Colorado economy report shows slowing in job growth, prices up 1.3% in Denver metro area
Colorado's economy is showing that inflation continues to be an issue, especially in the Denver metro area. According to a new report from CU Leeds Business Research and the Colorado Secretary of State's Office, the state's job growth slowed but the unemployment rate is 2.8%.
According to the report, "Colorado's slowdown in job growth appears to be a symptom of a worker shortage rather than softening demand for workers." Colorado has the fourth-highest labor force participation rate, the 14th-fastest growth in labor force and the highest number of people in the labor force in state history.
"The growth in establishments and strong underlying components of the labor market suggest the slowdown in job growth appears to be a labor supply issue rather than a signal of business distress," said Brian Lewandowski, executive director of the Business Research Division.
Prices in the Denver-Aurora-Lakewood area went up 1.3% for the two months ending in July, which is more than in surrounding areas.
"The housing component of DPI represents 44% of the overall basket and for the Denver-Aurora-Lakewood region, it went up 8.8% year over year versus 6.2% for the nation and 7.1% for the mountain region. That does show that we have higher price inflation on housing than the nation overall," said Lewandowski.
Colorado did better on food and beverage inflation than the rest of the nation. The largest annual percent increases came from leisure and hospitality, mining and logging and government. Losses were recorded in financial activities, information, trade, transportation, utilities and construction.
You can find monthly information on key economic statistics and trends that impact the state on the Colorado Business and Economic Indicator Dashboard, launched by the Colorado Secretary of State's office in conjunction with BRD.
