Colorado’s Adds Nearly 4,000 New Jobs in May
If you're looking for work in the United States of America, you may want to cast your gaze upon the Centennial State of Colorado. According to new reports, Colorado added nearly 4,000 new jobs in the month of May, proving once again that Coloradans really want to get to work.
With the additional 3,900 new jobs in May, Colorado has now experienced two full months of sustained growth in the jobs market. While these last two months have been a net positive, the reality is that these numbers have actually been all over the place in 2023, making it a little bit more difficult to nail down how healthy the market really is.
As far as where these jobs were actually generated in May, the majority came from the private sector, which added 2,800 new jobs. The government, meanwhile, added 1,100 new jobs, representing less than half of the total new jobs created in May. Of the jobs that have been created so far this year, Colorado's hospitality sector is turning out to be the big winner: adding 21,000 jobs in 2023, so far.
On the opposite side, and adding to the difficulty in determining the strength of Colorado's economy, the real estate and finance sectors have been losing jobs, this year. Colorado's financial sector alone has already shed more than 10,000 jobs in 2023, so this might not be the summer to start that career in banking you've been dreaming about.
All told, Colorado's total rate of job growth currently sits at 1.1% for 2023, well behind the national average of 2.7%. On the plus side for this year, Denver did win the NBA Championship, so we can always just hang our hat on that.