Audio Script
Colorado鈥檚 economy continues role along in 2016, CU report says
July 15, 2016听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 Richard Wobbekind
Colorado鈥檚 economy continues to outperform the nation in 2016. The latest statistics for 2015 GDP show the state growing by 3.6 percent compared to 2.4 percent growth nationally, according to a report from CU-麻豆影院鈥檚 Leeds School of Business.
Leeds economist Richard Wobbekind (Wah-bah-kin) says midway through the year Colorado鈥檚 economy remains growing even in areas not anticipated to expand.
CUT 1 鈥淭here鈥檚 been more growth in leisure and hospitality than we had anticipated. There鈥檚 more growth in government jobs than we had anticipated. And we certainly see significant flows of venture capital, particularly into software and applications types of areas. (:16) So we remain a desirable, more rapidly growing state that鈥檚 able to bring in a work force as needed.鈥� (:24)
He says there are several sectors of the economy that are helping to carry on the growth.
CUT 2 鈥淭he high-tech sector, for sure, we鈥檝e seen definitely growth there. And the construction sector 鈥� very strong. We鈥檙e significantly up in both commercial-industrial and also in residential. (:12) We鈥檝e seen a lot of growth in employment in rental and leasing, which is related to the housing market. And we鈥檝e seen job growth in manufacturing. We鈥檙e seeing job growth in information. We really are seeing it pretty much everywhere.鈥� (:25)
However, there are areas of concern, says Wobbekind. Along with energy and natural resources, which has been suffering the last few years, agricultural and retail sales are not as vibrant as other sectors.
CUT 3 鈥淲e went into the year not expecting a particularly good year for agriculture and that is holding true in terms of both agricultural exports, agricultural sales, the prices of commodities. This will not be a great year for the agricultural sector. (:15) The overall retail sales number isn鈥檛 particularly bad but there hasn鈥檛 been much growth in employment there. Whether it鈥檚 adapting to a more electronic environment. That may be impacting some of it. So we鈥檝e really seen very little growth net in that area.鈥� (:31)
But even with continued low oil prices impacting the energy sector and employment numbers, Wobbekind says the state鈥檚 economy continues to be one of the more robust in the country.
CUT 4 鈥淚n light of what鈥檚 happened in the energy sector, when you factor that in, I don鈥檛 think the numbers look bad at all, in fact I think the numbers look very good considering we鈥檝e taken the energy impact and continued to grow at a solid pace. (:14) We鈥檒l wind up being, at this rate, a top 10 growth state in the country. I think you have to feel pretty good about where the state鈥檚 positioned. The fact that it continues to produce and to attract a very talented work force.鈥� (:27)
-CU-
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