Lake County Economic Growth Numbers
The Colorado Workforce Center in Leadville recently released its quarterly report outlining the most up-to-date workforce intelligence for Lake County. Are you wondering who the top employer is in Lake County? Curious about how many millennials now live in Lake County? And what about the median household income – are you making above or below the average worker in Leadville?
The report which is distributed quarterly includes the most up-to-date workforce intelligence for Lake County. Stay current on industry data, education and training opportunities and important news and information from the region’s workforce experts. Readers can peruse the Lake County Economic Overview and then let Leadville Today know what surprised you.
The Bureau of Labor Statistics recently released its 10-year employment projections and expects the nation’s employment to grow by 8.4 million jobs over the next decade. This expansion reflects an annual growth rate of 0.5 percent, slower than the 2008 – 2018 annual growth rate of 0.8 percent. Data shows older workers are staying in the workforce longer, a continued decline in the labor force participation rate, and continued employment growth in healthcare and related industries and occupations.
Locally, the economy is expected to see continued employment growth in the service sectors related to hospitality and tourism. Area communities can also expect growth in the healthcare sector similar to national projections. Over half the top 40 growing occupations are positions that pay below the region’s $20.36 average hourly wage. This mirrors national projections with the largest job growth in occupations with median pay under $25,000 per year.
State Outlook for Jobs and Work
Pulling the lens back a bit the Colorado Department of Labor and Employment released the following Colorado Employment Situation – August 2019 report last Friday, Sept. 20.
Employers in Colorado added 9,000 nonfarm payroll jobs from July to August for a total of 2,799,600 jobs, according to the survey of business establishments. Private-sector payroll jobs increased 5,300 and government increased 3,700. July estimates were revised up to 2,790,600, and the over the month change from June to July was an increase of 10,800 rather than the originally estimated increase of 7,200.
According to the survey of households, the unemployment rate decreased one-tenth of a percentage point from July to August to 2.8 percent. The number of people actively participating in the labor force increased 6,200 over the month to 3,155,500 and the number of people reporting themselves as employed increased 8,400 to 3,067,200, causing the number of unemployed to decrease 2,200 and the unemployment rate to decline to 2.8 percent. The national unemployment rate was unchanged in August at 3.7 percent.
The largest over the month private-sector job gains were in educational and health services, financial activities, and trade, transportation, and utilities. The largest over the month decline was in information.
Over the year, nonfarm payroll jobs increased 64,900, with an increase of 54,900 in the private sector and an increase of 10,000 in government. The largest private-sector job gains were in professional and business services, educational and health services, and leisure and hospitality. Information declined over the year.
Over the year, the unemployment rate is down six-tenths of a percentage point from 3.4 percent. The number of Coloradans participating in the labor force increased 44,200, total employment increased 62,800 and the number of unemployed decreased 18,500. The national unemployment rate declined from 3.8 percent in August 2018 to 3.7 percent in August 2019.