“Colorado’s Economy Faces Continued Headwinds in 2024: Slower Growth and Job Market Challenges”
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The headwinds that slowed Colorado’s economy this year will likely continue into 2024.
COLORADO, USA — One group of economists is predicting a positive — but slower — growth story in Colorado next year.
In a 2024 Colorado Business Economic Outlook released on Monday, a group of researchers with the Leeds School of Business at the University of Colorado Boulder predicted that the state will add a total of 41,900 jobs in 2024 — which would put Colorado on pace to hit its slowest job growth rate in the last decade.
Most contributing factors are headwinds that the state’s economy experienced this year: a predominant labor shortage, high inflation and interest rates and the rising cost of housing and child care, said Brian Lewandowski, executive director of the Leeds Business Research Division.
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“Instead of being a top 10 state, which we were sort of used to being now for a decade, we fell into the bottom,” Lewandowski said of the last year.
Next year, he said net migration out of the state could also contribute to some labor challenges.
>Read the full story at the Denver Business Journal.
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Colorado’s economy is expected to face continued headwinds into 2024, according to a recent economic outlook report. The report, released by researchers at the Leeds School of Business at the University of Colorado Boulder, predicts slower growth for the state next year.
The researchers forecast that Colorado will add a total of 41,900 jobs in 2024, marking the slowest job growth rate in the last decade. This slower growth can be attributed to several factors that have impacted the state’s economy this year, including a labor shortage, high inflation and interest rates, and the rising cost of housing and child care.
Brian Lewandowski, executive director of the Leeds Business Research Division, highlighted the challenges faced by the state’s economy, stating, “Instead of being a top 10 state, which we were sort of used to being now for a decade, we fell into the bottom.” He also mentioned that net migration out of the state could contribute to labor challenges in the coming year.
These predictions of slower growth come as no surprise, given the economic challenges faced by Colorado in recent times. The state has been grappling with a labor shortage, making it difficult for businesses to hire and retain employees. Additionally, high inflation and interest rates have put pressure on the cost of living, making it more expensive for residents to afford housing and child care.
The impact of these headwinds can be felt across various sectors of the economy. Businesses are struggling to find qualified workers, leading to a slowdown in hiring and expansion plans. Consumers are facing higher prices for goods and services, which reduces their purchasing power and dampens overall economic activity.
While the outlook for Colorado’s economy may seem gloomy, there is still hope for improvement. The researchers suggest that addressing the labor shortage and taking measures to make housing and child care more affordable could help stimulate economic growth. These steps would require collaboration between government, businesses, and other stakeholders to create a more favorable environment for businesses to thrive and for residents to access necessary services.
In conclusion, Colorado’s economy is expected to face continued challenges in 2024, with slower job growth predicted for the state. The impact of the labor shortage, high inflation, and rising costs of housing and child care will likely persist. However, by addressing these issues and implementing measures to support economic growth, Colorado can work towards a more prosperous future..
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Analisa Romano/ Denver Business Journal said Colorado’s 2024 economic growth outlook
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