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News Release Information

24-223-KAN
Thursday, February 08, 2024

Contacts Technical information: Media contact:
  • (816) 285-7000

Business Employment Dynamics in Colorado – Second Quarter 2023

From March 2023 to June 2023, gross job gains from opening and expanding private-sector establishments in Colorado were 178,132, while gross job losses from closing and contracting private-sector establishments were 160,978, the U.S. Bureau of Labor Statistics reported today. Assistant Commissioner for Regional Operations Michael Hirniak noted that the difference between the number of gross job gains and the number of gross job losses yielded a net employment gain of 17,154 jobs in the private sector during the second quarter of 2023. During the previous quarter, gross job gains exceeded gross job losses by 17,518. (See chart 1.)


The change in the number of jobs over time is the net result of increases and decreases in employment that occur at all private businesses in the economy. Business Employment Dynamics (BED) statistics track these changes in employment at private-sector establishments from the third month of one quarter to the third month of the next. The difference between the number of gross job gains and the number of gross job losses is the net change in employment. (See Technical Note.)

Gross job gains

In the second quarter of 2023, gross job gains represented 7.3 percent of private-sector employment in Colorado; nationally, gross job gains accounted for 6.2 percent of private-sector employment. (See chart 2.) Gross job gains are the sum of increases in employment due to expansions at existing establishments and the addition of new jobs at opening establishments. In Colorado, gross job gains at expanding establishments totaled 132,046 in the second quarter of 2023, a decrease of 1,023 jobs compared to the previous quarter. (See table 1.) Opening establishments accounted for 46,086 jobs gained in the second quarter of 2023, an increase of 4,393 jobs from the previous quarter.

Gross job losses

In the second quarter of 2023, gross job losses represented 6.6 percent of private-sector employment in Colorado; nationally, gross job losses accounted for 5.9 percent of private-sector employment. (See chart 3.) Gross job losses are the result of contractions in employment at existing establishments and the loss of jobs at closing establishments. In Colorado, contracting establishments lost 122,324 jobs in the second quarter of 2023, a decrease of 560 jobs from the prior quarter. Closing establishments lost 38,654 jobs, an increase of 4,294 jobs from the previous quarter.

Industries

Gross job gains exceeded gross job losses in 7 of the 11 industry sectors in Colorado in the second quarter of 2023. Leisure and hospitality had the largest over-the-quarter net job increase, with a gain of 6,211 jobs. This was the result of 36,828 gross job gains and 30,617 gross job losses. The education and health services industry had a net gain of 4,788 jobs. Retail trade showed a net loss of 2,486 jobs, the largest loss of any sector in the state. Colorado’s information industry sector had a net loss of 1,309 jobs.

For More Information

The BED data series include gross job gains and gross job losses by industry subsector, for the 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands, as well as gross job gains and gross job losses at the firm level by employer size class. BED data for the states have been included in table 2 of this release. Additional information is available online at the Business Employment Dynamics Home.

The Business Employment Dynamics for Third Quarter 2023 are scheduled to be released on Wednesday, April 24, 2024.


Technical Note

The Business Employment Dynamics (BED) data are a product of a federal-state cooperative program known as Quarterly Census of Employment and Wages (QCEW). The BED data are compiled by the U.S. Bureau of Labor Statistics (BLS) from existing QCEW records.

More information on formal definitions of the data used in this release, along with coverage, concepts, and methodology, can be found in the Business Employment Dynamics Technical Note.

Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.

Table 1. Private sector gross job gains and losses by industry, Colorado, seasonally adjusted
Category Gross job gains and losses
(3 months ended)
Gross job gains and losses
as a percent of employment
(3 months ended)
June
2022
Sept.
2022
Dec.
2022
Mar.
2023
June
2023
June
2022
Sept.
2022
Dec.
2022
Mar.
2023
June
2023

Total private (1)

Gross job gains

174,078 167,165 179,968 174,762 178,132 7.3 7.0 7.6 7.2 7.3

At expanding establishments

137,572 143,123 130,507 133,069 132,046 5.8 6.0 5.5 5.5 5.4

At opening establishments

36,506 24,042 49,461 41,693 46,086 1.5 1.0 2.1 1.7 1.9

Gross job losses

156,631 169,449 164,325 157,244 160,978 6.6 7.1 6.9 6.5 6.6

At contracting establishments

125,073 125,910 123,300 122,884 122,324 5.3 5.3 5.2 5.1 5.0

At closing establishments

31,558 43,539 41,025 34,360 38,654 1.3 1.8 1.7 1.4 1.6

Net employment change (2)

