Colorado continues to recover jobs lost at the start of the COVID pandemic. In November, the state’s job recovery rate reached 85.7%, the 17th fastest in the nation, according to new labor department data.
But only one metro area in the state has recovered all of its lost jobs: Colorado Springs.
The region now has more jobs than it did in February 2020. It’s 104% recovered, Ryan Gedney, senior economist with the Colorado Department of Labor and Employment, said Friday during a news conference. He said the strong job growth came from professional and business services and trade, transportation and utilities.
Colorado lost 375,800 jobs between February and April last year, but as of November had regained 322,200. That’s the recovery rate. But it still leaves a gap of 53,600. Those are likely to return next year, he said, because our economy is strong and the current job count may be off by 20,000. That revision will be finalized in upcoming months.
“What that really means is the gap, instead of being 53,600 payroll jobs, it’s probably close to about 35,000 payroll jobs,” Gedney said. “That said, I would expect the state to reach that February 2020 non-farm payroll level either late first quarter, or sometime in the second quarter.”
While Colorado has recovered most of the jobs lost, four states have recovered them all: Utah, with a job recovery rate at 143.6%; Idaho at 118.2%; Texas at 101.9%; and Arizona at 101.5%.
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