Colorado Unemployment drop
At the end of 2014, Colorado experienced the largest drop in unemployment rate compared to all other U.S. states.
Over the course of the year, the state’s jobless rate fell from 6.2 percent to 4 percent, reported The Denver Post. Overall, Colorado added over 62,000 jobs, 4,700 of which were created in December. The Denver Business Journal explained that most of the new jobs in this final month were in the professional and business services, leisure and hospitality and construction sectors, while the trade, transportation and utilities industry saw a slight decline. For the year overall, education and health services, construction and leisure and hospitality experienced the strongest rates of growth.
The Denver Post reported that this growth is expected to persist in 2015 despite steadily declining oil prices. Although oil-related positions account for nearly 2.5 million jobs in the state, the steep decline in prices, which have dropped 57 percent since the middle of 2014, is not expected to have a major impact on overall employment figures. The source explained that, even if layoffs occur in the sector, many of the workers will likely transition to stronger industries, like construction.