As the national economy continues to recover from the effects of the recession, some states are recuperating better than others. Colorado is one of the more successful ones, with an impressive employment growth during the past couple of years. A new study by CU Boulder’s Leeds School of Business reports that the state will continue expanding its job market throughout this year.
In 2014, Colorado experienced its highest employment expansion since 2000; the state added almost 73,000 new jobs in 2014. According to the Leeds report, Colorado is expected to add another 60,000 new jobs by the end of 2015, which will keep the unemployment rate under 5%. The projected expansion is set to occur across various industries, with the professional and business services sector leading the way thanks to the state’s tech innovation and infrastructure development. Other growing sectors include leisure and hospitality, retail, construction, and natural resources and mining.
With an increase in job opportunities across several industries, it is foreseeable that more skilled workers and entrepreneurs will migrate to Colorado for work. The state not only attracts newcomers with its overall economic growth, but it also offers new residents the chance to improve their general wellness; Colorado is consistently ranked as one of the healthiest in the country. The dedication to preserving mountain parks and wildlife, as well as its popular sports and fitness culture, gives our state its high quality of life.
Incoming workers from out of state or rural parts of Colorado will more than likely settle in Boulder and Denver counties, as they both hold some of the biggest cities. With this influx of new potential homebuyers, the real estate markets in Boulder and Denver will become even more competitive. Homeowners throughout the two counties, who are considering putting their properties up for sale, will benefit greatly from this continued prosperity.
As reported in The Denver Post, the economist and CU Boulder faculty member Richard Wobbekind summed up Colorado’s economic progress and prospects best, during a presentation last December: “With a skilled workforce, a high-tech, diversified economy, relatively low cost of doing business, global economic access and exceptional quality of life, Colorado is poised for both short and long term economic growth.” Longtime residents and new arrivals can all find comfort in his words.