Loveland, Colorado, showcased a diversified and resilient job market in January 2024, defying concerns of a national slowdown. This report dives into the details of the January jobs report, highlighting key trends and offering insights into the future outlook for the city’s economic landscape.
Overview:
- Job growth: Loveland added 100 new jobs in January, representing a 0.4% increase from December 2023. This surpasses the national average of 0.1% growth.
- Unemployment rate: The unemployment rate remained low at 2.2%, indicating a tight labor market with more open positions than available workers.
- Wage growth: Average weekly wages increased by 1.7% compared to December 2023, reaching $945. This translates to an annual wage growth of 5.9%.
Highlights:
- Balanced growth: Loveland’s job growth was spread across multiple industries, with Professional and Business Services leading the way with 30 new jobs, followed by Trade, Transportation, and Utilities with 20 new positions.
- Other notable gains: The Leisure and Hospitality industry added 15 jobs, while Education and Health Services saw an increase of 10 jobs.
- Declining sectors: The Construction industry experienced a slight decline of 5 jobs, while Manufacturing remained stagnant.
Industries and Occupations:
- Growing occupations: The top fastest-growing occupations in Loveland included Registered Nurses and Software Developers
- Shrinking occupations: Cashiers, retail salespeople, and food preparation workers saw the largest job losses in January.
Comparison to Last Year:
- Job growth: Loveland’s job market grew by 2.8% year-over-year in January, exceeding the national average of 1.7%.
- Unemployment rate: The unemployment rate decreased from 2.6% in January 2023, reflecting a tighter labor market.
- Wage growth: Average weekly wages increased by 6.3% compared to January 2023, outpacing the national average of 5.7%.
Comparison to Previous Month:
- Job growth: January’s job growth was slightly higher than December 2023’s increase of 80 jobs.
- Unemployment rate: The unemployment rate remained unchanged from December 2023.
- Wage growth: Wage growth accelerated from December’s 1.5% increase.
Future Outlook:
Loveland’s job market is expected to maintain its diverse growth trajectory in the coming months, driven by factors such as:
- Continued expansion of the healthcare and technology sectors.
- Growth in tourism and outdoor recreation, leveraging the city’s natural beauty.
- Investment in infrastructure and renewable energy projects.
10 Growing Occupations:
- Registered Nurses
- Software Developers
- Physician Assistants
- Marketing Specialists
- Wind Turbine Service Technicians
- Home Health Aides
- Solar Photovoltaic Installers
- Special Education Teachers
- Middle School Teachers
- Sales Representatives
10 Companies Hiring Now:
- McKee Medical Center
- Hewlett Packard Enterprise
- Agilent Technologies
- Estes Park Resort
- Fort Collins Area Chamber of Commerce
- UCHealth
- Xcel Energy
- The Home Depot
- Loveland City & County Government
- Colorado State University
Resources:
- Bureau of Labor Statistics
- Loveland Chamber of Commerce
- Colorado Department of Labor and Employment