- DHI Group, Inc. to Report Fourth Quarter and Full Year 2021 Financial Results on February 8, 2022
- Colorado: Polis Administration Makes Key Resources Available for Child Care Providers
- Former BIS Special Agent Donald Pearce Joins Torres Trade Advisory
DENVER - The Governor's Office of State Planning and Budgeting (OSPB) released its quarterly economic forecast today.
"Colorado's economy is coming back strong. Over 80% of adult Coloradans have received the life saving vaccine and Colorado is a leading state for vaccinating 5-11 years olds. Coloradans doing their part to end this pandemic is empowering a rapid economic recovery. This forecast shows a robust recovery. My administration has been hard at work saving Coloradans money and this forecast is a call to action to double down on our efforts to save people money on everyday items, on health care, fees and prescription drugs," said Governor Polis.
Colorado's unemployment rate has declined again, and the state continues to experience a faster rate of recovery in the labor force participation rate than the U.S. The forecast shows that Colorado's unemployment rate remains above the national rate with jobs in sectors including leisure and hospitality recovering less than goods related industries, such as retail and warehousing.
More on Colorado Desk
- Founder Of Sheen Magazine & Co-founder Of Chapman Products Company Featured In Vogue Magazine
- Colorado Recognized As National Leader in Cost-Saving, Sustainable Building Practices
- Colorado Springs: City names 12 individuals to Wildfire Mitigation Advisory Committee
- Integrated Dental Organization Espire Dental Acquires a Multi-Practice Platform With Six Locations In Colorado
- Colorado: Polis Administration's I Matter Free Mental Health Program Gains Momentum, Addresses Growing Stress and Anxiety Facing Youth
The state's labor force participation rate has begun to fall in recent months though, which has driven up wages to incentivize job growth.
General Fund revenue is projected to increase to $16.0 billion in FY 2021-22, a 12.2 percent change from the prior fiscal year. The projection for FY 2021-22 is $704.5 million higher than the September forecast. The growth rate is expected to moderate to 2.0 percent in FY 2022-23 and 3.9 percent in FY 2023-24. This upward revision is due to high revenue collections in recent months in individual income, corporate income and sales revenue.
Total cash fund revenue subject to TABOR is expected to be $2.4 billion in FY 2020-21, a 9.3 percent increase from the prior fiscal year. In FY 2022-23, cash fund revenue is projected to increase by 4.1 percent followed by 5.5 percent growth in FY 2023-24.
Nationally, the U.S. economy is continuing to rebound, however the nation faces greater headwinds than previously expected as a result of prolonged supply chain disruptions. Due to high demand and delays in goods supply, inflation has accelerated in recent months. The labor market is tight, as job openings outnumber unemployed workers, which is putting upward pressure on wages.
View the forecast and slides.
Latest on Colorado Desk
- New hire power hitters bring additional strategic depth to help USAM's clients
- SCHWAZZE CLOSES ACQUISITION OF DRIFT
- CyberSecurity Malaysia, EclecticIQ, and Syntx Sign MOU to Build Cyber Threat Intelligence Capabilities in the Region
- Infermedica raises $30 million Series B Funding from One Peak to expand AI-driven Medical Guidance Platform
- Gatos Silver Provides Update on Mineral Resources and Reserves at Cerro Los Gatos and 2022 Performance Guidance
- Colorado Springs: Behind the Springs: One team, one fight
- Commercial Collection Bureau Partners with Leadferno for B2B Text Messaging and More
- Colorado Springs: Episode 75: One team, one fight
- Colorado Springs: Volunteers needed for 2022 Point in Time Count
- Colorado: Polis Administration's Free Medical Grade Mask Program Distributes 1.7 Million Masks in First Week
- SCRAM Systems and Upstreem enter a strategic partnership agreement to bring a unique GPS locking smartwatch to the United States market
- 11Sight Welcomes Jason Carver as Vice President of Product Management
- Boulder Septic Tank Contractor Announces New Septic Tank and System Services
- Author, Philanthropist, Entrepreneur, And Public Speaker, Mel Jackson To Appear As Keynote Speaker
- Wohler releases iAM-AUDIO-8 with AoIP options
- TRU Staffing Partners Privacy Expert Earns IAPP Certified Information Privacy Manager Credential
- Beacon Healthcare Systems Improves Medicare Application Processing Time by 92%
- RE/MAX Announces Keynote Speakers for 2022 R4 Convention
- STS Capital Partners Managing Director Shamil Hargovan Leads 3D Printing Industry Experts Wohlers Associates Sale to ASTM
- Critigen Rebrands as Locana Leading a New Era in Location Intelligence