Regional Economic Update
NWCCOG produces a regional economic report every quarter based on the most recent data available. For this report, jobs & wage data comes from the most recently released Quarterly Census of Employment & Wages, Q3 2019. The data are lagged by 6 months. Labor Force data comes from the most recent data available, which is February 2020. So, the data presented in this quarterly report reflects conditions which existed six months ago for jobs & wages, and 2 months ago for labor force. This was a very robust time in our regional economy where consumer confidence was high, we were experiencing a record number of visitors to our communities, sales tax collections were setting records, travel through the Eisenhower Tunnel on I-70 was setting records, and unemployment was at record lows. So, as you can imagine, when this report is presented again in six months, things will look drastically different.
Having pointed that out, here is a summary of our region’s economic picture in Q3 2019:
The full report contains detailed information on each of our 5 counties. It also can be found on the NWCCOGEDD website here.
NWCCOG presents this data so that our regional stakeholders can measure economic activity at a point in time, as well as how this data changes over time. We will need to prepare ourselves for possibly shocking data as we move forward through the worst of this economic crisis. This data, representing the third quarter of 2019 (July, August September) can be used as a baseline when measuring how well we weather this economic storm. It also may shed some light on how resilient our regional economy is to weather future economic crises. Some things of note:
Please reach out with any questions about this data, or if you have a specific data request. Stay safe, and stay home.
Director, Economic Development