Colorado Economic & Unemployment Facts

The Department of Labor and Employment released the state’s unemployment figures for June today (July 17). Colorado’s unemployment rate held steady at 7.6 percent, while the U.S. rate continues to climb and is now at 9.5 percent.
 
Colorado’s rate has remained stable for the past three months, rising just 0.1 percent since March – one of the smallest increases of any state in20the country.
 
At 7.6 percent, Colorado’s unemployment rate is lower than rates in 31 other states, including Nevada, California and Oregon, which are all in double-digits. Thanks in part to Governor Ritter’s aggressive economic development efforts, Colorado remains relatively strong:
 

• 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 business initiatives, 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.

 
Some experts, including Moody’s, believe we will be one of the first states to emerge from the downturn, and we’ve seen a number of encouraging economic indicators recently:
 

• A new report from 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.

• Our foreclosure rate continues to drop while other states are seeing their rates climb. Homes are selling better here than in other states, and housing prices have not declined as much as they have elsewhere.
• We’ve enjoyed a steady drumbeat of new job announcements, including Hexcel Corp. in Windsor, Leitner-Poma in Grand Junction, Charles Schwab Co. in Centennial, Ascent Solar in Thornton, Abound Solar in Longmont, Kit Carson Windpower Project near Burlington, The Water Co. in Pue blo, DaVita Inc. in Denver and ACS Inc. in C. Springs.
• Forbes Magazine said Denver has the best housing market in the country in which to buy a home, and other experts regularly point to Denver as one of the best places for business.
• A recent Pew Research Center survey named Denver the most desirable place to live among big cities, and Money Magazine named Louisville, Colo., the best place to live among small cities.

 
While these are all optimistic indicators, Colorado families and businesses continue to struggle, and we aren’t out of the woods by any means. Governor Ritter understands this, and he’s working harder than ever to re-energize the economy, create jobs and lead Colorado forward.