Colorado economy

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CNBC has released their scorecard on the economic climate in all 50 states, and Texas took the top spot.

The news network ranked states on more than 60 measures of competitiveness, including workforce, quality of life, education, business friendliness and cost of living. Texas ranked number one overall, also ranking first in infrastructure and economy.

Business leaders in Colorado are banding together to advocate for immigration reform.

As Colorado Public Radio reports, Coloradans for Immigration Reform, which consists of 13 pro-business organizations, including chambers of commerce and trade groups, recently formed to support policies favorable to immigrants.

Daniel Acker / Denver Business Journal

Car sales are continuing their downward trend in Colorado, the Denver Business Journal reports.

This September, new vehicle registrations were down by over 13 percent from the same time last year. This marks the second month in a row that Colorado has shown year-over-year declines in new vehicle registrations.

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President Obama’s labor secretary visited Colorado last week to push for a ballot measure that would raise Colorado’s minimum wage to $12 an hour by 2020, reports CBS 4 Denver.

U.S. Labor Secretary Tom Perez insists raising the minimum wage would have a positive impact on Colorado’s economy. However, studies vary widely on whether minimum wage hikes hurt or help state economies.

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Colorado's job market contracted slightly in July, reports The Colorado Springs Gazette. As a result, the state’s unemployment rate inched up to 3.8 percent.

Helen H. Richardson / Denver Post

An initiative to raise Colorado’s minimum wage has made the November ballot, reprts The Denver Post.

If the measure passes, the state’s minimum wage would rise to $12 by 2020. Supporters of Initiative 101 gathered many more signatures than the 99,000 needed to qualify for the ballot. Currently, Colorado’s minimum wage sits at $8.31 an hour.

Colorado’s jobless rate ticked up slightly last month. The number now sits at 3.1 percent. That’s still almost two and a half percentage points below the national average of 5.5 percent. The slight upward movement marks the first time the unemployment rate has increased in five years, reports Colorado Public Radio.

Business is booming in Colorado, reports The Prowers Journal. According to a new report, in the first three months of the year business formation has rebounded. Colorado employment is also projected to expand over the next two quarters. The news was a welcome relief after two consecutive quarters of business decline.

Prowers Journal

The employment situation in Colorado continues to boom, reports The Prowers Journal. Nonfarm payroll jobs increased by almost six thousand last month. That brings the total for the state up to well over two-and-a-half million jobs. At the same time, the unemployment rate decreased one-tenth of a percentage point to 2.9 percent—far below the national average.

www.philadelphiafed.org

Most US states enjoyed a strong economic finish to 2015, reports The Rural Blog. Among High Plains states, Kansas and Colorado experienced particularly robust growth of over one percent. In fact, these states had some of the fastest growth in the nation. Nebraska’s economy fell just short of the strong expansion in Kansas and Colorado, and Texas also experienced growth. Oklahoma’s economy remained unchanged.

CPR / Hart Van Denburg

Colorado’s construction industry continues to thrive, reports Colorado Public Radio. Four out of five construction firms in the state expect to hire more workers this year, according to a new survey by the Associated General Contractors of America. Colorado construction is at higher levels than the national average. 81% of all firms surveyed plan to add workers.