Colorado economic update
The U.S. and Colorado labor markets had incredible momentum in 2022. Colorado employment increased by 111,400.
While the U.S. labor market has remained strong in 2023, Colorado has lost its luster, as seasonally adjusted state employment declined by 2,400 in Q1. It is fair to ask, “Is Colorado leading the country into slower economic times or is this downturn just a bump in the road?”
Employment increased the most in the government (5,800), private education (1,900), and other services (1,700) sectors. Local government added about 4,300, state government increased by 900, and federal government added 600 employees. All industries are critical to a strong economy; however, these sectors will not drive job creation and economic activity.
More importantly, most other sectors experienced minimal employment growth or job losses. A closer look at the numbers shows the Colorado labor market appeared to hit a wall last spring after a significant increase in April 2022 employment.
For more details, click on https://cber.co/economic-updates/.