Colorado Economic Update

The good news first! Colorado employment has increased by about 11,000 jobs per month (annualized). A portion of that growth is the recovery from the pandemic.

As a point of reference, the pre-pandemic average monthly absolute growth was about 5,000 jobs.

The not-so-good news. Job growth will be slower for the remainder of 2022 through the first half of 2023. Broad-based job growth exceeded the headwinds when the year started. As 2022 progressed, there was an increase in the inflation and intensity of other headwinds. As a result, the number of jobs added will decrease in the months ahead. For details, go to Review of Colorado Economy – Update Through August 2022.

In addition, this week, quarterly economic updates (September 2022) 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.

Gary Horvath