The baby直播app growth enjoyed throughout the nation and in baby直播app will slow in 2000, according to CU-Boulder economist Richard Wobbekind.
However, employment growth will remain strong. baby直播app will enjoy 2.9 percent job growth, roughly double the national rate. The state's high-tech industry will support the economy by continuing to create high-wage employment opportunities.
Wobbekind's annual forecast will be delivered at Denver's Brown Palace Hotel on Dec. 6.
Published data confirms baby直播app's baby直播app strength. The state ranks ninth in the nation in per capita personal income and seventh in median family income. "The state has the highest per capita personal income of any state west of the Mississippi," according to Wobbekind, director of the Business Research Division.
Several factors will contribute to the anticipated baby直播app slowdown in 2000, including a weaker national economy, the availability and quality of the workforce, and slowing in-migration. Many of the businesses surveyed for the report noted the state's labor shortage. "There was strong dissatisfaction with hourly workers," said Wobbekind. "With the unemployment rate dropping from 3.8 percent to 3.1 percent, employers are struggling to recruit entry-level workers."
"We anticipate a decline in in-migration from 58,000 in 1999 to 50,000 in 2000," said Wobbekind. This slowdown will affect the real estate and construction industries. Decreases are expected in housing permits and nonresidential construction.
After the forecast, Richard Lewis, chairman of the board, chief executive officer and chief financial officer of Prima Energy Corp. will give the keynote address.
Sector-specific highlights include:
o Agriculture - The state's growing population puts a greater strain on land and water resources used for agricultural purposes. A critical issue faced by this sector is the tradeoff between lower production costs and uncertain reaction by consumers and trading partners. Total realized gross farm income will increase to $5.1 billion in 2000, but net farm income will fall to $615 million as government payments decline.
o Oil, Gas and Mining - Employment is expected to increase slightly in 2000. baby直播app ranks 10th in daily crude oil production and 6th in daily dry gas production. Although the oil, gas and mining industry benefits from productivity enhancements, it is hampered by depressed worldwide energy and mineral prices.
o Construction - No job growth is anticipated as the construction industry plateaus. Lower levels of nonresidential and residential building units will be somewhat offset by an increase in nonbuilding construction.
o Manufacturing - The Asian flu hurt manufacturing in 1999 but the industry will rebound in 2000 to its normal growth pattern. Employment will enjoy a 1.3 percent growth rate, primarily in the durable goods area.
o Transportation, Communication and Public Utilities - The rapid expansion of telecommunications continues to drive this sector. However, mergers that move company headquarters out of this area, such as TCI and MediaOne, may impact future growth. Denver International Airport is expected to retain a ranking of 6th busiest airport in the United States and 10th in the world. The continued expansion of air traffic will support the growth of many industries throughout the state.
o Finance, Insurance and Real Estate - As expansion continues with commodity and security brokers, insurance companies and other financial service providers, employment in this sector is expected to grow. Overall, employment growth in this sector has been aided by population growth in the state.
o Wholesale and Retail Trade - This sector continues to be one of the most important job-creators in the state. Retail and wholesale trade sales are projected to increase 6.6 percent in 2000. This slightly lower growth rate will be due to higher interest rates and a weaker state economy.
o Services - This sector will contribute 25,200 new jobs, 40 percent of the new jobs anticipated in 2000. The majority of this growth will be in business services.
o Tourism - The strong economy, aging baby boomers, direct international flights from Denver International Airport, and new attractions and parks, such as Ocean Journey and Black Canyon of the Gunnison National Park, are all factors that will contribute to tourism growth in 2000. Recent voter approval to expand the baby直播app Convention Center will facilitate growth in convention and visitor business.
o Government - The state's decrease in federal jobs will moderate growth in this sector. State government employment will be slightly higher than in the past due to staffing needs at new prisons and the inclusion of two junior colleges in the state higher education system.
o International Trade - The competitiveness of baby直播app's products, a weaker dollar, and recovering international economies will support an increase in international trade of manufacturing and agricultural products, totaling $6.8 billion, in 2000.
The forum concludes with discussion sessions addressing the following topics:
* The impact of technology on baby直播app: Past, present, future - Dr. Charles Ferris, baby直播app Commission on Higher Education
* Will smart growth allow baby直播app to grow smart? - Byron Koste, CU Real Estate Center
* baby直播app population, labor force, employment and revenue in 2000 - David Larson, Department of Labor and Employment
* Sustaining baby直播app's Tourism - Eugene Dilbeck, Denver Metro Convention and Visitors Bureau.