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:
- In spite of the tapering off of job posting activity, the labor market remains strong – the unemployment rate continues on a downward trend as more people are entering the labor force and finding employment. Average hourly wages have also returned to rising.
- Nonfarm employment continues to grow. However, there are a couple of industries to watch: transportation/warehousing, professional and business services, leisure and hospitality, and financial activity. These sectors have recently seen declines in employment.
- The housing market is still showing signs of softening with the median home prices down 7% since their spring peak in Larimer County and 4% in Weld County.
SHOUT OUT!
Congratulations to the team at Walrus! They are celebrating 35 years of being in Fort Collins. We are so pleased to have you as an important and fun part of our business community!