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Colorado unemployment inches up to 3.5%, but job growth among strongest in U.S.

By March 22, 2024 | updated 2 years ago

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FILE PHOTO: A man walks past a "now hiring" sign posted outside of a restaurant. Colorado saw its unemployment rate go up in February 2024 to 3.5%, according to Colorado Department of Labor and Employment data.

Olivier Douliery/AFP

Colorado’s unemployment rate inched up in February to 3.5% from 3.4%, according to data released Friday from the Colorado Department of Labor and Employment. The state saw the number of unemployed grow about 4,200 people.

The state is still below the national average, which increased by two-tenths of a percentage last month to 3.9%.

“It’s reasonable that it can continue to climb,” state senior economist Ryan Gedney told reporters on a call. “But at this point, it’s more something to look at rather than worry about.”

It wouldn’t be surprising to see 2024 end with a 4% rate, he added, though it’s hard to predict.

February was Colorado’s highest unemployment rate in two years as unemployment typically rises with Federal Reserve interest rate hikes, but it’s still “historically low,” Gedney said.

And there’s still about two job openings per unemployed resident in Colorado, he said.

Colorado ranked 10th nationally for job growth and saw 8,500 jobs added between January and February, according to CDLE.

The education and health services sector added the most new jobs, about 3,400, followed by 2,000 government jobs and 1,200 positions in construction. There were no significant declines in any industry, CDLE said.

After the pandemic, Gedney explained Colorado’s labor market competitiveness was up in the air and preliminary numbers didn’t give an accurate picture. But after 2023 revisions showed the state’s job growth was stronger than originally thought, Colorado is back to where it was expected to be before COVID-19 hit.

“If the pandemic didn’t happen, this is like, yeah, Colorado should have a top 10 growth rate,” Gedney said.

In the next few years, the economist said addressing cost of living will be “paramount” to keep attracting workers to the state.

Colorado’s labor force participation remained relatively stable and declined by 1,800 in February, state data showed.

The labor force is expected to keep getting smaller as the Baby Boomer generation ages into retirement.

“That will continue to be a significant factor in terms of just putting a ceiling on how much the labor force grows over time,” Gedney said.

Some local numbers:

The Boulder metropolitan statistical area (MSA) had the lowest unemployment rate in the state in February at 3.6%, with Pueblo holding the highest at 5.6%. The Denver-Aurora-Lakewood MSA came in at 4.2% last month. 

Looking at counties, Huerfano — located between Pueblo and Trinidad — logged the highest rate at 7.7%, while San Miguel charted the lowest unemployment rate in the state in February at 2.4%. San Miguel county is where Telluride is located. 

Bernadette Berdychowski

Reporter

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