The Bureau of Labor Statistics recently released data showing that, on average, Colorado added almost 62,000 jobs for the first four months of the year compared to the same period last year.
As has been the case in the past, the tourism and healthcare industries led the continued expansion. The top five sectors for growth were:
- Accommodations and Food Services
- Healthcare
- B-to-B (excluding Employment Services)
- Retail
- Construction
About 64% of the jobs added can be attributed to these sectors.
While it is good news that jobs are being added in most sectors, the expansion may be slowed by the lack of primary/high-tech jobs – jobs that create other jobs or bring in investment from the outside. The following sectors serve as a proxy for “primary job creation.”
- Professional, Scientific, and Technical
- Corporate Headquarters (MCE)
- Manufacturing
- Information
So far this year, these sectors are responsible for adding about 10% of the jobs.
All jobs are important and interrelated, but not all jobs are equal in terms of their ability to create other jobs.
A review of the Colorado economy after four months can be found by clicking here.
©Copyright 2011 by CBER.