This past week, the Bureau of Labor Statistics (BLS) announced that Colorado job growth for 2014 was revised upwards to 83,000 and 2015 job growth was bumped up to 76,300. The respective rates of Colorado job growth were 3.5% in 2014 and 3.1% in 2015.
The upward benchmark revisions made 2014 the third strongest year of absolute job growth while 2015 was the ninth strongest year. This is the best news for the state since the Broncos won the Super Bowl on February 7th.
During 2014 the BLS monthly estimates reported the Colorado economy was adding jobs at a declining rate. This past year, BLS showed that Colorado was adding jobs at an even faster declining rate than in 2014. Thank goodness the BLS projection models were grossly flawed. the benchmark revisions match the activity that has taken place on the streets for the past two years.
In 2015 the five largest sectors/subsectors were:
• Health Care
• Retail
• Accommodations and Food Services
• Professional, Scientific and Technical Services
• Financial Activities
These five industries accounted for 45.8% of total employment. Total employment for 2015 was 2,541,200.
In 2015, the five largest sectors/subsectors for the number of jobs added were:
• Health Care
• Construction
• Accommodations and Food Services
• Professional, Scientific and Technical Services
• Retail
These five industries accounted for 60% of the jobs added. The job growth for these five industries combined was 4.1% in 2015.
Job growth in 2016 will be solid, but slightly off the pace of 2015. Growth will be slowed by low oil prices, the slow economy in China, and a strong dollar abroad.
For more details check out the review of Colorado 2015 job growth by clicking here. And there is much more. For more details check out the cber.co Colorado Economic 2016 Forecast.
