.co/WWforget-inflationAs for renting in Colorado Springs …Also noted last week, single-family home prices continue to rise in Colorado Springs, with the median price of a house in El Paso County selling for $500,000 in August That translated, for some folks who sell houses for a living, to steer potential customers who can’t afford a house into renting.Apartment-search site RentCafe added some analysis this week and named Colorado Springs as the “3rd hottest small rental market in the West,” which includes eight states. But while the city’s apartment supply grew 1.43%, or double the nation’s rate, 92.8% of apartments are occupied, which is below the national average of 93.7%.But looking at RentCafe’s data, Colorado Springs actually fell and was down 18 spots to rank 34th for renter activity in August among the nation’s top 150 cities. Denver, by comparison, fell 49 spots to 75th. That’s based on an analysis of 48,600 units in Colorado Springs and 338,300 units in the Denver area, according to the company.“Colorado Springs has seen significant population growth in recent years, driving up demand for housing. Besides its scenic beauty and outdoor recreation opportunities, major employers in defense, tech and health care are also drawing workers to the city,” said Veronica Grecu, a RentCafe researcher for its Competitiveness Report. “Despite the growing demand, though, the local supply of housing hasn’t kept pace. While inventory has grown slightly, it’s still not enough to meet the need, leading to intense competition among apartment seekers.”>> Take a lookSun economy stories you may have missedFarmland near Swink in July. Opponents of recent water sales to entities like Aurora and Colorado Springs say the sales threaten agricultural interests in the Lower Arkansas Valley. (Mike Sweeney, Special to The Colorado Sun)➔ Lower Arkansas River water districts, Aurora prepare for talks over city’s controversial $80M farm water purchase. A hard-fought 2003 agreement will likely be reopened in an unusual move to win compensation for a region struggling to keep its economic identity >> Read story➔ Vail Resorts, town and developer plan new ski village after settling legal battle over housing parcel. Vail Resorts, Town of Vail and East West Partners will develop the Ever Vail parcel into a fourth base village (with workforce housing) where the ski area once planned to build hundreds of high-end condos >> Read storyA complex system of pipes, tunnels and canals carries water around the Western U.S., like this one in Colorado’s Fraser Valley. However, policy experts say a cross-country pipeline wouldn’t make sense for political, financial and engineering reasons. (Ted Wood, The Water Desk)➔ Why don’t we just pipe in water from the East to fix the Colorado River crisis? The idea remains a tantalizingly simple way to alleviate the region’s water woes. Dig a little deeper and it quickly runs into serious obstacles. >> Read story➔ Jobs, programs are cut at two Colorado mental health centers amid Medicaid “unwind.” WellPower is slashing a virtual therapy program and part of its co-responder unit, while Jefferson Center cuts 25 jobs. >> Read story➔ Colorado antitrust trial in Kroger-Albertsons merger has King Soopers’ parent dangling 10% price drop. Kroger and Albertsons say they face more competition from Walmart, Costco and Amazon than each other. State’s case worries about the lack of choice in rural Colorado if merger proceeds. >> Read storyWho wouldn’t want to know more about Colorado’s economy? Tell a friend!ICYMI: What Colorado voters need to know for November. It’s that time of year again and The Colorado Sun politics team has provided just-the-facts overviews of upcoming statewide ballot initiatives and amendments:Proposition 129: Should Colorado establish a veterinary professional associate position?Proposition 127: Hunting and trapping of mountain lions, bobcats and lynx would be banned in ColoradoAmendment J: Removing Colorado’s constitutional prohibition on same-sex marriageProposition 131: Colorado would move to all-candidate primaries followed by ranked choice general electionsProposition JJ: Colorado would be allowed to keep all the sports betting tax revenue it collectsOrdinance 309: Measure seeks to ban existing and future slaughterhouses in DenverAmendment 79: An attempt to preserve abortion access in Colorado’s constitutionAmendment G: Should more disabled veterans qualify for Colorado’s homestead property tax break?Amendment K: Colorado election officials would have more time to prepare ballotsOther working bitsSling TV launched at the Consumer Electronics Show in Las Vegas in January 2015. Owned by Dish Network in Colorado, Sling was one of the early entries into streaming multiple TV channels online. On Sept. 30, 2024, DirecTV announced it would acquire Dish for $1 and assume $9.75 billion in debt. (Tamara Chuang, The Colorado