Recently released data shows the U.S. economy is stronger than expected and the Colorado economy is on solid footing.
The best economic news was delivered by the BEA – U.S. real GDP for Q1 increased at a rate of 3.2%. In addition, the NAHB Housing Market Index is trending up, light truck and auto sales were strong in March, construction spending is up, and the 30-year mortgage rate is around 4.0%.
Colorado is on track to add 48,900 jobs this year. This is lower than expected, but, initial and continuing unemployment claims remain low, housing prices are increasing at a decreasing rate, and the state will likely set another record for the number of barrels of oil produced. The sectors leading job growth are Professional, Scientific, and Technical Services; Accommodations and Food Services; and Health Care. The review of economic trends can be found by clicking here or going to http://cber.co/.
Finally, don’t forget to take a look at the most recent quarterly economic updates published by the Governor’s Office of State Planning and Budgeting and the Colorado Legislative Council. Their reports provide a comprehensive overview of the state economy and the challenges facing our state government.
-via Gary Horvath