Recovery Tracker Update
It’s time again for our monthly data update.
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 lives on our one-stop hub NoCoRecovers.com and 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:
- Northern Colorado continues to make progress towards recovery even as, nationally, worries of another recession loom on the horizon.
- The unemployment rate is well within what is considered full employment. The unemployment rate has dipped below 3% in Larimer County and is at 3.4% in Weld County.
- The civilian labor force in the region is larger than it was, on average, in 2019.
- Although the number of unique job postings fell in April, it is more than double its 2019 average. Regionwide, there are three job postings for every unemployed worker, a sign of a very tight labor market.
- In Larimer County, the number of jobs is 2.4 percent above the 2019 average while in Weld County, it is 4.7% below. Mining, Logging, and Construction is the sector that has gained the most jobs in Larimer County but has lost the most jobs in Weld County. Leisure & Hospitality, Professional & Business Services, and Retail Trade are the big winners in terms of job growth. State Government (in particular Educational Services) and Information are the big losers.
- Average Hourly Earnings continue to climb in Larimer County but have remained flat in Weld County since the initial decline in 2020.
- Retail Sales continue to rise in both counties, which is a reflection of both sales volume and rising prices.
June 7, 2022
For comments and questions about this blog, please email Ann at [email protected].