Study estimates 128,500 jobs lost in Colorado by end of 2020
A new study from the University of Colorado Boulder says almost 130,000 jobs will be lost across our state in 2020.
Though our economy is slowly recovering, experts say it could take years before we're back to normal.
Richard Wobbekind, senior economist and faculty director of the Leeds Business Research Division at the University of Colorado Boulder, says the hospitality industry has taken one of the biggest hits during the COVID-19 pandemic.
By the end of the year, almost 80,000 jobs in the hospitality industry are expected to be lost statewide.
According to the study, the unemployment rate in El Paso County is about 10.4%, which is about right in the middle of the pack compared to other counties in the state.
The lowest unemployment rate in the state is at 7.1% out on the eastern planes in Elbert County. The highest is in Gilpin County, at 19.7%.
Wobbekind says El Paso County has been able to weather the storm better than other areas thanks to our thriving defense and high-tech industries.
But possibly the greatest indicator of hope for economic recovery in Pikes Peak is our housing market.
"July was a record-setting month in Colorado for real estate sales," says Wobbekind. "Pueblo and Colorado Springs have higher home price appreciation year over year."
Wobbekind says our region's full recovery is hinging on the reopening of tourist attractions at full-capacity, which he doesn't believe can happen until we have a vaccine.
So far, 22 million jobs have been lost nationwide this year, with 9 million of them already recaptured. Wobbekind says more people seeking opportunities in industries like security, tech, and medical research can help ease unemployment numbers.
Wobbekind says it's going to take a long time to get those 13 million jobs back into the economy, but it may not take as long in Colorado as it will the rest of the country.
After the 2008 recession, it took over six years for employment rates to get back to where they were nationwide, but in Colorado, it took about three and a half years.
