Wednesday, January 31, 2018

The Colorado job market outlook

Population Growth Has Risen

In the last few years, the population of Colorado increased with about 10% per year, which made the job market very dynamic. People are relocating to this state precisely due to the good job opportunities, educational programs and living standards.  Quality metal buildings for sale have become highly desired, and so has the need to manufacture them.

The Department of Labor and Employment estimates that the annual employment rate will grow constantly, with a few percent over the next decade. Most new jobs are in constructions, and this industry is expected to keep expanding, going hand in hand with the population growth.

Another industry that advances quickly, over the short and the long run, is the professional and business services; in some subsectors, employment doubled during the last decade and will keep growing.

Education and health services will continue to gain new jobs, just like general merchandise stores recreation and restaurants.

The industries that are not performing so well include the natural resources and mining, which fell more than 8% last year, as well as farming. Weaker foreign demand and high housing costs are the factors that weight down on Colorado`s economic growth, but are unlikely to weaken it significantly.

The labor market is currently very tight and employers are forced to offer better financial advantages. Consequently, even if the economy is solid, the pace of job growth is slowed down.

First Posted on: The Colorado job market outlook

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