Employment revision reports show considerably higher job growth

The revised employment data revealed that all 11 supersectors added jobs from 2014 to 2015.

The annual benchmark revision of the Current Employment Statistics showed significant upward adjustments to annual employment for 2015 in Metro Denver, according to data released today by the Metro Denver Economic Development Corp.

The revision resulted in a considerable employment increase in 2015. Whereas preliminary data released throughout 2015 indicated a 2.7 percent employment growth rate, revised data revealed that employment increased at a much higher pace of 3.5 percent. This means that employment in 2015 increased by 53,100 jobs, as opposed to the increase of 41,100 jobs suggested by the preliminary data.

“We’ve had upward adjustments to our annual employment each of the past three years,” said Patty Silverstein, chief economist for the Metro Denver EDC. “This robust growth certainly shows the strength and momentum of the regional economy.”

The revised employment data revealed that all 11 supersectors added jobs from 2014 to 2015. The strongest rate of growth was in the natural resources and construction supersector, which posted a 5.1 percent increase and added 4,900 jobs in 2015.

The professional and business services supersector added 9,600 jobs and education and health services increased by 8,800 positions. The smallest increase, in both percentage and absolute terms, occurred in the information sector. Nonetheless, this was welcome news as preliminary estimates indicated that the information sector shed jobs in 2015.

According to Silverstein, the region’s unemployment rate fell 1.5 percentage points over-the-year in January to 3 percent, with all seven counties reporting declines between January 2015 and 2016, ranging from 1.2 percentage points in Douglas County to 1.8 percentage points in Adams County. 

The Monthly Economic Indicators report provides a snapshot of metro area economic activity, as well as its relationship to national and regional economic trends. The next report will be released April 6.

The full report is available here.

Edited by the Colorado Real Estate Journal staff.