Quarterly Economic Update Archives
County Profiles updated Sept 2020
Economic Reports & Presentations
NWCCOG Regional Economy – Q1 2021
The September 2021 Regional Economic Update, which presents the most up to date jobs and wages numbers published by the U.S. Bureau of Economic Analysis, Quarterly Census of Employment and Wages (Q1 2021), provides jobs and wage data on January, February and March of 2021, representing the heart of the ski season which typically is one of the busiest times of the year for our region’s tourism-based economy with heavy emphasis on winter outdoor recreation.
During this time, pandemic restrictions were still in place, including businesses operating at reduced capacity, as well as capacity restrictions and reservations required at ski areas. Due to this regulatory environment, along with the continuation of skyrocketing housing prices forcing many service level workers to leave the area (the region reported a loss of over 3,000 in labor force year over year) the region continued to see dramatically reduced number of jobs in the dominant tourism sector. The Tourism and Outdoor Recreation sector, which is comprised of Accommodations and Food Services, Arts, Entertainment and Recreation, Retail, Real Estate Rental and Leasing, reported a loss of over 7,000 jobs in comparison to the same time frame one year ago.
Despite this loss, tourism and outdoor recreation continues to be the dominate sector in the region, accounting for 55% of all jobs. As jobs and labor force decreased, wages increased. Each county (except Eagle) reported wage increases, due to the loss of 7,,000 tourist sector jobs, which are some of the lowest paying jobs of all the industries in the region. The loss of jobs in this sector brought annual average wages up. The region is seeing recovery from the losses from the pandemic. The region has not recouped all the jobs lost due to the pandemic, but we have recovered over 23,000 jobs since the worst of it.