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CO employment expected to return to pre-COVID levels in 2022 – Colorado Springs, Colorado

Colorado Springs, Colorado 2021-12-06 16:53:36 –

Denver-Colorado’s business economic outlook predicts that state-wide employment will return to pre-pandemic levels in 2022, while industries such as leisure and hospitality are expected to take longer to recover.

State employment is expected to be above average, according to an annual forecast compiled by the Leeds Business Research Division at the University of Colorado at Boulder, but the state may be out of the top 10 in terms of employment growth. The Colorado CBEO project will regain 73,900 jobs (2.7%) in 2021 and effectively recover the total jobs lost in the pandemic recession.

Richard Wovekind, Senior Economist at Leeds Business School, said: “We do not expect the leisure and hospitality industry to return to pre-pandemic levels by 2023 or 2024.”

The project, however, shows that despite the slow growth of the leisure and hospitality industries, both industries will add about 31,700 jobs.

Corona’s natural resources and mining, which are heavily affected by the coronavirus pandemic, are projected to increase employment by about 600 people for the first time in two years, according to the report.

As the state’s population continues to grow, manufacturing, data centers, hosting, biopharmacy, aerospace, warehousing, and storage are expected to grow in 2022, adding an estimated 61,000 people, according to the State Census Bureau. An estimated 40,000 people will come from pure immigrants.

In addition to population growth, construction of the state’s housing industry continues to flourish, with an additional 48,000 detached and condominiums expected to be added to the state in 2022. Labor shortages are also expected to affect other industries in the state.

To view the entire Colorado Business Economic Outlook for 2022 click here..

CO employment expected to return to pre-COVID levels in 2022 Source link CO employment expected to return to pre-COVID levels in 2022

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