Northwest Colorado Council of Governments

Q u a r t e r ly E c o n o m i c U p d a t e
D e c e m b e r 2 01 9

The Regional Economy

All Others
Educational 9%
Services
Admin & 5%
Waste Svs The NWCCOG Region includes the counties
6% of Eagle, Grand, Jackson, Pitkin, and Summit
in the northwest region of Colorado.
Agriculture
0.4%

Manufacturing
1%

Public
Administration
7%

Professional,
Technical, Scien, Info
5%

Healthcare
7% Tourism & Outdoor
Real Estate Recreation:
Rental & Leasing Construction 46%
6% 8%

Total Employment 76,498 Total Labor Force 76,047

Job Growth: 1 year +1.7% 1 Yr Growth in Labor Force +1.1%

Job Growth: 5 years +11.7% 5 Yr Growth in Labor Force +18.8%

5-Yr Job Growth in Key Industries Regional UE Rate 2.2%

Tourism & Outdoor Recreation +10% Colorado and UE Rate CO: 2.6% / U.S: 3.6%

Construction +21% Cons. Confidence Index (1985=100) 125.5 (-0.6)

Healthcare +21% Present Sit. Index 166.9 (-6.6)

Prof, Tech, Scientific, Info +42% Expectations Index 97.9 (+3.4)

Avg. Annual Wage By area: Dow Jones (close 12/19/19) 28,376 (+137.68)

Eagle County $46,280 30-yr Fix. Mort. rate 3.73%

Grand County $37,128 Largest Employers in Region (500+ees) Sector

Jackson County $38,428 Vail Health (Eagle County) Healthcare

Pitkin County $54,964 Winter Park Resort (Grand County) Tourism &ORec

Summit County $40,300 Aspen Skiing Company (Pitkin County) Tourism & ORec

Colorado $58,656 Peak Materials (Summit County) Construction

U.S. $47,216 Keystone Resort (Summit County) Tourism & ORec

Copper Mountain Resort (Summit Cty) Tourism & ORec

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Eagle County
All Others
Educational
9% Total Employment: 32,378
Services
5% Average Annual Wage: $46,280
$41,964
Admin &
Labor Force: 34,999
Waste Svs
8%
Unemployment Rate: 2.0%
$33,072

Agriculture
0%
All Others:
$49,868
Manufacturing
Finance and Insurance $ 75,296
1%
$52,208
Tourism & Outdoor
Recreation:
Management of Companies $ 120,224
Public
44%
Administration
5%
$34,979 Other Services Expt. Public Admin $ 41,808
$60,060
Transportation and Warehousing $ 47,840
Professional, Technical,
Scien, Info Utilities $ 76,024
5%
$61,568 Wholesale Trade $ 71,760
Healthcare
8% Real Estate
$67,236 Rental & Leasing Construction
5% 10%
$51,584 $58,812

Grand County
All Others
Educational
Admin &
Waste Svs Services
7% Total Employment: 7,359
5%
Agriculture
2%
$33,072 $38,272 Average Annual Wage: $37,128
1%
$34,528
Labor Force: 8,963
Manufacturing
2%
Unemployment Rate: 2.1%
$38,012
Public
Administration All Others:
7% Tourism & Outdoor
$53,924 Recreation:
51%
Finance and Insurance $ 54,652
Professional, Technical,
$29,137
Scien, Info Management of Companies $ 162,136
3%
$51,844
Other Services Expt. Public Admin $ 36,816
Healthcare
6% Transportation and Warehousing $ 39,312
$49,712
Utilities $ 73,372
Real Estate
Wholesale Trade $ 50,700
Rental & Leasing
6%
Mining $ 56,316
$34,736 Construction
10%
$48,256

Jackson County
Mining All Others
Admin & 2% Tourism & Outdoor
4%…
Waste Svs
1%
Recreation: Total Employment: 588
27%
$22,100 $22,360 Average Annual Wage: $38,428
Labor Force: 1,115
Unemployment Rate: 1.6%
Agriculture
18%
$31,824 All Others:
Finance and Insurance $ 54,652
Management of Companies $ 162,136
Other Services Expt. Public Admin $ 36,816
Construction
Transportation and Warehousing $ 39,312
12%
$49,764 Utilities $ 73,372
Wholesale Trade $ 50,700
Public
Administration Healthcare Mining $ 119,132
21% Prof, Tech, Scien, Info 7%
$29,588 8% $34,060
$87,048
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Pitkin County
All Others
9%
Educational
Services
5%
Total Employment: 15,652
Admin & $54,028 Average Annual Wage: $54,964
Waste Svs
7% Labor Force: 11,160
$38,532
Tourism & Outdoor Unemployment Rate: 3.4%
Agriculture Recreation:
1% 45%
$37,700 $48,447
Manufacturing
1% All Others:
$51,844
Finance and Insurance $ 54,652
Public
Administration
Mgmt of Companies $ 162,136
9%
$64,168 Other Svs. Expt. Public Admin $ 36,816
Trans. and Warehousing $ 39,312
Professional, Technical,
Scien, Info Utilities $ 73,372
6%
$77,194
Real Estate
Wholesale Trade $ 50,700
Healthcare
Rental & Leasing Construction
5%
8% 4%
$70,824
$59,176 $70,668

Summit County
All Others
Educational 7%
Admin & Services Total Employment: 20,704
Waste Svs 4%…
5% Average Annual Wage: $40,300
$33,904
Agriculture Labor Force: 19,810
0%
$40,248 Unemployment Rate: 2.1%
Manufacturing
1%
$35,204
Public
All Others:
Administration
8%… Finance and Insurance $ 68,484
Professional, Technical, Management of Companies $ 99,476
Scien, Info
4%
$61,204 Tourism & Outdoor
Other Svs. Expt. Public Admin $ 38,428
Recreation:
52% Transportation and Warehousing $ 45,136
Healthcare $30,229
7% Utilities $ 83,668
$53,508
Wholesale Trade $ 72,280
Real Estate
Rental & Leasing Construction
5% 7%
$48,620 $57,096

State of Colorado U.S.

