Colorado Members Hear from White House on State’s Economic Success

Filed in Economics by on October 22, 2018 0 Comments

In an Oct. 16 conference call with Colorado business leaders and members of the home building community, Kevin Hassett, the chairman of the president’s Council of Economic Advisers, cited key economic accomplishments of the Trump hand-arranging-wood-block-stacking-as-step-stair with arrow up ladder pictureadministration.

He noted that the Tax Cuts and Jobs Act signed into law by the president last year, along with a strong push on regulatory reform and an aggressive stance on trade policy have led to a booming economy marked by the lowest unemployment rate since the 1960s and the highest open jobs rate in the history of the nation.

“The numbers are even more impressive in Colorado,” said Hassett, who reeled off the following statistics:

  • The unemployment rate in Colorado was just 2.9% in August, reaching the lowest rate ever recorded. Colorado’s unemployment rate is the eighth lowest in the nation as of August 2018.
  • Mining, logging and construction is the fastest growing employment sector in Colorado, with growth of nearly 12% since Trump’s election.
  • Household median income in Colorado grew more than 5% during Trump’s first year in office to $74,172, the highest level ever recorded.
  • Unemployment insurance claims in Colorado fell by more than 25% since Trump’s election.
  • The percent of Colorado’s population living below the poverty line decreased by 0.8 percentage points during Trump’s first year in office to 7.7%. This is the lowest poverty rate ever recorded in Colorado.

Strong employment figures are spurring optimism is many other areas throughout the country as well. Within the housing sector, that positive outlook was reflected in the most recent poll of builder sentiment, which rose yet again in October.

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