FORT COLLINS — The Western Slope showed the greatest job growth in the state during the past decade – slightly more than 12,200 jobs – as employment increased in mining, government, education and health care, according to a Colorado State University report released today.
But for the state overall, unemployment and poverty were up and wages were flat for the decade. There were substantial job losses and negative effects on nearly every sector of the economy, the report found.
After adjusting for inflation, the state’s median household income in 2009 was $55,930 – more than $4,100 less than in 1999, or a 6.8 percent drop.
Other key findings of the report:
Between 2000 and 2010, the Front Range experienced a 2.5 percent loss in job growth. While management and government industries grew, the gains were offset by substantial manufacturing job losses.
The south-central region added more than 200 jobs in government, health care and mining even though it experienced the highest unemployment rate in the state over the decade. The region is defined in the report as Alamosa, Conejos, Costilla, Huerfano, Las Animas, Mineral, Rio Grande and Saguache counties.
Per-capita income ranking climbed from 19th highest in 1990 to seventh in 2000 with an unemployment rate of 3.1 percent as of January 2000. By 2009, the state dropped to 16th nationally in per-capita income terms.
Since the start of the recession in December 2007, the state lost more than 126,000 jobs. As of January, unemployment stood at 9.1 percent.
Among the industries that lost the most jobs were specialty trade contractors, computer and electronic product manufacturing, telecommunications and publishing – including software – industries. Those that gained the most included educational services, ambulatory health care services, hospitals, professional and technical services and food services.
The most jobs were lost – 134,000 – between the third quarter of 2007 and the second quarter of 2010.
The increase in the unemployment rate was steepest for those with a high school degree or less – a rate of 16.9 percent in 2010, up from 9.2 percent in 2005. For those with at least a bachelor’s degree, the increase was much less substantial over the five years with the rate climbing less than 1 percent.
In addition to growth in health-care and education, professional and technical services also had noteworthy job growth, showing the state’s continued evolution to a high-service economy, the report’s authors said.
Colorado State regional economist Martin Shields and research economist Michael Marturana wrote the report, titled “Did the Great Recession Wipe Out a Decade of Economic Progress in Colorado? Assessing the State of the State’s Economy.”
The report relies largely on data from Colorado’s Department of Labor and Employment/Labor Market Information, the State Demographer’s Office, the U.S. Bureau of Labor Statistics and the U.S. Census Bureau.
The authors said despite the challenges outlined in the report, they are optimistic about Colorado’s relatively vibrant economy.
“The state’s skilled, creative and talented workforce, and the dynamic and entrepreneurial spirit of its business owners, are incredible assets that can be leveraged by thoughtful investments to provide new, broad-based opportunities,” Shields said. “But Colorado does not have a monopoly on such assets. Competition is global and increasing.”
