All industries are important to the economy for different reasons! Some may generate tax revenue for governments, they may create jobs, or they might pay higher than average wages. Others may be lifestyle industries or they may be strong producers of output. By comprehending how industries contribute to the economy, it is possible to better understand how they relate to each other and how they cause an economy to expand or contract.
There are distinct differences between the top 10 Colorado sectors for output and employment. Government tops both lists. The sectors in green are common to both lists and are particularly important to the Colorado economy.
It is imperative to have public and private leaders who understand that industries are important to the economy for different reasons. They must recognize that some industries create jobs, others generate output, and some produce both. In Colorado, the following sectors most effectively produce both: Health care; Retail trade; Professional, scientific, and technical; Manufacturing; and Finance and insurance.
|
2012 Colorado GDP |
2012 CES Employment |
|
1. Government |
1. Government |
|
2. Real estate and rental and leasing |
2. Health care and social assistance |
|
3. Professional, scient., and tech.. |
3. Accommodations and food services |
|
4. Information |
4. Retail trade |
|
5. Manufacturing |
5. Professional, scient., and tech. |
|
6. Finance and insurance |
6. Administrative and waste management |
|
7. Health care and social assistance |
7. Manufacturing |
|
8. Retail trade |
8. Construction |
|
9. Wholesale trade |
9. Finance and insurance |
|
10. Mining |
10. Other services |
Source: BLS and BEA.
The top 10 output sectors account for 77.7% of total GDP and the top 10 job sectors account for 81.9% of total employment.
For additional analysis of Colorado employment and output go to the cber.co website.
©Copyright 2011 by CBER.