The annual benchmark revision of the Current Employment Statistics showed significant upward adjustments to annual employment for 2013 and 2014 in metro Denver, according to data released today by the Metro Denver Economic Development Corporation (Metro Denver EDC).
The revision resulted in considerable employment increase in 2014. Whereas preliminary data released throughout 2014 indicated a 2.8 percent employment growth rate, revised data revealed that employment increased at the same pace as 2013, or 3.6 percent. This means that employment in 2014 increased by 52,200 jobs, as opposed to the increase of 41,500 jobs suggested by the preliminary data.
“This solid economic performance in each of the past two years certainly positions metro Denver positively for continued economic success,” said Patty Silverstein, chief economist for the Metro Denver EDC.
The revised employment data revealed that all 11 supersectors added jobs from 2013 to 2014. The strongest rate of growth and the most jobs were added in the natural resources and construction supersector, which posted a 12.2 percent increase and added 10,400 jobs in 2014.
The professional and business services supersector added 9,200 jobs and education and health services increased by 8,700 positions. The smallest increase, in both percentage and absolute terms, occurred in the information sector. Nonetheless, this was welcome news as preliminary estimates indicated that the information sector shed jobs in 2014.
According to Silverstein, the region’s unemployment rate fell 1.7 percentage points over-the-year in January to 4.4 percent, with all seven counties reporting declines between 2014 and 2015, ranging from 1.2 percent in Boulder to 2.1 percent in Denver.
The Monthly Economic Indicators report provides a snapshot of metro area economic activity, as well as its relationship to national and regional economic trends. The next report will be released on April 8.
Janet Fritz is the senior director of marketing and technology for the Metro Denver Economic Development Corporation.
This post originally appeared on the Metro Denver EDC website.
[Photo by Stepan Mazurov]