Metro Denver Economic Summary

Metro Denver EDC has released it's economic summary for October.

• New data on personal income suggest Colorado’s economic trends are mirroring nationwide trends. The data – published by the U.S. Bureau of Economic Analysis – show Colorado personal income grew one percent in the second quarter from the first quarter, while personal income nationwide rose the same percentage. Colorado was one of 10 states to experience an acceleration in personal income growth in the second quarter, while growth slowed in 39 states and was unchanged in Nevada.

• The second quarter Mountain Monitor report issued by Brookings Mountain West suggests major metros in the western U.S. are experiencing a slow economic recovery. Not all metros in the west are recovering equally though: the recovery has been relatively strong for metros including Phoenix and Boise, while Metro Denver and Colorado Springs are experiencing a slackening labor market. Despite Metro Denver’s slow pace of job growth, the region’s gains in output and employment have mirrored U.S. averages, the report says.
• Metro Denver employers added 3,900 jobs between July and August. The gain reflected a typical seasonal trend and, in fact, was the largest August gain since 2002. August employment in nine of Metro Denver’s 11 industry supersectors exceeded the year-ago level, and the strongest gains occurred in natural resources and construction (+5.3 percent) and leisure and hospitality (+5.3 percent). Employment in the remaining two sectors – information and transportation, warehousing, and utilities – either declined slightly or remained stable. Metro Denver employment across all industries was 2.9 percent higher in August than it was in August 2011. Statewide employment was up 1.4 percent over-the-year in August, as was employment nationwide.