February 2005
Consumer confidence up, employment outlook improves
January was another active month for many economic indicators. For the fourth consecutive month, employment improved with the addition of over 2,600 positions. Also, the consumer confidence index increased to 119.8 from a revised 95.1.
According to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for February 2005, seven indicators moved in a positive monthly or quarterly direction, and 12 of the 18 economic variables posted a positive change on an annual basis.
The overall employment picture continues to improve more rapidly at the state level. Seven of the 12 major industry categories posted gains in 2004 over 2003. Colorado's oil and gas sector also had an all-around record year in 2004.
“We can now safely say that the recession that began in 2001 is officially over," said Tom Clark, executive vice president of the Metro Denver EDC. “Our 'measuring stick' is four consecutive months of employment increases. While employment growth is still not as robust as we would like, the continuing improving picture bodes well for moderate growth in 2005."
The Metro Denver economy can also look forward to a boost in February when the NBA All-Star Game comes to town. It is expected that over 400,000 attendees and visitors will generate about $30 million in economic impact.
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends.