Is the recession over in Colorado? It seems things are getting better, but is this really the case? According to a new study released at the 18th Annual Forecast Breakfast on Wednesday, the answeris a resounding, YES! I am unabashedly telling you this cycle has turned, said Mark Snead, vice president and economist, Federal Reserve Bank of Kansas City-Denver branch. The recession has ended in Colorado; it's over. But it's not a uniform recovery.
An article in the Denver Business Journal, click here, outlines the findings released during this forecast breakfast. According the the article, data from the Federal Reserve shows momentum in the U.S. economy in terms of Gross Domestic Product growth, retail sales and new jobs in Colorado. The key sectors to watch in 2011 will be will be finance, construction and government because those are big employers in Colorado.
Economist Patti Silverstein, president of Development Research Partners, predicts slow job growth in Colorado this year, led by the manufacturing and the Cleantech sectors. She forecasts the state will add 22,000 jobs in 2011. Metro Denver is expected to add 14,300 jobs this year, up 1.1 percent from 2010.
The good news, she said, is that Colorado attracts innovators and entrepreneurs because of its high quality of life and talented workforce, which has always helped the state recover from economic downturns.
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