March Economic Forecast Released
DENVER - The Governor’s Office of State Planning and Budgeting (OSPB) released its quarterly economic forecast today.
“Colorado was one of the first states to successfully reopen in a safe way and this new data shows we are moving towards a strong economic recovery,” said Governor Jared Polis. “Coloradans have persevered through dark days, and now we’re beginning to see the sun. As we vaccinate more Coloradans and get back to normal, it’s important that we take this unique opportunity to make bold investments that will strengthen our economy and our communities for generations to come. This larger than expected amount of one-time funds due to better than expected economic growth allows us to make important investments that will strengthen small businesses, reduce traffic, support Colorado families, invest in rural Colorado, and develop our workforce. I look forward to working with our legislators to deliver these results for Coloradans.”
The forecast shows that Colorado will likely continue to rebound as employment increases in tandem with vaccinations. Declining COVID caseloads will allow for additional easing of public health restrictions. The state is positioned to benefit from a return to domestic travel and is an attractive location for remote workers.
Nationally, the U.S. economy is poised to rebound sharply in 2021, with GDP likely to grow at its fastest pace in decades. The recovery will be driven by the widespread availability of vaccines and the end of the pandemic, as well as by supportive fiscal and monetary policies.
Despite this good news, an equitable recovery is not certain. The recession is having a highly disparate impact across industries, with job losses and business closures concentrated in predominantly low-wage industries.