Jobs, population will continue to grow in 2018, but at slower pace

DENVER — Colorado will stay competitive in recruiting, and every major sector will add jobs in 2018, according to economist Richard Wobbekind.

Wobbekind, executive director of the Business Research Division at the University of Colorado Boulder’s Leeds School of Business, said Monday that Colorado is projected to add 47,100 jobs in 2018, an increase of 1.8 percent — a lower growth rate than the past two years.

He also said the state’s population will grow by 90,600 as people continue to move to Colorado.  

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Wobbekind delivered the forecast, based on the school’s research, at the 53rd annual Colorado Business Economic Outlook Forum at the Grand Hyatt Denver.

“The national unemployment numbers are low, but the state unemployment numbers are incredibly low,” Wobbekind said.

Low unemployment rates are causing employers to continue to deal with a talent shortage — creating good news for workers as the low unemployment numbers should lead to increasing wages across a variety of sectors, Wobbekind said.

But, the labor shortage may lead businesses to replace workers with machines or other technology, according to the report.

Wobbekind said Boulder County continues to outperform the state with a highly educated workforce, a high quality of life and a world-class research university.

In Northern Colorado, Wobbekind said Larimer and Weld counties are more attractive than ever because of a highly educated workforce and growing technology and entrepreneurship sectors. He said Weld County continues to be a leader in agriculture production exports.

The report forecasted job growth in 11 sectors statewide.

Construction: 1.5 percent growth; 2,500 jobs

Education and health services: 2.5 percent growth; 8,400 jobs

Financial activities: 1.2 percent growth; 2,000 jobs

Government: 1.1 percent growth; 4,600 jobs

Information: 0.4 percent growth; 300 jobs

Leisure and hospitality: 1.9 percent growth; 6,200 jobs

Manufacturing: 1.1 percent growth; 1,600 jobs

Natural resources and mining: 4.4 percent growth; 1,100 jobs

Professional and business services: 2.4 percent growth; 10,000 jobs

Trade, transportation and utilities: 1.9 percent growth; 8,700 jobs

Other services: 1.6 percent growth; 1,700 jobs