May 2005
National rankings prove Colorado job market rebounding
Colorado was one of the nation's ten fastest growing job markets during the first quarter of 2005, according to the Federal Deposit Insurance Corp's report. In addition, for the sixth straight year in a row, Colorado ranked first in the concentration of tech workers by AeA, the former American Electronics Association.
According to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for May 2005, for the second month, 14 of the 18 economic indicators are moving in a positive annual direction.
Metro Denver employment increased by 8,700 jobs in March, a 0.7 percent gain over February. Most notably, leisure and hospitality employment grew with the addition of 2,100 positions. This hiring pace is expected to increase in the second quarter of 2005.
“2005 is turning out to be a better year than we expected,” said Tom Clark, executive vice president of the Metro Denver Economic Development Corporation. “The continued growth in oil and gas employment coupled with projections for a strong institutional construction season will bring a number of high-paying jobs into the market throughout the next two or three quarters. Our ongoing national and international marketing campaign should augment the emerging perception of Metro Denver and Colorado as the 'next great place for jobs and investment'.”
CB Richard Ellis reported improvements in the Metro Denver office market but expects employment growth to positively impact market conditions through 2005. The vacancy rate remained virtually the same from fourth quarter 2004, moving from 17.2 percent to 17.1 percent.
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends