Analysis of Performance
- The latest local unemployment rates are available through August (preliminary) . Fort Collins unemployment rate is 4.4% (preliminary) for August 2021. Colorado’s unemployment rate is higher than the national average, but this is in part due to the state’s higher labor force participation rate, which is a positive sign for Colorado’s near-term economic outlook. While job recovery in the tourism and leisure and hospitality sectors continues to lag other sectors, Colorado has seen significant recovery in demand for these services.
- Through the first eight months of 2021, Colorado added 109,900 jobs. The August seasonally adjusted employment had 82,100 fewer workers than February 2020 (pre-pandemic)
Update on the Colorado Economy (Leeds Business Research Division at CU Boulder):
- While many industries have rebounded well from the recession, the leisure and hospitality sector continues to face challenges, accounting for 46% of jobs lost year-over-year. The Leeds Business Research Division at CU Boulder (BRD) is projecting Colorado will add 90,000 jobs in 2021, with continued growth into 2022.
- “This growth trend in the labor force could lead to a full jobs recovery from the recession in 2022,” said Richard Wobbekind, senior economist and faculty director of the Leeds Business Research Division. “But there are other statistics that show Colorado still has some progress to make in economic recovery.”
- Colorado’s labor force growth ranked first in the country, and the state’s per capita personal income is 10th-highest at $63,123. However, at 6.4%, Colorado’s unemployment rate––0.4 percentage points higher than the national unemployment rate of 6%––ranks 34th, and the state’s average hourly wage growth rate ranks 46th.
- Improvement in the energy sector is also noted in the report: the number of rigs in Colorado increased from an average of 7 in December 2020 to 10 in April 2021. While this is significantly lower than an average of 30 rigs in 2019, the jump reflects a positive trend from recession lows.
Colorado Indicators from the CO Secretary of State update: https://www.sos.state.co.us/pu...
Why Is This Important?
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.