June 2004
Job gains, export growth fuel economic recovery
Positive job growth for the second straight month and significant increases in exports point to the fact that Colorado's economic recovery is gaining momentum, according to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for June 2004.
Although just six indicators moved in a positive direction for the month due to seasonal fluctuations, nine indicators moved in a positive annual direction.
Nonfarm employment in Metro Denver increased by 13,000 positions in April. This was the second consecutive month of rising employment and the strongest monthly gain since May 2000.
“We see this employment increase for the second consecutive month as very encouraging," said Tom Clark, executive vice president of the Metro Denver EDC. “If May's employment figures match or exceed April's rates, we can then feel confident that our recovery is truly underway."
Also, Colorado export growth far outpaced that of the nation in April. Colorado exported $1.6 billion in manufactured, agricultural, and mineral products during the first three months of 2004, a 16.2 percent increase over the same period last year.
It is especially good news that high-tech products posted strong gains, with exports of integrated circuits and semiconductors up 59 percent to $325 million and computer and peripheral equipment exports growing by 19 percent to $240 million. Canada and Mexico remain Colorado’s top two trading partners.
“The strength of Colorado's export market will be one of the most encouraging factors in achieving economic recovery in the long term," explained Clark.
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends.