Colorado will continue on the road to recovery and add a variety of jobs in 2014 across almost all business sectors following a positive year in 2013.
“With Colorado’s skilled workforce, high-tech diversified economy, relatively low cost of doing business, global economic access and exceptional quality of life, the state is poised for long-term economic growth,” said Richard Wobbekind, CU-Boulder professor and executive director of the Leeds School’s Business Research Division.
Overall, the forecast calls for a gain of 61,300 jobs in 2014, compared with a gain of about 66,900 jobs this year. All sectors of the Colorado economy are predicted to grow in 2014 with the exception of the information sector, which includes publishing and telecommunications.
Colorado is expected to be in the top five states for job growth in 2014 with workers added in both goods- and services-producing sectors.
The strongest sector for projected job growth in Colorado in 2014 is the professional and business services sector, which is expected to add 14,200 jobs or grow by 3.8 percent.
“Colorado has strategic advantages in the professional and business services sector given the highly educated workforce, innovative spirit and small business base that we have in the state,” said Wobbekind. “If national-level political and fiscal uncertainty subsides, we may see even stronger growth in this sector than what we’re currently projecting.”
Other leading job growth sectors for 2014 include the construction sector, which is expected to add 11,000 jobs or grow by 8.7 percent; and the trade, transportation and utilities sector, which is expected to add 9,100 jobs or grow by 2.2 percent.
Colorado’s unemployment rate is expected to remain below 7 percent in 2014, which is comparatively better than the national unemployment rate.
Commenting on the overall forecast, Wobbekind said, “After the deep recession we encountered as a state and a nation, it is really a relief to be reporting strong positive job growth in Colorado.”
For the full news release visit http://www.colorado.edu/news/releases/2013/12/09/positive-broad-based-job-growth-forecast-colorado-2014-says-cu-leeds-school. To view the entire economic outlook for Colorado in 2014, including an overview of each of the state’s major economic sectors, visit http://leeds.colorado.edu/BRD.