A look at Colorado’s 2023 economy reveals slowing but still signs of job growth | Bot To News

Richard Wobbekind, associate dean for business-government relations, senior economist and director of business research at the University of Colorado Boulder, before presenting the Colorado Business Economic Outlook 2023 report Dec. 5, 2022, in Denver.
Tamara Chuang/The Colorado Sun

Colorado’s overall economy has slowed this year, a trend that is expected to continue into 2023, according to a forecast compiled by dozens of economists and industry leaders across the state.

But while citing reasons such as the impact of the war in Ukraine, high inflation and the end of federal pandemic benefits, economists said the reality could change. This year, for example, Colorado added more jobs than predicted for 2022 — nearly 47,000 new jobs.

“After revisions to the data, we believe Colorado added 120,800 jobs this year, a 4.4 percent increase,” Richard L. Wobbekind, director of the University of Colorado Leeds School of Business’ division of business research, said during a presentation Monday in Denver. . . “That’s well above what we predicted a year ago at this time.”

Last year, companies complained that it was difficult to find enough workers, which contributed to why Wobbekind and his team underestimated job growth. Last year’s report predicted about 73,900 new jobs, setting a Colorado recruiting record. The country still achieved a record, reaching 3,146,008 people in employment in August.

“Overall, we didn’t think there were enough bodies” to fill more positions, Wobbekind said in an earlier interview. “Some sectors grew faster than we expected. There was strong growth in manufacturing, life sciences, and really strong growth in professional and business services, which exceeded what we imagined.”

Read more at ColoradoSun.com.

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