Colorado jobs top 3 million for first time amid tight labor market

DENVER — Employment in Colorado topped 3 million jobs for the first time in the third quarter — a milestone reached even as employers in the state struggle to find enough workers.

Continued job growth across Colorado this year has added an average of 5,400 jobs per month, according to a report released Monday by economists with the University of Colorado’s Leeds School of Business.

At the same time, the state continues to face a tight labor market that could get even tighter if migration trends continue.

A record 67.9% labor force participation rate places Colorado well ahead of most other states in the country, said Richard Wobbekind, a senior economist at CU’s Leeds. Yet the state continues to have more job openings than unemployed people to fill them.

“This is not trivial,” Wobbekind said during a press call on Monday discussing the Quarterly Business & Economic Indicators Report, done in partnership with the Colorado Secretary of State’s Office. “We’re at almost 68% labor force participation in Colorado, and the nation is at 62.7%. So it’s a big difference in terms of the percentages of people participating in the labor force.”

> Read the full story at the Denver Business Journal.