Colorado’s economy is growing with fewer workers
Colorado’s economy is growing despite fewer overall workers, state budgetary analysts said Tuesday.
In the quarterly economic forecast, analysts said they expect the state legislature to have $15.3 billion to spend out of the General Fund (which covers education and health care spending, among other areas) for the fiscal year that ends June 30. That’s a 7.2% increase from last fiscal year, and the analysts forecast increases of about 4% in each of the next two fiscal years.
But Colorado’s unemployment rate is at 5.9%, higher than the national rate of 5.2% and more than double the average state rate for the five-year period before the pandemic.
“This is unusual,” Luke Teater, deputy director of the governor’s budget staff, told them. “Normally we see employment and output moving more closely together.”
The trend is especially pronounced in the food, drink and hotel…