Tag: Northern Colorado

Northern Colorado Leads MSA Job Growth

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The Northern Colorado Metropolitan Statistical Areas (MSAs) are leading job growth for Colorado. Through five months of 2014, the leaders in MSA job growth were Greeley and Fort Collins.

The MSA job growth rates for five months follow:

  • Greeley 5.4%
  • Fort Collins 3.5%
  • Boulder 3.1%
  • Denver 2.8%
  • Pueblo 2.1%
  • Grand Junction 1.4%
  • Colorado Springs 1.2%

The rate of growth for the state was 2.9%.

The MSA job growth for five months follows:

  • Denver 35,800
  • Boulder 5,200
  • Fort Collins 4,900
  • Greeley 4,700
  • Colorado Springs 2,900
  • Pueblo 1,200
  • Grand Junction 800.

For the first five months of 2014 Colorado added about 67,100 workers compared to the same period in 2013. About 11,600 were outside the seven MSAs.

As expected Denver added the greatest number of jobs. The percentage of MSA job growth follows:

  • Denver 64.5%
  • Boulder 9.4%
  • Fort Collins 8.8%
  • Greeley 8.5%
  • Colorado Springs 5.2%
  • Pueblo 2.2%
  • Grand Junction 1.4%

Combined, the Northern Colorado MSAs added 17.3% of all jobs. The state’s seven MSAs accounted for about 83% of total job growth in the state for this period.

Though most of the state’s land mass is rural, most of the job growth is in the seven MSAs.

MSA Job Growth for Colorado

 

Occupy the Labor Market – Shields Foretells Growth in Northern Colorado

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In January, Dr. Martin Shields, CSU economics professor, produced his business and economic forecast for the Northern Colorado Business Review. In short, Shields pointed out that the U.S. will see a lackluster recovery that will be driven by national and international events (debt, war, oil prices, political crises, etc.)

At the national level, Shields emphasized three points:
• “Tepid and sustained” Real GDP growth.
• The decline in unemployment will be slow as the median number of weeks that workers are unemployed remains high, based on the slow rate at which jobs are being created.
• Core inflation has returned to pre-recession levels.

The Northern Colorado economy will continue to be a mixed bag, although it has been a leader in the recovery. It is expected to continue in that role. Nevertheless, unemployment will be high by historical standards. Locals have struggled with the decline in real household income, a challenge that is likely to continue in the months ahead.

Shields also emphasized the following:
• Northern Colorado lost 5,900 jobs over the past 3 years.
• On a positive note, the region added 1,900 jobs in the past year.
• Since 2008 the number of unemployed workers in the region has increased by 6,700.
• Larimer and Weld County have performed differently during the Great Recession.
o Larimer’s labor market has been stronger
o Median household income in Larimer has declined.
o Weld County household income has remained flat.
• FFHA data shows that housing prices are stagnant.
• While it is encouraging that there is an uptick in housing starts, it must be noted that the increase is small and it is from a very low base.

Looking ahead, Shields foretells continued growth in 2012.
• The unemployment rate might approach 5.0% in Larimer County.
• In Weld County, unemployment might fall below 8.0%.
• Between 2,700 and 3,300 workers might be added to local payrolls.
The Government, Information, and Financial Activities sectors will struggle, while the energy, food manufacturing, health care, and professional business services sectors will continue to grow.

Shields heavily emphasized the term “might” in each of his projections. In closing he stated that the real challenge will be to add jobs that pay good wages.

 

©Copyright 2011 by CBER.

Northern Colorado Economic Development Efforts – Thinking Big

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The Northern Colorado counties are thinking BIG!

The five-county metro area (Boulder, Broomfield, Adams, Larimer, and Weld) have very different economies, assets, and distinctive competencies. Combined, they provide the foundation that can drive a strong recovery from the Great Recession and continue to transform the state economy.

From an economic development perspective, the strengths of the region are:
• Agriculture (Weld and Adams County)
• Air transportation (DIA, Front Range, Rocky Mountain)
• Beverages (Budweiser, Lefthand Brewing, and microbreweries)
• Construction
• Corporate headquarters (Interlocken)
• Extractive industries (Niobrara)
• Federal facilities (NOAA, NIST, NCAR, and a host of facilities in Fort Collins)
• Ground Transportation (their proximity to major highways makes them a hub)
• Health care (Fitzsimons)
• Higher education facilities
• High tech clusters (they are a hub for biosciences, nanotechnology, photonics, renewable energy, software)
• Proximity to major highways (I-25, I-70, I-76)
• Tourism (Rocky Mountain National Park and Eldora Ski Area)
• Warehousing (Adams County).

By county, the big thoughts are:
• Boulder – Conoco Phillips is planning to open a renewable energy research facility in Louisville.
• Broomfield – The Regional National Archives will open in 2013, improvements are on tap for the 36 corridor beginning in 2012, talks are continuing on the Denver beltway, a high-tech business park is planned for the northern part of the county.
• Adams – Changes to the National Western Stock Show are being discussed that could include either a makeover or relocation to a different facility, a Gaylord Hotel/Theme Park at DIA is being talked about , and the Spaceport at Front Range Airport is in the planning states.
• Larimer -The ACE park has recently been renamed the Rocky Mountain Innovation Center. Hopes are to turn the old Agilent facility in Loveland into a clean-tech, aerospace, high-tech facility.
• Weld – The county has always been a focal point for energy and agriculture. Renewable energy and the Niobrara oil fields have increased its prominence in that area.

The fact that the economy has not fully recovered has not stopped the leaders in the northern part of the state from making aggressive plans for the future. Will all of these projects come to fruition? Probably not, but the fact that there are leaders with a vision will create growth for the region.

 

©Copyright 2011 by CBER.