March 25, 2023 7:03 am

DENVER – The Governor’s Workplace of State Arranging and Budgeting (OSPB) released its quarterly financial forecast these days displaying Colorado’s powerful economy continues to develop more rapidly than other states in the United States.

“Colorado’s powerful economy continues to develop and outpace other states, and with a single of the lowest unemployment prices in the nation, Coloradans are tough at operate earning extra and powering our robust economy. We are continuing to save persons cash and connect Coloradans to the instruction and expertise they want to fill in-demand jobs, boosting chance for Coloradans and our state’s economy now and for the future,” mentioned Gov. Polis.

Colorado’s powerful labor market place has continued to develop and exceed expectations. This week, Governor Polis announced that in February 2023, Colorado’s unemployment price returned to pre-pandemic levels at two.eight%, amongst the lowest unemployment prices nationally.

OSPB’s financial forecast projected good close to-term circumstances due to Colorado’s robust labor market place, powerful customer demand, and decreasing inflation. When nationally, development is anticipated to slow in the second half of 2023,  Colorado is protected from numerous of these pressures due to Colorado’s tighter-than-typical labor market place and a larger proportion of service spending that assists to shield Colorado’s powerful economy from attainable downward pressures.

The OSPB financial forecast revised Common Fund income up $128.1 million in FY 2022-23, $201.7 million in FY 2023-24, and $412.six million in FY 2024-25. Money funds are anticipated to develop .9 % in FY 2022-23 and fall .four % in FY 2023-24. Money funds are revised up $78.1 and $49.four million in FY 2022-23 and FY 2023-24 compared with the December financial forecast.

Earlier this week, Governor Polis and bipartisan legislators announced bold legislation to increase Colorado’s economy and workforce, saving persons cash on sophisticated instruction and education and assisting to fill Colorado’s in-demand jobs. These efforts are component of the Polis administration’s operate in partnership with the legislature to continue strengthening Colorado’s workforce and economy.

Filed Beneath: Chamber of Commerce • Customer Problems • County • Economy • Media Release

Tags: Colorado Common Fund • Financial Development • OSPB

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