DENVER — Colorado’s economy continues to grow significantly outpacing the United States while unemployment numbers have dropped, according to Governor Jared Polis and the Colorado Department of Labor and Employment (CDLE).

Industries such as hospitality, manufacturing, profession and business services added over 1,000 good-paying jobs in May while the state’s unemployment rate declined to 3.5 percent, said the Polis administration. CDLE stated that the current unemployment rate is the lowest rate since February 2020, when it was 2.8 percent. The national unemployment rate was 3.6 percent in May, unchanged from the prior two months.

Growth in the labor force translates to a job recovery rate of 109.6 percent, which exceeds the U.S. rate of 96.3 percent, according to CDLE’s establishment survey data.

“Colorado’s strong economy continues to grow faster than the rest of the country, with more and more good-paying jobs for Coloradans as we continue our hard work to save people money and lower the costs of everyday items,” said Polis.

CDLE’s household survey data highlights:

  • Colorado’s labor force grew by 15,400 in May to 3,240,700.
  • The number of individuals employed in Colorado increased by 17,200 in May to 3,126,100, which represents 66.9 percent of the state’s 16+ population.
  • Colorado counties with the highest unemployment rates in May were: Huerfano (5.4%), Pueblo (4.9%), San Miguel (4.6%), Las Animas (4.3%), and Fremont (4.2%). (County-level unemployment rates are not seasonally adjusted and are directly comparable to Colorado’s May unadjusted rate of 3.0 percent.)

The Governor’s Office said strong growth in the labor force participation rate and employment-population ratio continues for a fifth straight month. Colorado’s employment-to-population ratio is at its highest level since November 2019, which was also 66.9 percent, according to CDLE.

Colorado’s labor force participation rate increased to 69.4 percent in May. This marked the first time since 2012 the state’s rate exceeded 69 percent for two straight months.

“Colorado remains the best place to live, work, and run a business, and our rapid job growth and plummeting unemployment rates continue to show our strength,” stated Polis.