Sector-by-sector forecast of 2008 Colorado economy
Here is a sector-by-sector summary of the Colorado Economic Outlook’s forecast for 2008:
AGRICULTURE: Net farm income is expected to increase to $843 million from an estimated $771 million at year-end 2007. Total livestock sales are expected to fall to $3.8 billion, down from $3.9 billion.
NATURAL RESOURCES AND MINING: Employment should increase 20.2 percent to 29,800 with the continued energy boom.
CONSTRUCTION: Employment is expected to dip slightly to 164,500, from about 165,500 workers this year.
MANUFACTURING: Manufacturing will continue to face challenges with a 2.9 percent decline in jobs next year to put the total at 140,700. Employment fell 3.6 percent every year between 2001 and 2006.
TRADE, TRANSPORTATION AND UTILITIES: Employment to increase 1.3 percent to 436,000, compared with 430,600 forecast for 2007.
INFORMATION: Employment should increase marginally to about 76,600 after remaining essentially unchanged at 75,700 this year. Growth will be fueled by publishing, telecommunications and entertainment.
FINANCIAL ACTIVITIES: Employment is forecast to increase slightly to 162,300 in 2008, with the growth occurring in the real estate and rental sector.
PROFESSIONAL AND BUSINESS SERVICES: Continued strength with a 4.4 percent increase to put the 2008 total at 366,300.
EDUCATIONAL AND HEALTH SERVICES: Employment to increase 3.3 percent to 248,000 workers in 2008. The sector’s growth has been hampered by a nationwide shortage of health-care workers.
LEISURE AND HOSPITALITY: Employment should increase 2.1 percent to 279,500 jobs in 2008. Rising energy prices and the troubled housing industry could hamper growth.
OTHER SERVICES: Employment expected to climb 2.2 percent to 94,900. Sector encompasses such businesses as repair, maintenance, dry-cleaning, and religious and civic organizations.
GOVERNMENT: Employment should increase 1.4 percent to 379,100 in 2008. Sector includes federal, state and local government as well as public education.
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