17,447 -2,284 15,643 17,518 17,154 0.7 -0.1 0.7 0.7 0.7

Construction

Gross job gains

14,422 12,916 14,933 15,791 14,174 7.9 7.1 8.2 8.4 7.6

At expanding establishments

11,705 11,331 11,097 12,188 10,949 6.4 6.2 6.1 6.5 5.9

At opening establishments

2,717 1,585 3,836 3,603 3,225 1.5 0.9 2.1 1.9 1.7

Gross job losses

12,792 14,008 13,825 14,078 14,719 6.9 7.7 7.6 7.5 7.9

At contracting establishments

10,181 10,217 10,228 10,699 11,360 5.5 5.6 5.6 5.7 6.1

At closing establishments

2,611 3,791 3,597 3,379 3,359 1.4 2.1 2.0 1.8 1.8

Net employment change (2)

1,630 -1,092 1,108 1,713 -545 1.0 -0.6 0.6 0.9 -0.3

Manufacturing

Gross job gains

6,120 5,404 6,090 5,575 6,638 4.0 3.5 3.9 3.6 4.4

At expanding establishments

5,478 4,957 4,952 4,806 5,569 3.6 3.2 3.2 3.1 3.7

At opening establishments

642 447 1,138 769 1,069 0.4 0.3 0.7 0.5 0.7

Gross job losses

5,771 6,550 6,357 5,580 7,060 3.7 4.3 4.2 3.6 4.6

At contracting establishments

4,990 5,355 5,144 4,921 5,937 3.2 3.5 3.4 3.2 3.9

At closing establishments

781 1,195 1,213 659 1,123 0.5 0.8 0.8 0.4 0.7

Net employment change (2)

349 -1,146 -267 -5 -422 0.3 -0.8 -0.3 0.0 -0.2

Wholesale trade

Gross job gains

6,198 6,715 7,760 6,077 6,137 5.4 5.8 6.7 5.2 5.2

At expanding establishments

5,070 5,459 5,700 4,872 4,598 4.4 4.7 4.9 4.2 3.9

At opening establishments

1,128 1,256 2,060 1,205 1,539 1.0 1.1 1.8 1.0 1.3

Gross job losses

6,415 5,863 5,975 5,244 5,893 5.6 5.0 5.1 4.4 5.0

At contracting establishments

4,466 3,863 4,314 3,781 4,340 3.9 3.3 3.7 3.2 3.7

At closing establishments

1,949 2,000 1,661 1,463 1,553 1.7 1.7 1.4 1.2 1.3

Net employment change (2)

-217 852 1,785 833 244 -0.2 0.8 1.6 0.8 0.2

Retail trade

Gross job gains

16,143 16,432 17,381 17,735 16,245 5.9 6.0 6.4 6.4 5.9

At expanding establishments

13,693 15,175 14,162 14,987 13,438 5.0 5.5 5.2 5.4 4.9

At opening establishments

2,450 1,257 3,219 2,748 2,807 0.9 0.5 1.2 1.0 1.0

Gross job losses

18,708 19,624 16,704 14,696 18,731 6.8 7.2 6.1 5.3 6.8

At contracting establishments

16,240 16,610 13,896 12,662 15,697 5.9 6.1 5.1 4.6 5.7

At closing establishments

2,468 3,014 2,808 2,034 3,034 0.9 1.1 1.0 0.7 1.1

Net employment change (2)

-2,565 -3,192 677 3,039 -2,486 -0.9 -1.2 0.3 1.1 -0.9

Transportation and warehousing

Gross job gains

6,056 6,407 8,553 6,542 6,520 6.1 6.4 8.4 6.3 6.4

At expanding establishments

5,299 5,697 7,510 5,620 5,634 5.3 5.7 7.4 5.4 5.5

At opening establishments

757 710 1,043 922 886 0.8 0.7 1.0 0.9 0.9

Gross job losses

7,708 5,991 4,834 8,007 5,784 7.6 6.0 4.7 7.7 5.6

At contracting establishments

6,971 4,763 3,672 7,405 4,727 6.9 4.8 3.6 7.1 4.6

At closing establishments

737 1,228 1,162 602 1,057 0.7 1.2 1.1 0.6 1.0

Net employment change (2)

