Sectors Academy: Colorado’s Economic and Demographic Environment Alexandra Hall, Director Dee Funkhouser, Manager Labor Market Information Colorado Department.

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Presentation transcript:

Sectors Academy: Colorado’s Economic and Demographic Environment Alexandra Hall, Director Dee Funkhouser, Manager Labor Market Information Colorado Department of Labor and Employment October 4, 2011

What We’ll Cover Today Labor Market Information  Data Sources  LMI 101 Online Colorado and Workforce Investment Areas  Industry Employment  Demographics  Area Trends Influencing Factors/Summary

Labor Market Information: Definitions Industry Employment and Wages Occupation Employment and Wages Demand for Workers  Current  Future

Data Programs LMI Programs  8 data collection programs  Help Wanted OnLine  Local Employment Dynamics How Our Data is Collected  An Example: Quarterly Census of Employment and Wages

LMI 101 Online: A Place to Start

Global and U.S. Near-Term Economic Outlook Global growth slower than U.S. GDP growth for 2011 expected to be about 1.6% vs. 3% in 2010, due to slowing consumer and business demand. European and U.S. policy issues contributing to uncertainty. Growth in 2012 expected to continue at this slower pace. Source: The Conference Board

U.S. GDP Annualized Change by Quarter & Monthly Private Payroll Jobs Over the Year Change

Colorado & U.S. Monthly Private Payroll Jobs: Over the Year Change Change in growth of Colorado payroll jobs tends to slightly lag changes in U.S. payroll jobs. Once in a period of growth, Colorado has grown faster than the U.S., even in the recent past.

Colorado Nonfarm Payroll Jobs Over the Year Aug 2010 to Aug 2011

U.S. and Colorado Unemployment Rate

U.S. & Colorado Labor Force Participation Rate Colorado Civilian Non-institutional Population 16+ and Labor Force

Colorado Population Growth Source: Colorado Demographer’s Office and Bureau of the Census Colorado population is expected to continue to grow almost twice as fast as the nation.

Source: Colorado Department of Labor and Employment, Labor Market Information Colorado Payroll Jobs From 2003 through 2008 Colorado annual job growth averaged 1.8 percent. Colorado annual job growth is forecast to average only 0.7 percent through 2013 and 1.2 percent through Estimate Forecast

Colorado’s Top Jobs Source: Colorado Department of Labor and Employment, Labor Market Information

Colorado’s Top Jobs Source: Colorado Department of Labor and Employment, Labor Market Information

Colorado and Workforce Investment Areas The following analysis uses: Quarterly Census of Employment and Wages Data  2010 Annual Averages  Differences between 4 th Quarter 2009 and 4 th Quarter 2010 Local Employment Dynamics Data from 2009

Source: Colorado Department of Labor and Employment, Labor Market Information, QCEW Colorado 2010 Annual Average Employment Share

Source: Colorado Department of Labor and Employment, Labor Market Information, QCEW Colorado 4Q,2009 – 4Q, 2010 Employment Change

Source: Colorado Department of Labor and Employment, Labor Market Information, QCEW Colorado Statewide Q4,2009 – Q4,2010 Employment Change

Source: Colorado Department of Labor and Employment, Labor Market Information, QCEW Colorado Statewide 2010 Annual Average Employment

Local Employment Dynamics Programs  Quarterly Workforce Indicators  Industry Focus  On The Map Benefits  Workforce Demographics by Industry and Geographic Area  Commuter Patterns across Colorado  Labor Market Trends

Colorado Inflow/Outflow Report

Source: Colorado Department of Labor and Employment, Labor Market Information

Source: Colorado Department of Labor and Employment, Labor Market Information/U.S. Census Bureau Jobs Held by People Living Outside of Region

Source: Colorado Department of Labor and Employment, Labor Market Information/U.S. Census Bureau People Working Outside of Region

Source: Colorado Department of Labor and Employment, Labor Market Information/U.S. Census Bureau Jobs Held by People with Less Than High School Education

Source: Colorado Department of Labor and Employment, Labor Market Information/U.S. Census Bureau Jobs Held by People with a Bachelors or Higher Degree

Source: Colorado Department of Labor and Employment, Labor Market Information/U.S. Census Bureau Jobs Held by Workers 55 and Older

Source: Colorado Department of Labor and Employment, Labor Market Information/U.S. Census Bureau Workers Earning $1,333 or Less per Month

Source: Colorado Department of Labor and Employment, Labor Market Information/U.S. Census Bureau Workers Earning $3,333 or More per Month

Source: Colorado Department of Labor and Employment, Labor Market Information/U.S. Census Bureau Jobs Held by Hispanic Workers

The economic recovery is anemic. About 17,200 net jobs have been added in Colorado since August Net job gains are a result of weak jobs added and a sharp decline in gross job losses. Sectors that continue to be a drag on the economy:  Construction  Information  State Government  Local Government (including school districts). Some areas of Colorado’s housing market are improving.  Reduced foreclosures  Slight increase in building permits  Prices better than in other parts of the U.S. Factors Affecting the Economy

Summary Economic growth will remain weak More job opportunities through replacement needs than growth The Colorado workforce is aging and the younger population is less educated Metropolitan Area/Rural Area disparities No Workforce Investment Area is an island!

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