DENVER (KDVR) — The May 2020 Economic Forecast was released by the Office of State Planning and Budgeting on Tuesday, revealing the impact of COVID-19 on Colorado’s economy.
“Just as families across Colorado are tightening their belts because of this pandemic, so is our state,” said Gov. Polis.
“I know this is a difficult time for many hardworking people and Coloradans are doing all they can to make ends meet.”
Impacts of the economic recession that began in March:
- More than 16% of the state’s workers have filed unemployment claims since mid-March, predominantly in low-wage industries
- General Fund revenue is expected to fall by 7.4 percent in fiscal year (FY) 2019-20 and by another 7.5 percent in FY 2020-21
- Colorado’s tourism and energy industries are expected to rebound more slowly than other industries
- Nationally, more than 20 million jobs have been lost as businesses close and consumers stay home
Governor Polis signed an Executive Order proactively making specific cuts with the least possible impact to State programs and services on April 30.