FC Chamber: Economic rebound is underway, recovery not there just yet

FORT COLLINS — Economic rebound from the COVID-19 pandemic is underway, but the region still has a way to go before it can be called a recovery.

Ann Hutchison, CEO of the Fort Collins Area Chamber of Commerce, ticked off the numbers that help to frame where the economy stands during a chamber state-of-business event Tuesday afternoon at the Anheuser Busch visitors center.

The gross regional product — regional defined as Larimer and Weld counties — grew during the 2020 pandemic year. It was $32.9 billion in 2019 and $34.6 billion in 2020. The increase reflects the uneven nature of how the pandemic affected businesses. Some businesses did very well, she said, and others struggled.

The labor force is bigger now than at the end of 2019 by about 1,116 people, but the number of employed people is smaller — 352,112 now versus 367,055 at the end of 2019.

The number of unemployed is significantly larger now than in 2019. Then, 9,112 were unemployed; now, 25,171 are without work.

Sales taxes have recovered, but business bankruptcies and business closures are increasing, Hutchison said.

She said that within the next 30 days, a coalition of businesses, chambers of commerce, and local governments will launch a two-county recovery plan to be called Reignite. “We’re working alongside government to bring things back,” she said.

The plan will “continue to support small businesses and make sure they’re successful. They are the catcher’s mitt of new money coming into Northern Colorado,” Hutchison said.

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