U.S. Employment Exploration: Colorado
Colorado has something for almost everyone. The eighth-largest state in area, it offers a diverse climate and impressive scenery. What it doesn’t yet have is a robust economy, although the picture seems to be improving.
Economic Outlook:
According to a report published in March 2004 by the Office of State Planning and Budgeting, Colorado’s economy should improve gradually throughout 2004, if the national economic recovery continues. If that weakens, it could easily delay the state’s recovery.
Inflation statewide is projected to remain above the national level but still at or below 3 percent through 2008. The rate came in very low for 2003 due to lower rents and home costs, which make up about a third of total inflation.
Employment, Wages and Income:
Employment in Colorado decreased 1.5 percent in 2003, and significant job growth wasn’t expected until late 2004. From 2005 through 2008, employment gains should reach or exceed 2.5 percent. Beyond 2008, the greatest job growth will probably come in retail trade, finance, insurance, real estate, and services.
Unemployment averaged 6 percent in 2003 and is predicted to drop to 4.5 percent by 2008, assuming job growth develops as expected.
Lower employment levels and the loss of high-paying jobs in advanced technology and finance caused wage and salary income to decline 1.9 percent in 2003. By 2006, however, the income figure should increase to over 6 percent.
You can find employment statistics at the Colorado Department of Labor and Employment’s web site, www.coworkforce.com, which provides monthly estimates of non-farm employment by industry and area. Its “Hot Jobs” report lists the highest-paying jobs, which range from network and computer systems administrators (average high about $75,000) to CEOs (average high about $143,000). It also lists declining categories, including computer operators, petroleum engineers, and prepress technicians.
Cost of Living:
If you’re concerned about the cost of living in various areas, check out a report on the Colorado State University web site titled “Cost of Living Differentials in Colorado: 2002” (www.colostate.edu/pubs/consumer/xcm211.pdf). It includes a county-by-county breakdown.
A key factor to consider is the relationship between income and purchasing power. As an extreme example, Pitkin County ranked 4th for affluence but dropped to 48th when the median income was adjusted for the local cost of living! On the other hand, counties with a lower cost of living improved their ranking substantially when their income level was adjusted.
Regional differences between counties throughout the state are significant. The report notes that “the demographic and economic core of the state experiences average to high costs of living and is concentrated into relatively few counties.”
Climate and Topography:
If you plan to live in Colorado year-round, you’ll want to pay attention to climate and topographical factors when selecting your location. Features such as elevation affect temperatures, wind patterns, and storm tracks throughout the year. For example, a difference of 35 degrees Fahrenheit exists between Pikes Peak and Las Animas, just 90 miles to the southeast. That’s about the same spread as between southern Florida and Iceland!
Climate hazards triggered by location include avalanches, severe thunderstorms, lightning, flash floods, and turbulent winds. The majority of the state’s population currently lives in the milder area near the western edge of the plains and the foothills of the mountains, but even there, it’s not uncommon to experience severe winds.
Additional Information Resources:
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