Colorado economy

Colorado’s economy did much better than first estimated when it came to adding jobs last year and hiring is off to a strong start in 2024, according to an update Monday from the Colorado Department of Labor and Employment. The U.S. Bureau of Labor Statistics initially reported Colorado employers adding 24,100 nonfarm jobs between December 2022 and December 2023, with the private sector adding only 1,100 jobs and the public sector adding 23,000. That worked out to a 0.8% growth rate, which lagged behind the U.S. rate of…

If Colorado’s economy were viewed as a drought map, the Front Range from the Wyoming border to Colorado Springs has abundant water and ranks high for prosperity, with Douglas County the equivalent of Blue Mesa Reservoir. Economic strength stretches up the Interstate 70 corridor across the mountains west through Garfield County to the Utah border, with roaring tributaries of prosperity pouring down from Steamboat Springs and Aspen and Telluride. Other pockets of prosperity include Lake, Custard, Park, Chaffee and Ouray…

Colorado ranked sixth worst among U.S. states when it came to job creation last year, according to estimates from the U.S. Bureau of Labor Statistics. But was that weakness a statewide issue or a more localized problem? Job losses, assuming they hold following revisions due out next month, were primarily centered in metro Denver with Pueblo. Fort Collins had one of the strongest metro economies when it came to adding jobs last year, with Colorado Springs and Boulder in the top tier as well. Metro Denver suffered a 0.9%…

Unemployment is rising but still historically low, jobs remain plentiful in most industries, wages are up and the economy has withstood blow after blow without rolling over. So why does a sense of gloom pervade about where the economy is at and where it is headed? Blame inflation and high housing costs for the sense of malaise, said Henry Sobanet, chief financial officer and senior vice chancellor for administration and government relations at the Colorado State University Systems, at the 2024 Economic Forecast hosted by…

Price decreases at the pump and on used car lots helped push consumer inflation lower in metro Denver the past two months and bring it more in line with the national average last month. The Consumer Price Index for Denver-Aurora-Lakewood, which is measured every two months, dropped 0.1% between November and January, following a 0.34% decline between September and November, according to an update Tuesday from the U.S. Bureau of Labor Statistics. The month-over-month declines are helping push the annual rate lower. That…

Colorado, accustomed to having one of the strongest rates of job growth of any state most years, found itself in an unfamiliar position last year of having one of the weakest in the country. Colorado’s 0.8% gain in nonfarm jobs, representing a gain of 24,100 positions between December 2022 and December 2023, ranked sixth lowest among states, according to the U.S. Bureau of Labor Statistics. Mississippi had the only decline in the U.S. at 0.7%, representing a net loss of 7,800 jobs last year. Rhode Island saw a 0.4% gain,…

Colorado homebuyers couldn’t catch a break last year, having to juggle mortgage rates approaching 8% by early fall and home prices that remained stubbornly high despite reduced affordability. Home and condo sales dropped nearly 20% last year and sales times stretched out by an additional week to 62 days on average, according to 2023 counts from the Colorado Association of Realtors. But higher rates didn’t cause prices to fall in a meaningful way or boost the inventory of listing, leaving buyers in a tough spot. Looking at…

The state’s private sector sat on the sidelines when it came to hiring workers as last year came to a close, according to a monthly update from the Colorado Department of Labor and Employment. Colorado added an anemic 300 nonfarm jobs in December, with private sector employers shedding 1,700 and governments adding 2,000. November counts, which had initially shown a decline of 700 jobs, were revised to show a loss of 2,500 jobs, all driven by the lack of private-sector hiring. For the full year, private sector employers…

A year ago, many economists were predicting a recession in 2023. It didn’t happen, and inflation has fallen sharply. The consensus outlook is a bit rosier, arguing that 2024 will also avoid a downturn. But a recession delayed is not one denied, economist Elliot Eisenberg argued before a large crowd of Denver area real estate agents gathered Thursday morning for the Denver Metro Association of Realtors Economic Summit. “Nothing is awful, but I do think that we get a recession,” said Eisenberg, who doubled down after his…

Colorado drivers paid a premium for gasoline in early 2023 following the closure of the Suncor Refinery, but 2024 is welcoming them with some substantial discounts, including a handful of stations selling fuel for under $2 a gallon. A gallon of regular unleaded gasoline in metro Denver averaged $2.55 a gallon on Wednesday, while the statewide average was $2.69 a gallon and the U.S. average was $3.08, according to the AAA. Gas Buddy, a website that relies on consumers to report the latest prices, listed a half dozen…