Boulder County continues to have one of the lowest unemployment rates in the state, according a recent report from the Colorado Department of Labor and Employment.
“The unemployment rate for Boulder (metropolitan area), on a non-seasonally adjusted basis, was 2.1%,” said Rodney Gedney, senior economist with the agency, during a press call Friday. “That ties the Fort Collins metro area as the lowest unemployment rate for any metro area in the state for November.”
Gedney added that over the past year, the Boulder metropolitan area has had seasonally adjusted job growth of 2.1%, and has added 4,700 jobs.
“If we look at a breakdown, some of the larger contributors to that (are) actually leisure and hospitality and government, particularly educational services for state government,” Gedney said. “Professional and business services added 400 jobs over the year in Boulder.”
He added that, based on current data, he expects continuing growth, “and as long as the labor market remains tight, fast wage growth.”
Statewide, November’s unemployment rate wasn’t much higher, sitting at 2.6%, with 4,100 non-farm jobs added last month, according to the report. Since last November, Colorado has added 57,100 jobs, with 11,100 of those in government.
John Tayer, president and CEO of the Boulder Chamber of Commerce, said that low unemployment and job growth are “good news as we head into the new year.”
“It also points out the need to continue to do things that make it easier for our workforce to live in and access our community so that we can fill those jobs and keep our economy humming,” he said.
Scott Cook, the CEO of the Longmont Chamber of Commerce, said the news of low unemployment comes as no surprise to his organization’s members.
“Probably the number one thing on their mind is employment and finding skilled employees for all kinds of businesses,” he said. “So all the industry sectors are struggling to find employees.”
He added that the Longmont Chamber of Commerce is pursuing solutions to housing and transportation issues to help ease the tight labor market that businesses have been dealing with.
“With rising house costs and more traffic on roads, that makes it more difficult for employees to get to work and afford to live here,” he said.