Job creation in Colorado Springs grew at its fastest rate since 2006 last year, in line with other positive news from the region and from across the United States. According to revised payroll statistics published by the US Bureau of Labor Statistics on Monday, around 2,300 new jobs were created in Colorado every month in 2013. This resulted in a final employment growth rate of 2 percent, instead of the 1.3 percent reported previously. This was the highest yearly growth rate recorded since 2006, when it was 2.2 percent.
The final figures revealed that the growth rate in the Springs area was only 67 percent of the 3 percent growth rate of the state and lower than four of the six other metro regions in the state. Greeley reported the highest job growth in the state, with 5.2 percent. The lowest figure was reported by Grand Junction, with employment growth of only 0.7 percent.
A senior partner at local economic consulting and research company Summit Economics LLC, Tom Binnings, said: “That is great news because it comes despite the loss of jobs we are seeing in the defense sector. That means that job growth in the private sector is more than making up for the defense cuts.”
He cautioned, however, that a growth rate of 2 percent might not be sustainable for 2014 because of the slowdown in the real estate industry and further defense budget cuts that are in the pipeline.
The most important revisions added another 1,600 job opportunities in the financial services sector, while a thousand jobs were subtracted from the tourism industry. All together, these three industries were the fastest growing sectors in the Colorado Springs economy in 2013, with growth rates exceeding 4 percent when compared to 2012.
Except for information technology, government and manufacturing, all other sectors of the local economy added jobs last year.
In other good news, the United States Labor Department said on Monday that the unemployment rate declined in 43 states across the country in January as increasing numbers of Americans started looking for work and most were able to find a job quickly.
Financial job opportunities are growing in Colorado Springs as well as the rest of the country. An online finance degree could be the beginning of a rewarding and exciting career path in this sector. Visit Accredited-Online-Colleges.com to find out how you can enroll in an online degree program to earn your college degree from an accredited college or university.