Drawing Conclusions: Work in Progress

The state of the state economy as Colorado’s unemployment rate remains among the lowest in the country

Construction activity across Colorado continues to drive demand for workers, many of whom reportedly left the trade during the Great Recession a decade ago. Some may be back, as the state’s construction industry added roughly 9,900 net jobs from January 2017 to January 2018, a 7.3 percent increase that trailed only logging and mining (17 percent growth) and state government (9.4 percent). Meanwhile, Colorado’s leisure and hospitality supersector led all categories in net job growth over the same span, adding approximately 11,100 workers for a 3.6 percent increase.

Professional and business services posted similar net gains, adding 9,100 jobs across the state for a 2.5 percent increase. That supersector has added roughly 75,000 jobs in Colorado since 2010.

Finding skilled labor needed to grow business remains a challenge for many employers, as Colorado’s unemployment rate remains among the lowest in the country, and unemployment claims remain near historic lows. The state unemployment rate stood at 3.0 percent in January 2018, a slight increase from lows of 2.6 percent in mid-2017.

Sources: Colorado Legislative Council Staff, Economic Outlook, March 2018, and the U.S. Bureau of
Labor Statistics

Categories: Economy/Politics