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Colorado’s economy is looking up, according to an organization affiliated with the Denver Metro Chamber of Commerce.
The Metro Denver Economic Development Corporation, a non-profit that monitors business conditions throughout the state, has released a a monthly economic report for July stating that employment and personal income are both on the rise. According to the report, Colorado is the 7th largest state economy nationally with the 8th fastest growth in GDP.
Personal income is stated to have increased 2.1 percent from fourth quarter 2006 to first quarter 2007, and the state’s employment growth through May grew 2 percent, more than the national 1.5 percentage.
The study also looked at income and employment statistics in metro areas:
Total employment in Metro Denver increased by 12,600 positions from April to May, according to the latest data from the Colorado Department of Labor and Employment. The May increase resulted in a 1.9% year-to-date employment gain for the region. The Boulder-Longmont MSA posted stronger year-to-date employment growth of 3.3% through May compared to the 1.7% increase in the Denver-Aurora MSA.
Labor market conditions in the Metro Denver region tightened for the fourth consecutive month in May, with the unemployment rate decreasing from 3.4% in April to 3.3% in May. The May unemployment rate is the lowest monthly rate since May 2001 when the unemployment rate dropped to 2.9%. Metro Denver’s unemployment rate stands at 3.9% through the first five months of the year, compared to the 2006 year-to-date rate of 4.6%.
With business prospects improving, Colorado is surpassing national economic statistics.
