Once again, Colorado is proving to be one of the best places in the country when it comes to recent job growth. After already experiencing its highest rate of job growth since before the recession, Colorado will continue to add jobs at a high rate through 2014. By the end of the year, forecasters predict 2014 will be the second-best year for job growth in the state within the last 10 years.
According to a study by the University of Colorado Boulder, Colorado will add 60,000 jobs in 2014 across all industries. The growth rate places Colorado in the top five states in the country for job growth. Meanwhile, unemployment in the state will fall from 6.9 percent in 2013 to 6.4 percent in 2014.
The biggest gain will come from the professional and business services industry, which will add 14,200 jobs. The fastest growth rate is taking place in construction, where job growth is up 8.7 percent in 2014. Spending in construction is also up 14.8 percent this year. Other strong growth industries include natural resources and mining, education and health services, leisure and hospitality, and trade, transportation and utilities.
All of this adds up to a very strong year for Colorado when it comes to jobs. The 60,000 additional jobs are the most added in any year since 2000, when the state added 81,000. The growth is up significantly from 2013, when the state added 42,100 jobs. This continued positive growth is projected to continue into the near future.
The state’s population is also expected to grow in the next year, with a 1.7 percent increase pushing the population to 5.4 million. Most of the increases are concentrated in areas along the northern Front Range. Because of this boom in population, retail sales in the state are also expected to increase five percent in 2014, up from 4.2 percent the previous year.
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