Economists at Vectra Bank’s Annual Economic Breakfast Report Colorado Springs with Second Best Job Growth in State

While Growing More Slowly than the Front Range, Economists Forecast Continued Growth and New Opportunity Ahead for El Paso, Teller and Pueblo Counties

Economic experts at Vectra Bank Colorado's 23rd Annual Economic Forecast event focusing on the Colorado Springs and El Paso County economies forecasted continued growth and reported Colorado Springs as having the second highest job growth in the state.

Jason Schrock, chief economist with the Governor's Office of State Planning and Budgeting, and Dr. Tatiana Bailey, executive director of the Southern Colorado Economic forum, both forecasted an upward economic trend for the region, due in part to a strong and growing workforce population and increasingly diverse and healthier industry makeup.

Schrock reported that unemployment rates for Pueblo and Colorado Springs fell faster than other any other city in the state. While slowed due to the declining oil and gas industry, Colorado Springs still ranked second in job growth after Fort Collins. Colorado's economy is expected to continue to outpace the rest of the country.

One of the largest growth industries for Colorado and Colorado Springs are professional service industries. Also notable was the region's growing high tech industry and science and math-skilled industries (STEM). Schrock noted that having a high concentration of STEM jobs will help sustain the region's growth moving forward. This includes more advanced manufacturing, computer system design, and software manufacturing.

“So many economic factors are in flux every day. Already our Denver forecast in February has shifted, and we are committed to keeping our clients informed,” said Bruce Alexander, president and CEO of Vectra Bank Colorado. “In February we were anticipating a 10 percent drop in the economy and now its recovered and at an all-time high. At Vectra it's our job to help our clients be the best students of the economy they can be, and we had great teachers here today.”

Dr. Bailey reported that prior to the recession “civilian participation,” as it's called when people are in the workforce, was at 66 percent. It is ticking up and has increased 1.3 percent to 63 percent since February. Employment across most age group categories has been stagnant or declining slightly in Colorado Springs in recent years, according to the Bureau of Labor Statistics (BLS), although the 55 and over population has the lowest unemployment of all age categories.

Bailey was most excited about El Paso County being one of four counties expected to see a population increase of 380,000 between 2010 and 2040. High numbers of 65 plus, but also 30-49-year-olds in their family years are projected to move into El Paso County. Largest job growth is expected to sit in the health, professional services and technology industries. Combine that with affordable housing compared to Denver and per capita personal income increasing, and Bailey predicts the future looks promising for the southern Colorado region.

“The economic experts at the conference have confirmed what businesses and residents in Colorado Springs have already known,” said Shawn Gullixson, Vice President of Vectra Bank in Colorado Springs and MC of the event. “We are seeing more tourism, more high quality jobs, and more economic vitality in the market. We feel like Colorado Springs is about to take off.” Experts tempered Colorado's and Colorado Springs' recent upswings with the downside to growth, which includes the infrastructure and transportation issues that come with in-migration and increased population.

As part its ongoing commitment to nonprofit organizations that teach financial education or help bolster jobs and small business, as part of the event, Vectra Bank announced a $5,000 donation to Discover Goodwill.

This year, more than 200 of Colorado Springs business leaders attended the invite-only economic forecast update. Speaker presentations can be found at http://www.vectrabank.com/cosprings.