Colorado construction employment declined from mid-2001 through 2004, in part due to 9/11 and the recession. It rebounded between 2005 and 2008, but plunged in 2008. Employment in 2011 dropped back to levels last seen in 1995.
State single family building permits peaked in 2004 at 40,753 and plunged to 7,231 in 2009. A slight recovery was seen in 2010 and 2011.
Total construction valuation for Colorado peaked at $16.8 billion in 2006 and fell to $6.2 billion in 2010.
Colorado’s Construction Sector Real GDP peaked in 2000. It declined at an annualized rate of -5.9% between 2000 and 2010.
In short, the Construction Sector got hammered.
For additional information, see the reports The Colorado Economy Ten Years After September 11, 2001 and Colorado’s Construction Industry – Impact Beyond the Hammers and Nails at cber.co.
©Copyright 2011 by CBER.