July 2005
For the second month, 15 of 18 economic variables post positive movement
Economic conditions in Metro Denver remain steady for the second month in a row, with an employment increase of 13,300 positions and a decline in the unemployment rate to 5 percent in May.
According to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for July 2005, for the second month, 15 of the 18 economic indicators are moving in a positive annual direction.
“We have reached an employment milestone," said Tom Clark, vice president of the Metro Denver EDC. “In May, we reached total employment of 1,354,000 people, the highest number since December 2001. Further, this was only the second time since January 2000 that all major industry groups posted an increase in month-to-month employment.”
Clark adds, “With continued growth in the energy and leisure markets, as well as overall job growth, we should add over 30,000 jobs in 2005, bringing us close to pre-recession levels. This is good news for companies and employees in Metro Denver.”
Nationally, Colorado ranks among the top ten states for job growth, according to the Federal Deposit Insurance Corp. (FDIC). Compared to the 1.7 percent national employment increase, Colorado experienced a 2.6 percent year-over-year increase during the first quarter of 2005, the eighth-fastest pace in the nation.
In the consumer sector, confidence levels in the mountain region improved in May to 118.9, well-above May 2004 levels of 99.3. Retail sales in Metro Denver were also up 8.3 percent through April compared to the first four months of last year.
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends.