Analysis of Performance
- Fort Collins' unemployment rate is consistently lower than the state of CO.
- The COVID19 pandemic in 2020 has brought nine consecutive years of job growth to an abrupt halt, impacting every industry in the state. Colorado’s unemployment rate has significantly retreated from the record highs seen in April 2020 due to the pandemic, sitting at 3.4% in June 2022, giving the state the 28th-lowest unemployment rate in the nation.
- The forecasted average rate of unemployment declines through 2023, reaching 3.5 percent. The annual average has not been lower than that since 1953. The unemployment rate and the number of unemployed people is projected to decline gradually through the first half of 2023, reflecting the continued growth of the economy. In CBO’s projections, the overall unemployment rate falls from 3.9 percent in the first quarter of 2022 to 3.5 percent by mid-2023, averaging 3.5 percent for all of 2023 (Congressional Budget Office, The Budget and Economic Outlook 2022 to 2032; https://www.cbo.gov/publication/58147)
Local unemployment rate is the percentage of the total labor force that is unemployed but actively seeking employment and willing to work. This includes persons actively looking for work in the prior 4 weeks by contacting an employer directly, having a job interview, sending out resumes or filling out applications.
Why Is This Important?
The unemployment rate is a key top-line economic metric providing an overall understanding of economic activity in a community. This metric is commonly used as the primary indicator to measure the economic success and resiliency of a community.
City Organization Impact on Performance
Low – Although we have influence on local hiring activity, the City of Fort Collins does not control the local population change.
This metric contains state and national benchmark data to place Fort Collins' performance in context. While the City's target is 5% (which is generally considered full employment), these benchmarks allow identification of larger trends to analyze how statewide or national effects are impacting the City's performance.