Colorado’s Economy Outperforms Most of the Nation

GRAND JUNCTION, Colorado (KJCT) – Employment in Colorado is above pre-recession levels, but some in the state are on track, according to a report released today by the University of Colorado Boulder and Colorado Secretary of State Jenna Griswold. Industry still lags behind.

Quarterly business and economic indicators reports are compiled by Leeds Business Research Division (BRD) at CU Boulder in collaboration with the Office of the Secretary of State of Colorado. According to the latest report for the second quarter of 2022, Colorado recorded more than 39,000 new entity filings, up 0.5% year-over-year, but seasonally down to 9.7 from the first quarter. % is decreasing.

“Colorado’s resilience is being tested, but today’s report shows we’re on the right track. Colorado’s economy continues to shine despite domestic economic uncertainty. Our business units demonstrate continued resilience,” said Secretary of State Griswold. “As Secretary of State, I will continue to work to ensure that Colorado remains one of the best states in the country for doing business.”

Mixed data are also reflected in employment. Colorado says he will add more than 400,000 jobs between May 2020 and June 2022, after losing more than 375,000 jobs early in the COVID-19 pandemic. Recorded her 10th best job recovery. However, government, mining, education and health services, leisure and hospitality are still below pre-pandemic employment levels.

Colorado is projected to create over 100,000 jobs in 2022. The state’s labor force is at record levels, with him up 2.6% year-on-year in June. The labor force participation rate in June was 69.5%, making him the second highest.

Colorado’s unemployment rate fell to 3.4% in June, just below the national unemployment rate of 3.5%.

“Our latest analysis shows that Colorado is above average in employment, labor force, income and GDP compared to the rest of the country,” said Rich, senior economist and faculty director at BRD. Wobbekind said. “Nevertheless, the latest Leeds Business Confidence Index shows that business leaders are cautious heading into the third and fourth quarters due to factors such as inflation, interest rates and labor shortages.”

In Colorado, home price growth remained strong in the first quarter, increasing 21.6% year over year. Retail gasoline prices soared to $5.00 per gallon in late June, but fell 11% in the next five weeks.

Launched by the Office of the Secretary of State of Colorado in partnership with BRD, the Colorado Business and Economic Indicators Dashboard provides monthly information on key economic statistics and trends impacting the state.

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