All Others Tourism & Outdoor Rec All Others
23% 20% Tourism & Outdoor Rec
18%
26%
$31,131 $30,489

Admin & Waste

Services
6%
$44,668 Admin & Waste
Services
Construction 7%
7% $41,860
Educational Services
8% Educational
$48,152 Services Construction
Real Estate Rental & 2%… 6%
Agriculture $62,452
1% Leasing Agriculture

$38,948 2% 1%
Real Estate Rental &
$36,088
Manufacturing $56,524 Leasing
5% Healthcare Manufacturing
2%…

$69,940 13% 10%

$53,040 $67,444
Healthcare
Public Administration 16%
6% Prof, Tech, Scien, Info
Prof, Tech, Scien, Info $50,804
10%
$61,256 11% $104,104
$101,088
*Public Admin not included in U.S. figures
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Demographics of the Region

July 2018 1-Yr Growth 8-Yr Growth Each year, the Colorado State Demography Office holds an annual
State of Colorado 5,694,311 1.4% 11.5% meeting to reveal the most recent population estimates for each
EAGLE COUNTY 54,863 -0.1% 5.1% town and county in the State of Colorado. The 2019 Demography
Avon 6,518 -0.9% 1.4% Summit was held on November 1st at Arapahoe Community College.
The population figures are developed each year by demographers at
Basalt (Part) 3,178 -0.2% 8.2%
the SDO using a specialized formula including number of births,
Eagle 6,924 1.3% 6.3% deaths, in-migrants, out-migrants, as well as input from local plan-
Gypsum 7,356 -1.2% 11.8% ning agencies/departments. The most recent population estimates
Minturn 1,060 0.6% 3.1% (July 2018) are shown to the left.
Red Cliff 286 2.1% 7.1%
Vail 5,455 -0.6% 3.0% The region’s total population is reported at 120, 592. This is a 0.03% 1
Unincorp. Area 24,086 0.2% 3.8% year increase, and 6.3% increase since the last census in 2010. Given
the apparent explosion in people in our region over recent years evi-
GRAND COUNTY 15,481 0.9% 4.5%
dent in increased traffic and crowds, this may seen impossibly low.
Fraser 1,305 1.6% 6.8% However, the state of Colorado as a whole grew 11.5% over the last 8
Granby 2,136 1.5% 13.2% years, and this population growth statewide greatly influences our
Grand Lake 505 0.6% 7.2% regional population in that our region is a very popular place for peo-
Hot Sulphur Springs 710 0.7% 7.0% ple statewide to recreate.
Kremmling 1,436 -0.2% -0.3%
Winter Park 1,052 1.5% 5.7% Big population gainers since the last census 8 years ago include Gyp-
sum (+11.8%), Granby (+13.2%), Aspen (+9.8%), Frisco (+15.8%), and
Unincorp. Area 8,337 0.7% 2.2%
Silverthorne (+18.8%). Summit County showed the most population
JACKSON COUNTY 1,392 1.2% 0.4%
growth by county, growing 9.4% since the last census in 2010.
Walden 592 0.0% -2.0%
Unincorp. Area 800 2.0% 2.2%
PITKIN COUNTY 17,882 -0.3% 4.0% Regional Demographic Mix
Aspen 7,385 -0.3% 9.8% Silent + The regions largest de-
Greatest Next
Basalt (Part) 976 0.2% 4.6% Gen
mographic group is the
Gen
Snowmass Village 2,784 -0.4% -1.5% 74 to 100 0 to 4 Millennials (23-38 yr olds),
5% 5% which represent 28% of
Unincorp. Area 6,737 -0.4% 0.0% Post Millenial
the region’s population.
Baby Boomer 5 to 22
SUMMIT COUNTY 30,974 0.0% 9.4% 55 to 73 19% Millennials are most likely
22%
Blue River 926 -0.6% 7.8% attracted to the region
Breckenridge 4,989 0.3% 8.8% given the abundant
amenities including out-
Dillon 968 -0.7% 6.4% door recreation, enter-
Frisco 3,194 0.8% 15.8% Gen X Millennials
23 to 38
tainment options, and
39 to 54
Montezuma 67 -2.9% 2.9% 21% 28% high quality of life. Mil-
lennials tend to choose
Silverthorne 4,789 1.8% 18.8%
“place” first before
Unincorp. Area 16,041 -0.7% 5.8% “where the job is”.

Sources: Jobs, wages, major employers: QCEW ,Q2 2019, via CDLE/LMI Gateway; Labor Force: BLS, Oct. 2019, via CDLE/LMI Gateway;
Consumer Confidence data: The Conference Board; demographic data: Colorado State Demography Office. *Definitions: Consumer Confidence Index—reflects
prevailing business conditions and likely developments for the months ahead. This monthly report details consumer attitudes and buying intentions; Present
Situation Index – based on consumers’ assessment of current business and labor market conditions; Expectations Index – based on consumers’ short-term outlook
for income, business and labor market conditions.

NWCCOG Economic Development District

249 Warren Ave.—P.O. Box 2308—Silverthorne, CO 80498
Contact: Rachel Lunney, Director—rachel@nwccog.org
970.468.0295 x106 www.nwccog.org/edd