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State of the Cities

State of the Cities. Denver Business Journal – Mayors’ Economic Forecast. Professor Martin Shields CSU Regional Economics Institute. THE LABOR MARKET. The Situation. Denver MSA: 52,000 fewer jobs than 4 years ago Denver Unemployment: I ncreased by nearly 57,000 since November 2007

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State of the Cities

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  1. State of the Cities Denver Business Journal – Mayors’ Economic Forecast Professor Martin Shields CSU Regional Economics Institute

  2. THE LABOR MARKET

  3. The Situation • Denver MSA: 52,000 fewer jobs than 4 years ago • Denver Unemployment:Increased by nearly 57,000 since November 2007 • Denver Household Incomes: 12 percent drop in median over the past 10 years

  4. US Employment Below 2007 Peak 1974-76 1981-83 1990-93 2001-05 1980 1997-present months to recovery Source: Current Employment Survey

  5. Denver Employment 96 Percent of Pre-Recessionary Levels Great Recession Source: Current Employment Survey

  6. Unemployment is Too Damn High Source: Bureau of Labor Statistics

  7. The Jobs Gap 1% growth since last year

  8. Looking Forward

  9. GDP Growth Tepid, but Sustained 12 Month Change Source: US Department of Commerce

  10. Mid-size Companies = Job Engines Size of firm (by employees) Source: Bureau of Labor Statistics

  11. Core Inflation Rate Back to 15-Year Average % Change in Price Level from 12 months earlier Source: Bureau of Labor Statistics

  12. Local Industry Watch Poised to grow • Energy • Health care • Professional & business services • Wholesale trade Continued struggles • Government • Financial activities • Information

  13. What about Construction? • ‘Construction of buildings’ has stopped shedding jobs • Specialty trade contractors employment up 300 over past year • Architecture and engineering adding jobs, too • Related financial activities still struggling Privately owned single unit housing starts

  14. The Important Economic Issues • Recovery Continues: Though at lackluster pace. National and international performance remain a major factor. • Unemployment: Will remain relatively high but below national average. • Falling Household Income: Has had large negative effects on the region.

  15. 2012 Outlook I don’t always make economic forecasts, But when I do, I am invariably wrong.

  16. 2012 Outlook • New Jobs: The region could add between 13,000 and 18,000 jobs in 2012 (1.2% - 1.5%) • Unemployment:Might drop to 7.1% (from 8.1percent in December) • Wage Growth: Will keep pace with inflation, but household incomes will remain stagnant

  17. It’s Too Early to Declare Victory Policy makers must remain committed to job creation both locally and nationally!

  18. Thank You Dr. Martin Shields Director, Regional Economics Institute Colorado State University 970.491.2922 martin.shields@colostate.edu

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