Though a recent government report shows the economy may be technically pulling out of a recession, local business owners say conditions are still not too favorable.
The country's gross domestic product grew for the first time since the spring of 2008, according to a report last week from the U.S. Commerce Department. Though most economists remain cautious, some say the report may signal the end of a recession that's forced local businesses, consumers and municipalities to tighten their collective belts.
Ever the eternal optimists, most local entrepreneurs say times will indeed get better in the future. But those times are not quite here yet.
"I'm slow," said Christopher Miley, owner of Dozens Restaurant, 2180 S. Havana St., Aurora. "A lot of the other restaurants around here are slow as well."
Like many other local business owners, Miley is hunkering down for what will likely be a tough stretch into the foreseeable future.
"Quite frankly, I think this is going to continue on past the new year," Miley said. "I don't think it will start turning around until sometime next spring."
Miley said he noticed things "grinding to a halt" in early 2008. His timeline of economic activity might sound familiar to other local business owners.
2005 was a good year; 2006 was bad; 2007 was okay; 2008 tanked; and 2009 is pretty much mimicking 2008, Miley said.
"People are just buying differently," Miley said. "Instead of two people getting two plates, two people will come in and get one plate and split it."
Those sentiments were shared by Mark Strait, owner of Strait Lumber Company, 11150 E. Colfax Ave. Customers at his lumber company, a local retailer of hardware and building materials, have scaled back purchases over the last year or so.
"From our end, people might do a home improvement, but they'll do it with limitations," Strait said. "They may want to build an addition, but instead will remodel one room at a time. Or a builder who would want to develop real estate would do one house at a time instead of building two to three model homes at once."
He's doing what other business owners are to survive; reducing hours of operation, cutting back employees' hours and taking on more responsibilities himself. And like others, he doesn't see things improving anytime soon.
"The competition is very rough right now because there's a lot of bidders," Strait said, "for a small amount of work."
It hasn't always been pretty, but the City of Aurora has done a fairy good job of weathering the economic downturn, said George Peck, vice-president of public affairs and operations for the Aurora Chamber of Commerce. New additions such as The Children's Hospital, the Anschutz Medical Campus and the new veterans hospital have helped stabilize the local economy, he said.
"In that regard, the impact has not been quite as bad as some other cities," Peck said. "But for our small businesses, it's still a very difficult time."