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Chris Akers, Labor Market Information Colorado Department of Labor & Employment February 19, 2014

Colorado & Denver Economic Overview. Chris Akers, Labor Market Information Colorado Department of Labor & Employment February 19, 2014. Today’s Agenda. Overview of the Economy National Colorado Denver Denver’s Strength’s

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Chris Akers, Labor Market Information Colorado Department of Labor & Employment February 19, 2014

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  1. Colorado & Denver Economic Overview Chris Akers, Labor Market Information Colorado Department of Labor & Employment February 19, 2014

  2. Today’s Agenda • Overview of the Economy • National • Colorado • Denver • Denver’s Strength’s • Denver’s Residential Housing Permits

  3. Economic Outlook: 2014 • U.S. Gross Domestic Product (GDP) • 2014 forecast = 3.1% • 2013 = 1.9% • U.S. Consumer Price Index (CPI) • 2014 inflation forecast = 1.7% • 2013 = 1.5%, lowest in 4 years • Uncertainty reduced considerably with passage of budget & debt ceiling resolution Source: Haver Analytics & The Conference Board

  4. Nonfarm Payroll Job Growth U.S. and Colorado Source: Labor Market Information, Current Employment Statistics Program

  5. Super Sector Industries 2013 Annual Average CO vs. U.S. Source: Labor Market Statistics, Current Employment Statistics Program

  6. MSA Unemployment Rates Dec ’13 Not Seasonally Adjusted Source: Labor Market Statistics, Local Area Unemployment Statistics Program

  7. Denver MSA Strengths • 5.8% Unemployment Rate = lowest since Nov. 2008 • 70% of statewide job growth centered in Denver: +30,400 jobs from Dec 2012 – Dec 2013 • Rising home prices and influx of young, well-educated adults = increased construction activity • Diverse industry base: • transportation cross-roads (I-25 & I-70 + DIA) and improvements (light rail expansion + Union Station) • large technology companies (Arrow Electronics, Lockheed Martin, & Sun Microsystems) Source: Labor Market Information, Current Employment Statistics Program

  8. Denver MSA Housing Permits Source: bureau of the Census / Haver Analytics

  9. Questions

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