Boulder County leads Colorado metros in employment

The Boulder region is tops in the state for employment.

The unemployment rate for the Boulder metropolitan statistical area, which includes all of Boulder County, was 2.5 percent in March, according to statistics released Friday by the Colorado Department of Labor and Employment.

That jobless rate ties the Fort Collins area for the lowest among the state's seven federally designated metro regions. The same two areas also shared the state's lowest rate — 2.9 percent — in February.

The Colorado unemployment rate for March was 2.9 percent, while the nationwide figure was 4.1 percent, U.S. Bureau of Labor Statistics data shows.

"Compared to the rest of the nation, I'd have to say we are in a very strong spot," Colorado Department of Labor and Employment Senior Economist Ryan Gedney said.

"Despite the state's historically tight labor market, job growth has actually accelerated" over the past 12 months. The labor force expanded by 2.4 percent — the sixth fastest in the nation — over that period, Gedney said.

Colorado workers are working more hours and for higher wages, data shows.

"Over the year, the average workweek for all employees on private nonfarm payrolls increased from 32.9 to 33.4 hours and average hourly earnings increased from $27.26 to $28.38," according to a department of labor report.

Gedney said the state "continues to see upward pressure on wages ... (because) businesses are needing to increase compensation to entice workers."

While the economic outlook continues to be rosy into the near future, experts aren't ignoring potential pitfalls.

"The gap between housing affordability and wages is still pretty wide," particularly in places such as Boulder County where home prices are especially high, Gedney said. "I'm all for that gap closing and for people having a wage that's more in line with what we have seen with housing (price) increases."

While he doesn't think the rising cost of living has slowed employment growth, Gedney said if it "becomes too expensive relative to California, New York or Texas — where a lot of (people who move to Colorado) come from — then I think it becomes a longer-term issue."

The impact of possible tariffs on imported goods are also "something we need to keep our eye on," Gedney said. But so much remains uncertain is it difficult to forecast who those impacts on employment in Boulder County might be.

Lucas High: 303-684-5310, lhigh@times-call.com, twitter.com/lucashigh