November 2004
Job and export gains signal sustained recovery
There are many reasons to believe that the metro area economy is rebounding, with unemployment falling below 5 percent, industry employment gains, and continued growth in Colorado's high-tech export market.
Data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for November 2004 shows that economic conditions in Metro Denver are holding steady on an annualized basis, with 11 of the 18 economic indicators continuing to post positive annual movements this month. In addition, 11 of the 18 indicators moved in a positive direction for the month, up from 10 indicators last month.
At the end of the third quarter, seven of the 12 major industry categories posted employment increases compared to the same period last year. The strongest job growth in 2004 is occurring in education and health services (+2,800 jobs), professional and business services (+1,300 jobs), and financial services (+800 jobs).
Several large employers in Metro Denver have been steadily adding to their workforce in recent months. Dish Network has added about 1,000 jobs in the past year, Frontier Airlines has added nearly 1,000 positions since July 2003, Raytheon plans to hire about 525 employees, and Wells Fargo has added about 1,300 bank jobs since September 2003.
In addition, the growth of Colorado exports is helping to create jobs in the state. Colorado export activity has increased by about 15 percent in the first half of 2004 compared to the first six months of 2003. Major export categories include semiconductors, computers and peripherals, telecommunications equipment, and measuring and analyzing control instruments. Colorado’s top trading partners include Canada and Mexico, with China recently emerging as a potential major market for the state.
“With several major companies continuing to expand their workforce and ongoing growth in the state's export market, we have reason to be very optimistic that Metro Denver is catching up to the national recovery,” said Tom Clark, executive vice president of the Metro Denver EDC. “And, for the first time since 2000, Colorado made Plants Sites and Parks magazine's list of top places where corporate executives are looking to expand or relocate their operations," Clark explained.
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends.