Through the first 8 months of the year there are 7 sectors of the economy that have lost a net total of 25,100 jobs, compared to the same period last year.
Construction -8,800
Financial Activities -4,200
Federal Government -3,400
Information -3,400
B-to-B (Not Employment Services) -2,600
Local Government (Not K-12) -1,600
K-12 Education -1,100
These sectors account for 33.3% of total employment. Average wages for this mix of workers is about $56,600 compared to average annual wages for all employees of about $47,900 (calculations based on 2010 QCEW data). In other words, the average wages for the sectors that are losing jobs is significantly greater than the overall state average, based on 2010 data.
The 2011 prognosis is that each of these sectors will show job losses for the year (2011) and that average annual wages for the group will remain well above the overall state average.
For a comprehensive review of the Colorado economy visit the CBER website.
©Copyright 2011 by CBER.