Labor Market Information Joseph Winter Supervisor Current Employment Statistics and Local Area Unemployment Statistics Todd Nielsen Regional Economist.

Labor Market Information

Joseph WinterSupervisor Current Employment Statistics and

Local Area Unemployment Statistics

Todd NielsenRegional Economist – Eastern Region

Economic Horoscope for Colorado

• Colorado was declared a state on Aug 1, 1876.

• Star sign: Leo

• Characteristics: (Colorado) is colorful, self assured, and expansive.

Economic Horoscope for Eastern Region 2005

• Leo: Your talents are varied. You're valued for your potential -- and you'll certainly live up to it -- but pause to be sure it's what you really want.

• As goes the Dollar, so may agricultural exports.

• Oil and gas add high value positions• As Denver Metro lost 75,000 jobs (02-03),

Eastern gained 468 jobs (1.3%)

2005 Statewide Projections from Colorado Business Economic Outlook

(In Millions of Dollars)

Livestock Crops Total Value

2005 $ 3,491.0 $ 1,367.0 $ 4,858.0

% change 04-05

4.15% 1.11% 3.27%

Source: Business Research Division, Leeds School of Business, University of Colorado at Boulder

2005 Statewide Projections from Colorado Business Economic Outlook

(In Millions of Dollars)

Value of Services & Forestry

Gov’t Payments

Gross Value of Farm Rev.

2005 $ 660.0 $ 250.0 $ 5,768.0

% change 04-05

1.54% -6.72% 1.00%

Source: Business Research Division, Leeds School of Business, University of Colorado at Boulder

QCEW-Top Sectors Industry Mix

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

11 Agriculture,Forestry, Fishing

and Hunting

21 Mining 22 Utilities 31-33Manufacturing

42 Wholesaletrade

44-45 Retail Trade 62 Health Careand SocialAssistance

Eastern Region Colorado

Labor Market Information

• Eastern Region Job Vacancy Survey Highlights

• Labor Force

• Long Term Outlook

Eastern JVS

• Conducted August 4-15, 2004

• Total of 767 employers

• Representing 54% of regional non-farm employment

• Estimated: 249 job vacancies

• Average wage of $12.00 per hour

Historical Vacancies

490

350345

249

-

50

100

150

200

250

300

350

400

450

500

Fall 2001 Summer 2002 Summer 2003 Summer 2004

Education

24%

26%

17%

4%

15%

14%

0% 5% 10% 15% 20% 25% 30%

No Diploma

High School/GED

Vocational Training/Certification

Two Year Degree

Bachelor's Degree

Advanced Degree

Experience

No Experience Required, 28% Experience in a Related Field, 26%

Experience in this Occupation, 37%General Work Experience, 9%

Vacancies & Wages by Employer Size

$7.70

$13.60

$11.30

0

20

40

60

80

100

120

Government Large Small to Mid-Size

Es

tim

ate

d V

ac

an

cie

s

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

Av

era

ge

Wa

ge

s

Vacancies & Avg. Wage by JVS Sectors

$11.30

$5.50

$18.40

$11.00

$9.20

$11.70

0

10

20

30

40

50

60

70

80

Goods-Producing Trade,Transportation,Utilities & Other

Services

Information, FinancialActivities &

Professional &Business Services

Education & HealthServices

Leisure & Hospitality Government

Es

tim

ate

d V

ac

an

cie

s

$0

$3

$6

$9

$12

$15

$18

$21

Av

era

ge

Wa

ge

s

Hot Jobs

Major Occupational Groups

Eastern Region Workforce

40,000

45,000

50,000

55,000

60,000

65,000

70,000

Labor Force

Employment

Unemployed

Long Term Outlook

• Employment is closely related to population.

QCEW by Pop. 1990-2003

y = 0.3208x + 797.77

R2 = 0.9914

25000

27000

29000

31000

33000

35000

37000

80,000 85,000 90,000 95,000 100,000 105,000 110,000 115,000

POPULATION

QC

EW

QCEW by Pop. 1990-2014

25000

27000

29000

31000

33000

35000

37000

39000

41000

43000

45000

80,000 90,000 100,000 110,000 120,000 130,000 140,000

QCEW

PO

PU

LA

TIO

N

HISTORCAL QCEW PROJECTED QCEW

Population and Employment

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Population Covered Employment Population Forecast Covered Employment Forecast

Long Term Outlook

• Employment to population relationship trend over the next ten years

Year Population Covered Employment

2004 112,000 36,700

2009 122,400 40,100

2014 135,400 44,200

Final Thought

• Remember: Your talents are varied, you're valued for your potential -- and you'll certainly live up to it -- but pause to be sure it's what you really want.

Contact Information

Joseph WinterSupervisor CES/LAUS

Colorado Dept of Labor

1515 Arapahoe T/2 #300

Denver, CO 80202

303-318-8857

Fax: 303-318-8871

[email protected]

Todd NielsenRegional Economist

Colorado Dept of Labor

1515 Arapahoe T/2 #300

Denver, CO 80202

303-318-8895

Fax: 303-318-8899

[email protected]