Retail and real estate sales drive Colorado’s economic recovery

COLORADO SPRINGS, Colo. (KRDO) -- Millions of Americans remain unemployed during the COVID-19 pandemic and many are still struggling to pay their bills.

Despite the devastation in parts of the U.S. economy, American consumerism has staged a rapid comeback.

After suffering the biggest slump in seven years in April, retail sales are on the rebound. It was at a record high in July, with big spending seen on electronics, clothing, and at bars and restaurants.

In Colorado, our housing market has been a huge sign of our economic recovery.

But we're not out of the woods yet.

Unemployment is still over 10% here in El Paso County. The additional $600 a week for unemployment benefits expired end of July, though Coloradans are getting an extra $300 for at least three weeks starting around mid-September.

Experts from the country's commerce department say that part of the federal stimulus package may have helped drive spending.

Congress has yet to pass a second stimulus bill, leaving millions in limbo without those additional unemployment benefits.

According to a recent out of the University of Colorado Boulder - those looking for jobs right now should look in industries like security, tech, and medical research.

Businesses in the hospitality industry - like restaurants and hotels - aren't offering the greatest job security at this time - despite spending at restaurants and bars being at an all time high in July.

The hospitality industry in Colorado is still expected to lose almost 80,000 jobs by end of year.

So far, we lost 22 million jobs nationwide, with 9 million of them already been recaptured.

Colorado typically recovers from recessions quicker than the rest of the country. After the 2008 recession, Colorado's economy recovered in about 3 and a half years, largely because of the state's military population. Other states took around six years to recover.