Sun)➔ DirecTV buys Dish Network for $1. Dish, founded in the 1990s as a brand of EchoStar, has called unincorporated Douglas County home for years. But it’s been a rough decade or so as the company tried to pivot into streaming and then wireless and is now loaded with debt. Competitor DirecTV announced Monday plans to acquire Dish for $1. That includes buying the DISH TV and Sling TV business plus assuming Dish’s $9.75 billion in debt. EchoStar will keep the wireless business.All this, of course, is dependent on regulatory and shareholder approval. While regulators blocked a similar proposal in 2002, Craig Moffett, an analyst for MoffettNathanson, told the New York Times that he doesn’t think that will happen this time around “given the moribund state of satellite TV.” Even combining the two “is not going to change the trajectory of the business,” Moffett added.➔ More in the old vs. new TV news. Colorado was a key hub in the evolution of pay TV with many cable pioneers starting in the state or expanding here. There’s still a lot of industry in town making news:The games are back! The five-year blackout of Denver Nuggets and Avalanche games following a dispute between team owners Kroenke Sports & Entertainment in Denver and cable TV provider Comcast has been resolved. Channels 9 and 20 will split broadcasting 40 games while Kroenke-owned Altitude Sports will launch the Altitude+ (at $19.95/month) to stream games directly to local fans (ie: those who live in the team’s market). That’s a big turnaround from 2019 when The Colorado Sun asked Altitude why not build your own streaming app? An Altitude executive replied at the time they weren’t equipped to build one.Would you like some cable with that? Charter Communications, which has its technology offices in Greenwood Village, added more access to online video channels like Paramount+ Essential and AMC Networks. It also renewed an agreement with NBCUniversal to offer Peacock Premium to customers at no extra cost to Spectrum TV Select customers. Rendering of the Don and Susie Law Engineering Future Technologies Building at Colorado State University (Provided by Colorado State University)➔ CSU building an AI lab. The new Don and Susie Law Engineering Future Technologies Building at Colorado State University will also include classrooms, maker spaces, prototyping labs and an interdisciplinary learning hub where students in engineering, artificial intelligence and other disciplines can work with one another and industry. Don Law founded oil and gas company Prima Exploration in 1980. He and wife, Susie, are CSU alums. Funding also comes from $100 million split evenly between student fees and a match from the Walter Scott Family Foundation. The 165,000-square-foot facility will be built on the site of the existing Glover Building, which will be demolished, and anchor a future technology quadrangle. The groundbreaking is expected next year with completion by “early 2028,” said CSU spokesperson Tiana Kennedy. >> More➔ SBA hosting Small Business Cyber Summit on Oct. 16 and 23. If digital hygiene at your small business is lacking, this free, virtual event from the U.S. Small Business Administration could give you a boost. Topics include building a cybersecurity policy, safeguarding the business from common cyber threats, protecting digital assets and managing risks. >> Register fo freeGot some economic news or business bits Coloradans should know? Tell us: cosun.co/heywwThanks for sticking with me for this week’s report. Remember to check out The Sun’s daily coverage online. As always, share your 2 cents on how the economy is keeping you down or helping you up at cosun.co/heyww. ~ tamaraMiss a column? Catch up:Cooling Colorado Springs’ job economy’s top concern? Housing affordabilityCities like Denver want AI to handle boring, tedious tasksTechstars Denver spotlights tech startups tackling workforce issuesColorado homeowners insurance increased nearly 60% in five yearsHow a Colorado program is linking quantum, space and tech companies to a future workforceColorado incentives are helping rural firms transition to employee ownershipThis guy wants to get rid of endless phone loops, junk fees and other consumer irritantsMarket recovers but here’s why Colorado job growth is slowingWhat’s Working is a Colorado Sun column about surviving in today’s economy. Email tamara@coloradosun.com with stories, tips or questions. Read the archive, ask a question at cosun.co/heyww and don’t miss the next one by signing up at coloradosun.com/getww.Support this free newsletter and become a Colorado Sun member: coloradosun.com/joinThe Colorado Sun is part of The Trust Project. Read our policies.Corrections & ClarificationsNotice something wrong? The Colorado Sun has an ethical responsibility to fix all factual errors. Request a correction by emailing corrections@coloradosun.com.First published by The Colorado Sun.