With six months of tangible data available, the Metro Denver Economic Development Corporation (Metro Denver's EDC) has found that Colorado's economy is not growing as quickly as many analysts had hoped and anticipated.
"We now have six months of data for the Denver Metro region," Metro Denver EDC Chief Economist Patty Silverstein said. "When we take a look at employment, [there has] been some disappointing news. While we had initially expect that we would eek out a little bit of employment group or at least be relatively flat, we are still at a loss position for this year."
The Metro Denver EDC's Midyear Economic Forecast report, released Friday, includes national, state, and regional projections in key economic indicators such as employment, unemployment, retail sales, home sales/prices/construction, residential foreclosures, and commercial real estate.
Taking a look at data in the report, the jobs base for Colorado and Denver in 2010 is lower than it was at the same time in 2009, indicating that many employers are not replacing vacancies or are cutting jobs to cut back on budgets. The data suggest many employers will remain on the sidelines or continue to cut salaries during 2010, with early-year declines in employment of about 15,000 positions for a 2010 estimated job growth rate of -1.1 percent.
On the positive end of things, 19 percent of employers in the Denver-Aurora-Broomfield region said they would add jobs in the third quarter.
"Hiring in the third and fourth quarter will be better," Silverstein said. "While we were growing at the fourth fastest rate, and now we're the 10th fastest, we're moving in the right direction [given the state of the national economy]."
To read the 2010 Midyear Economic Summary, click here.
(KUSA-TV © 2010 Multimedia Holdings Corporation)