COLORADO ECONOMIC & UNEMPLOYMENT UPDATE

Great news

Colorado’s unemployment rate decreased half a percentage point last month, down from 7.8 percent in July to 7.3 percent in August. While the national rate has risen steadily this year to a high of 9.7 percent, Colorado’s rate is about the same as it was six months ago.
 

Today’s Good News

• This is the first time in 26 years Colorado’s unemployment rate has dropped this much. It was the second-largest decline among all states.
• The rate fell in 62 of Colorado’s 64 counties.
• Colorado’s unemployment rate has consistently remained about 2 points below the national average for most of the year. 
• Experts say they’re seeing stability in Colorado’s economy, and hardly a week goes by without a job-growth, business-expansion or other positive announcement:

1. Bach Composite Industry is opening a manufacturing plant here with 150 new jobs.
2. RePower Wind is relocating its U.S. headquarters from Oregon to Colorado.
3. UQM Technologies secured a $45M grant and may add as many as 3,500 jobs.

• Colorado’s unemployment rate is lower than rates in 34 other states and the District of Columbia, including Michigan, where the rate is 15.2 percent.

Governor Ritter’s Economic Development Strategy is Leading Colorado Forward

 
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 2009 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.
  

What the Experts Say

• Colorado was one of the last states to enter the recession, following 26 consecutive months of economic growth, including the first six months of 2008.
• Now, many experts, including Moody’s, believe we will be one of the first states to recover because of our diverse economy, the technological innovations being developed in Colorado, and our growing healthcare and clean-tech sectors.
• Colorado was recently ranked the fourth-best clean-tech state in the country.
• CNBC 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, up from July 2008 when the figure was 30,000, and nearly 350,000 are receiving food stamps, up by a 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.