According to the Governor’s Office of State Planning and Budgeting (OSPB), Colorado’s economic growth remains solid, with urban areas along the Front Range leading. With the expansion, however, comes rising costs of living and tight labor market conditions. Mining and logging has experienced the largest year-over-year job growth, followed by construction and professional services.
Summary ─ Colorado’s economic growth remains solid, with broad-based job growth and low unemployment. The more populated urban areas along the Front Range, with their greater economic diversity of growing industries, continue to outperform other areas of the state. However, the state’s strong expansion has led to higher costs of living and doing business, as well as among the tightest labor market conditions in the country. These factors have contributed to moderating growth, which is expected to continue through the forecast
Economic growth for the nation, as well as the world, continues at among the highest levels of this economic expansion. The labor market in particular has maintained its solid momentum, and manufacturing and international trade activity has increased. Further, the housing market looks poised to experience increasing activity in the coming year through more homebuilding and sales, which will contribute to further economic growth. Importantly, financial and monetary conditions remain supportive of continued expansion. However, tightening labor market conditions with slower labor force growth will constrain the U.S. economic expansion going forward.