Colorado Springs

Colorado economy on rebound, but hurdles remain | Colorado Politics – Colorado Springs, Colorado

Colorado Springs, Colorado 2021-05-08 10:30:00 –

A record 44,740 new businesses and nonprofits submitted their first document to Colorado Secretary in the first quarter of this year, according to a quarterly business and economic data report released this week, over the past 12 months. 37,820 companies have submitted dissolutions.

According to the U.S. Bureau of Labor Statistics, the report details the devastating impact of the COVID-19 pandemic on the leisure / hospitality industry, which bleeds 72% of all jobs lost between February and March 2020. I will.

“A year later, the industry continues to face a difficult battle. According to a report produced by CU Boulder’s Leeds Business Research Division (BRD) and the Secretary of State, 46.2% of unemployment is concentrated in this sector.

“While a business closure during a pandemic will have a lasting impact on the industry’s job supply, a return to Colorado travel and tourism is important to the state’s job recovery.”

Record new business filings were 29% higher than in Q4, when the report reported “showing a surge beyond trend growth,” to 1% in Q1 2020. Anyway, officials say that the first quarter usually has the highest number of new applications.

“Colorado is ready to fully recover from the recession by 2022, but many Colorados are still suffering from unemployment due to COVID-19,” Colorado Secretary of State Jenagris Wald said in a statement. I mentioned in. “The state’s economy is gaining momentum and we hope it will continue.”

The number of dissolutions in the first quarter (10,658) also reached a record high, up 6% year-on-year. However, the report points out that the pace of dissolution has slowed considerably since 2020.

According to the report, “the surge in dissolution during the last recession occurred after the official end of the 2011 recession.”

Colorado lost 376,300 jobs between February and April 2020, but added 229,600 jobs between May 2020 and March 2021, resulting in a net loss of 146,700.

The report predicts that the state will add 90,000 jobs in 2021 and will continue to grow through 2022.

“This growth trend in the workforce could lead to a full employment recovery from the 2022 recession,” BRD Secretary-General Brian Lewandowski said in a statement. “But there are other statistics showing that Colorado is still making some progress in the economic recovery.”

Some other interesting information nuggets from the report:

  • Colorado’s workforce growth ranked first in the country
  • Our average personal income per capita is $ 63,123, the tenth highest
  • The state’s 6.4% unemployment rate is ranked 34th, above the national average of 6%.
  • The state’s energy economy has risen slightly as Colorado’s rig numbers have increased from an average of 7 in December 2020 to 10 in April 2021. Trends from the lows of the recession, “the report said.

A Complete report copy It is here.

Colorado economy on rebound, but hurdles remain | Colorado Politics Source link Colorado economy on rebound, but hurdles remain | Colorado Politics

Back to top button