Over the summer, there was a significant improvement in both the U.S. and Colorado job markets. In August, there was a major slowdown in job growth in both the U.S. and Colorado economies because of an increase in the Delta variant, inflation, and difficulties finding qualified workers. Colorado added 5,600 jobs during the month.
Colorado has seen significant increases in building permits, retail sales, and passenger traffic at DIA. The strongest headwinds mirror the challenges seen elsewhere – the Delta variant and the inability to find qualified workers. Tourism and state and local government have been hit the hardest and are the slowest to recover.
Colorado employment for August 2021 was 97.1% of February 2020 employment, or 82,100 jobs. As a point of reference, the pre-pandemic average monthly rate of growth was about 5,000 jobs. For details, check out the cber.co Review of Colorado Economy – Update Through August 2021.
In addition, this week, quarterly economic updates (September 2021) will be released by the Governor’s Office of State Planning and Budgeting and the Colorado Legislative Council. These reports provide a comprehensive overview of the state economy and the challenges facing our state government.