Colorado economy making a recovery, while consumers pay more

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BOULDER, Colo. (KDVR) — A recent report finds Colorado’s economy is making a slow comeback after it took a major hit due to the rise of COVID-19.

University of Colorado, Boulder’s Leeds Business school and Colorado Secretary of State Jena Griswold released The Quarterly Business and Economic Indicators report, showing the state’s progress in the last year.

The report shows Colorado added 102,100 jobs between Sept. 2020 and Sept. 2021, with a 3.9% growth. However, unemployment is above average at 5.6%. Oddly enough, Colorado the labor force participation rate ranks 4th in the country at 68.2%.

The state recorded 38,211 new business filings in 2021’s third quarter, which is down 2.7% from the last quarter. Business renewals increased 4.7% in the third quarter, with 162,260 filings.

Colorado’s housing price growth is the 12th fastest in the U.S., increasing 13.8% from the second quarter 2020, to the second quarter 2021.

 “While the signs of recovery are encouraging, we still have a long road ahead until the recovery is felt by all Coloradans, ” said Secretary Griswold.

Colorado’s current gross domestic product findings are a prime example of what Secretary Griswold is talking about. As the economy recovers from the hardships of 2020 and 2021, prices are soaring for Colorado consumers, from the housing sector to gasoline.

“Businesses have expressed concern about the impacts of increased inflation, as well as supply chain constraints at a time when consumer demand for goods and services is increasing,” said Faculty Director of Leeds Business Reasearch Division Rich Wobbekind.

For the full Quarterly Business and Economic Indicators report, click here.

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