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Economic Update

Economic Update

Economic Update

This is the time of the year when agencies at all level start to post their updates on the state of the economy. We will keep a running update on this page. Feel free to sound in and let us know about other resources you would like to share with Chamber member.

Here's the Colorado Chamber Legislative Session Snapshot. Our Legislative Alliance is preparing a response to members of the Joint Budget Committee and House and Senate Appropriations Committee.

From the Estes Park EDC on a Northern Colorado group of economic developers called NOCO Recovers. Below are some of the notable findings from Caroline Alexander with Alexander Research and Consulting.

  • The region has still not recovered all the jobs lost at the beginning of the Pandemic; at 279,300 jobs, it has about 3 percent fewer jobs than the 2019 average. 
  • As is seasonally expected, job growth slowed in November after peaking in October. Usually, growth resumes in February so this will be a trend to watch.
  • The strongest sectors continue to be transportation/warehousing, wholesale trade, and professional services.
  • Retail and hospitality have made great strides in their recovery but are not quite back to 2019 levels in Larimer County.
  • Education and health services has recovered in Larimer County but not quite in Weld County.
  • Improvement in the unemployment rate has tapered off. At less than 4.1% for the region, it is about at the level it was from 2014 to 2016 before the labor market became extremely tight.
  • The civilian labor force has recovered to its pre-Pandemic level in both counties.
  • Job posting activity leveled off in December. There are 1.7 job postings for every unemployed person. 
  • Hourly earnings continue to climb in Larimer County, even as traditionally low-wage sectors like retail and hospitality continue to add jobs. In Weld County, hourly earnings have also begun to climb.
  • Sales tax receipts continue to be strong. Arts and recreation sales tax has recovered.
  • Workplace mobility continues to lag pre-pandemic levels - significantly more in Larimer County than in Weld County
  • With the end of the reservation system at RMNP, the number of visitors returned to a  seasonally high level
  • Median home values continue to climb while construction activity/material purchases remain high
You can subscribe to NOCO Recovers updates here.

The 2021 Talent Pipeline report identifies:

Shifts in demand
Top Jobs - Jobs with projected high net annual openings, above-average growth rates, and a good wage 
Key features of the current labor force
Strategies to align supply with industry demand
Policy recommendations  

To ensure an expedited, equitable, and effective recovery, the report recommends increasing employers’ participation in talent development strategies, strengthening critical industries, and structuring supports necessary to enhance the participation of marginalized populations in the labor force. Read the report here.

Thank you to our partners who helped create this year’s Talent Pipeline Report: The Colorado Department of Higher Education, Department of Education, Department of Labor and Employment, Department of Human Services, the Office of Economic Development and International Trade, and the Department of Local Affairs State Demography Office, along with other partners.

Watch for updates here as we wait to hear from Secretary Griswold's state of the economy and other updates.

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