Colorado’s Rapid Job Recovery Outpaces the U.S. Under Polis Administration
Governor Jared Polis and the Colorado Department of Labor and Employment announced today that Colorado’s unemployment rate has declined to 4.1%, the lowest rate reported since February 2020. Under the Polis administration’s leadership, Colorado’s economic recovery has benefited from consecutive months of declining unemployment rates, and job growth over the past year reached 5.5%, compared to the U.S. rate of 4.6%.
“Our falling unemployment rate and rapidly climbing job growth means Colorado is recovering faster and stronger ahead of other states. Now, as we progress from this pandemic and mark one year since the American Rescue Plan Act passed, unlocking urgently needed relief for impacted Coloradans, our private sector is fully recovered,” said Governor Polis. “My administration is urgently working on reducing costs and saving people money including reducing vehicle registration fees, preventing any new fees on gas, reducing payroll taxes, saving people money on healthcare, making early childhood education and child care affordable, and more.”
January’s increase of 6,300 private sector jobs has led to a full recovery of jobs lost since February 2020. Job recovery rates across the private sector in Colorado reached 103.1%, exceeding the U.S. rate of 89.8%, with no private sector industries experiencing significant over-the-month declines. Additionally, Colorado’s total nonfarm employment is only 6,100 jobs from hitting pre-pandemic levels.
As Colorado and the rest of the country faces pandemic-induced rising costs, the state continues to put action behind historic investments to create and strengthen programs that help connect job seekers to employers.