Colorado REALTOR Digital Magazine October 2011 : Page 4
Colorado’s economy did not contract as much as the national economy during the recession but still is recovering slowly. Colorado’s economy was somewhat shielded from housing excesses that plagued our neighbors. The activity is forecast to improve in the rest of 2011 and 2012, paralleling the national recovery. Colorado lagged the national recovery for much of this decade, smarting from the problems in the telecommunications industry in the early years of the 2000s national recovery, but then eclipsed the national economic performance by avoiding the severe contraction in 2008 and 2009 that afflicted the national economy. Economy-Source: US Department of Commerce; Department of Labor Economic conditions vary widely across Colorado but virtually all communities are beginning to turn around. •Colorado’s economy remains stronger than the national economy, particularly in the western recreational economies in the west. •The economy is forecast to grow at a moderate pace in 2011 and to speed up slightly in 2012. Employment-Source: Patty Silverstein, president and chief economist of Development Research Partners. •Colorado’s job market is likely to continue to improve slowly in the coming year. •While some businesses -particularly those focused on healthcare and renewable energy activity -will add appreciable numbers of jobs this year, the public sector malaise and its influence on business confidence will keep the pace of hiring sluggish. •Colorado gained 6,841 jobs in August 2011 compared to August of last year, and the non seasonally-adjusted unemployment rate fell year over-year from 8.7 percent to 8.3 percent. •According to the most recent employment data released by the Colorado Department of Labor and Employment, total employment in August, not seasonally adjusted, rose to 2.475 million jobs. •There were 4,100 fewer people in the work force during August, compared to August 2010, which contributed to the decline in the unemployment rate. •From August 2010 to August 2011, total employment rose 0.27 percent, while the labor force shrank 0.15 percent. The total labor force in August included 2.699 million workers. •The employment total is157, 000 jobs below the peak levels experienced during July 2008 when there were 2.63 million employed workers. page 4 | www.ColoradoREALTORS.com
Publication List
Using a screen reader? Click Here