Quarterly Economic Update Archives
Economic Reports & Presentations
NWCCOG Regional Economy – Q1 2022
The September 2022 Regional Economic Update presents the most recently-released jobs and wages data published by the U.S. Bureau of Economic Analysis, Quarterly Census of Employment and Wages (QCEW) for Q1 2022 for the NWCCOG Region which includes the six counties of Eagle, Grand, Jackson, Pitkin, Routt, and Summit. The accommodations & food services sector accounts for the most jobs in the region (26%), as the region’s main economic driver is tourism. Arts, entertainment, recreation (11% of jobs), retail (11% of jobs); and real estate rental/leasing (6% of jobs) all support the tourism-based economy. Construction (7% of jobs), healthcare (8% of jobs), and public administration (6% of jobs) also contribute to the economy while being non-tourism based.
Q1 2022 Regional Snapshot:
- Total Jobs: 101,952 / Yr. over Yr. Chg.: +5,361 (+5.6%)
- Total Establishments: 11,660 / Yr. over Yr. Chg.: +447
- Labor Force: 102,801 (July 2022); Yr. over Yr. chg.: +3,344 (+3.4%)
- Regional UE Rate: 2.3% / Yr. over Yr. Chg.: -2.3%
The region’s counties have shown very strong wage growth over the last year. Specifically, every county in the region experienced increase in annual average wages year over year, some reporting double-digit increases (Eagle, Grand, Pitkin, Summit). All counties but Jackson reported greater increases than the state and the U.S.
10-Year Job Growth by Industry: Region