It’s time again for our monthly update to the Economic Tracker. Your Fort Collins Area Chamber, working with other economic development and business support organizations across the region created a tool to track the economic recovery in Northern Colorado. This valuable resource is a set of indicators that represent critical aspects of the Larimer and Weld County economies, is based on data that is accessible in a useable format and is updated frequently with little lag time. The Economic Tracker provides great insight into the impact of the pandemic and recession on Northern Colorado.
The most recent update to the Tracker includes the following insights from our Economic Analyst, Caroline Alexander:
Here are the three takeaways:
- The unemployment rate did rise in October. This was primarily because more people entered the labor force. Employment went up in Weld County and down very slightly (440 workers) in Larimer County but the number of unemployed people in both counties increased. An increase in the supply of workers is a good thing in this tight labor market where there are still 2 job postings for every 1 unemployed person.
- Nonfarm employment and average hourly wages are rising in both counties. Employment in almost every sector was stable or growing. The only exceptions were:
- mining, logging, and construction in Larimer County (-100)
- leisure and hospitality in Larimer County (-200)
- Federal government in Larimer County (-100)
- Retail sales continue to increase. In the three industries we are tracking, clothing and clothing accessories softened somewhat but arts and entertainment increased significantly beyond pre-pandemic levels and food services and drinking places continued to be more than 20% above their pre-Pandemic levels.
SHOUT OUT!
To our community business owners: thank you for creating places, spaces and things that make Fort Collins special. You create a sense of community and are often at the whims of others – but continue to strive to create economic opportunity for your employees and your families. We would not be Fort Collins without you.
I would like to wish our members, partners and others in the Northern Colorado community Happy Holidays!