Colorado Economic & Unemployment Facts

The Colorado Department of Labor and Employment reported on Friday that Colorado’s July unemployment rate edged upward to 7.8 percent from June’s 7.6 percent.
 
The Good News
 
Colorado’s rate has remained relatively steady since April and is 1½ points below the national average of 9.4 percent.
 
Some economists say they’re seeing stability in Colorado’s economy. We added 5,400 payroll jobs in July from June, the first month-over-month increase since August 2008.
 
Hardly a week goes by without a job-growth, business-expansion or other positive announcement. Some recent examples:

• RePower Wind is relocating its U.S. headquarters from Oregon to Colorado.
• UQM Technologies secured a $45M grant and may add as many as 3,500 jobs.
• Affiliated Computer Services Inc. is adding 600 jobs in Colorado Springs.

 
Colorado’s rate is far lower than the 15 states whose rates are higher than 10 percent – with Michigan at a staggering 15 percent.
 

Governor Ritter’s Aggressive Economic-Development Initiatives

 
From Day 1, Governor Ritter has launched aggressive initiatives that are benefiting Colorado’s economy, businesses and working families and positioning us for a strong recovery.
 

• Governor Ritter has built the New Energy Economy, provided tax cuts to 30,000 small businesses, invested in employee training, and reformed the business tax code to encourage growth in Colorado.

• A new round of pro-business legislation, including improved job training, greater access to loans for small businesses and incentives for creating jobs in Colorado, will speed and strengthen the state’s economic recovery from the global downturn.

• Just today, Governor Ritter’s Colorado Jobs Cabinet issued a new report, “Economic Competitiveness through Collaboration, Talent Development and Innovation,” that will help create an even more skilled and educated workforce for Colorado businesses.

Answering the Critics

 
Ignoring facts and evidence, the critics, skeptics and naysayers have taken their rhetoric to new lows. Just yesterday, one of them even accused the Governor and legislature of suicidal policies, economic sabotage and even tried to liken Governor Ritter’s policies to an act of war.
 
Talk about absurd and backward-thinking. Talk about veering off the road of reality.
 
But don’t take our word for it. Here’s what others are saying about Colorado’s economic prospects for a promising and prosperous future:    
 

• Some experts, including Moody’s, believe we will be one of the first states to emerge from the downturn because of our diverse economy, the technological innovations being developed in Colorado, and our growing healthcare and clean-tech sectors.
• Last week Colorado was ranked the fourth-best clean-tech state in the country.
• CNBC recently ranked Colorado the third-best state in which to do business.
• Standard & Poor’s says Colorado’s economy is outpacing the nation’s, particularly in terms of jobs, retail sales and housing.
• Colorado had the fourth-fastest GDP rate in the country in 2008 and is expected to have among the strongest rates this year as well.
• CNN ranked Louisville the best place to live in America in part because of its economy and overall quality of life.

Leading Colorado Forward

 
These are all positive and encouraging indicators. Under Governor Ritter’s leadership, we’re headed in the right direction and making our economy more competitive than ever.
 
But Governor Ritter knows that many Colorado families and businesses continue to struggle through this global recession. Nearly a half-million Coloradans are now on Medicaid, up 20 percent from a year ago. More than 100,000 are receiving unemployment insurance, and nearly 350,000 are receiving food stamps, up one-third from a year ago.
 
Governor Ritter understands this, and he’s working harder than ever to re-energize the economy, create jobs and lead Colorado forward.