Colorado is on track to exceed its expected job growth for the year after adding approximately 52,400 jobs between May 2012 and May 2013.
Economist Richard Wobbekind of the University of Colorado’s Leeds School of Business estimated at the end of 2012 that the state would experience a 1.8 percent job growth rate this year. But now he is saying the state could actually have a 2.5 percent job growth rate, based on current numbers.
While the construction, professional and business services, and leisure and hospitality sectors are experiencing the most growth, every industry except natural resources and mining and information and financial activities is recording year-over-year employment growth, Wobbekind reports.
“The performance of the Colorado economy has modestly exceeded our December 2012 forecast,” says Wobbekind, executive director of the Business Research Division at the Leeds School. “Obviously, we are pleased with the higher level of job growth and are hopeful it will continue throughout the remainder of 2013.”
Wobbekind also notes that the value of single-family residential construction is up nearly 41 percent and multifamily construction climbed more than 72 percent through May 2013.
Infrastructure – including work on the new Denver International Airport rail line and major projects on Interstate 225 and U.S. 36 – is aiding Colorado’s economic recovery.
Within the professional and business services sector, which rose by 4.4 percent in 2012, the professional, scientific and technical services subcategory experienced 3.4 percent growth and accounts for more than half of the sector’s employment, according to Wobbekind.
The leisure and hospitality sector saw a 3.8 percent rise in jobs year-to-date through May. The increase comes after the best tourism year ever in Denver in 2012, extending an eight-year trend, with record numbers of visitors, visitor spending and lodger’s tax collection, he notes.
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