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According to a 2024 Colorado Business Economic Outlook report, Colorado’s economy is expected to continue facing challenges next year. The state is predicted to add 41,900 jobs in 2024, marking its slowest job growth rate in the last decade. Factors such as a labor shortage, high inflation, interest rates, and the rising cost of housing and child care are contributing to these headwinds. The report also suggests that net migration out of the state could further impact labor challenges.
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The headwinds that slowed Colorado’s economy this year will likely continue into 2024.
COLORADO, USA — One group of economists is predicting a positive — but slower — growth story in Colorado next year.
In a 2024 Colorado Business Economic Outlook released on Monday, a group of researchers with the Leeds School of Business at the University of Colorado Boulder predicted that the state will add a total of 41,900 jobs in 2024 — which would put Colorado on pace to hit its slowest job growth rate in the last decade.
Most contributing factors are headwinds that the state’s economy experienced this year: a predominant labor shortage, high inflation and interest rates and the rising cost of housing and child care, said Brian Lewandowski, executive director of the Leeds Business Research Division.
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“Instead of being a top 10 state, which we were sort of used to being now for a decade, we fell into the bottom,” Lewandowski said of the last year.
Next year, he said net migration out of the state could also contribute to some labor challenges.
>Read the full story at the Denver Business Journal.
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The Colorado economy is expected to continue facing challenges in 2024, according to a recent economic outlook report. The report, released by the Leeds School of Business at the University of Colorado Boulder, predicts slower growth for the state next year.
While the report forecasts the addition of 41,900 jobs in 2024, it also indicates that this would be the slowest job growth rate in the last decade. Several factors contribute to this projection, including a labor shortage, high inflation and interest rates, and the rising cost of housing and child care.
Brian Lewandowski, the executive director of the Leeds Business Research Division, commented on the state’s economic performance, saying, “Instead of being a top 10 state, which we were sort of used to being now for a decade, we fell into the bottom.”
Furthermore, the report suggests that net migration out of the state could contribute to labor challenges in the coming year. This trend could exacerbate the existing labor shortage and further hinder economic growth.
While the outlook may not be as positive as desired, it is essential to consider the various factors influencing Colorado’s economy. Understanding the challenges faced by the state can help policymakers and businesses develop strategies to address them effectively.
As the year progresses, it will be crucial to monitor the economic indicators closely and make necessary adjustments to support Colorado’s growth. By addressing the labor shortage, managing inflation and interest rates, and finding solutions for affordable housing and child care, the state can strive to regain its position as a top-performing economy.
Overall, while the economic outlook for Colorado in 2024 may be slower than desired, it presents an opportunity for stakeholders to come together and find innovative solutions to overcome the challenges and foster sustainable growth in the state..
Source
Analisa Romano/ Denver Business Journal said Colorado’s 2024 economic growth outlook