-1,652 416 3,719 -1,465 736 -1.5 0.4 3.7 -1.4 0.8

Information

Gross job gains

4,759 4,204 4,382 3,690 3,222 6.0 5.4 5.6 4.7 4.1

At expanding establishments

3,959 3,582 3,232 2,747 2,604 5.0 4.6 4.1 3.5 3.3

At opening establishments

800 622 1,150 943 618 1.0 0.8 1.5 1.2 0.8

Gross job losses

4,203 4,505 5,102 4,229 4,531 5.3 5.7 6.5 5.4 5.8

At contracting establishments

3,484 3,550 4,169 3,082 3,494 4.4 4.5 5.3 3.9 4.5

At closing establishments

719 955 933 1,147 1,037 0.9 1.2 1.2 1.5 1.3

Net employment change (2)

556 -301 -720 -539 -1,309 0.7 -0.3 -0.9 -0.7 -1.7

Financial activities

Gross job gains

10,958 10,420 10,957 9,965 10,816 6.2 5.9 6.4 5.8 6.3

At expanding establishments

7,392 8,263 7,021 6,585 7,326 4.2 4.7 4.1 3.8 4.3

At opening establishments

3,566 2,157 3,936 3,380 3,490 2.0 1.2 2.3 2.0 2.0

Gross job losses

10,570 11,811 12,351 11,393 8,997 6.1 6.8 7.2 6.6 5.2

At contracting establishments

8,009 7,872 8,618 7,932 5,664 4.6 4.5 5.0 4.6 3.3

At closing establishments

2,561 3,939 3,733 3,461 3,333 1.5 2.3 2.2 2.0 1.9

Net employment change (2)

388 -1,391 -1,394 -1,428 1,819 0.1 -0.9 -0.8 -0.8 1.1

Professional and business services

Gross job gains

41,806 38,509 38,623 39,079 36,662 8.7 7.9 8.0 8.0 7.4

At expanding establishments

31,042 31,204 24,709 28,723 27,335 6.5 6.4 5.1 5.9 5.5

At opening establishments

10,764 7,305 13,914 10,356 9,327 2.2 1.5 2.9 2.1 1.9

Gross job losses

35,350 36,504 39,173 32,634 36,267 7.4 7.5 8.0 6.7 7.3

At contracting establishments

26,659 24,095 27,333 23,766 26,735 5.6 5.0 5.6 4.9 5.4

At closing establishments

8,691 12,409 11,840 8,868 9,532 1.8 2.5 2.4 1.8 1.9

Net employment change (2)

6,456 2,005 -550 6,445 395 1.3 0.4 0.0 1.3 0.1

Education and health services

Gross job gains

18,616 19,318 21,496 20,809 22,272 5.4 5.6 6.1 5.9 6.2

At expanding establishments

14,592 17,270 15,420 15,954 17,543 4.2 5.0 4.4 4.5 4.9

At opening establishments

4,024 2,048 6,076 4,855 4,729 1.2 0.6 1.7 1.4 1.3

Gross job losses

16,980 16,472 18,479 16,046 17,484 4.9 4.7 5.3 4.6 4.8

At contracting establishments

13,562 11,908 13,350 12,246 12,651 3.9 3.4 3.8 3.5 3.5

At closing establishments

3,418 4,564 5,129 3,800 4,833 1.0 1.3 1.5 1.1 1.3

Net employment change (2)

1,636 2,846 3,017 4,763 4,788 0.5 0.9 0.8 1.3 1.4

Leisure and hospitality

Gross job gains

36,557 37,053 37,031 36,100 36,828 10.8 10.8 10.7 10.5 10.5

At expanding establishments

30,815 32,012 28,312 28,626 29,163 9.1 9.3 8.2 8.3 8.3

At opening establishments

5,742 5,041 8,719 7,474 7,665 1.7 1.5 2.5 2.2 2.2

Gross job losses

27,890 37,032 32,207 35,378 30,617 8.2 10.7 9.4 10.2 8.7

At contracting establishments

23,006 30,004 26,012 28,907 24,065 6.8 8.7 7.6 8.3 6.8

At closing establishments

4,884 7,028 6,195 6,471 6,552 1.4 2.0 1.8 1.9 1.9

Net employment change (2)

8,667 21 4,824 722 6,211 2.6 0.1 1.3 0.3 1.8

Other services (3)

Gross job gains

7,399 6,191 7,498 6,852 6,842 9.3 7.7 9.2 8.3 8.2

At expanding establishments

5,300 5,130 4,970 4,901 4,844 6.7 6.4 6.1 5.9 5.8

At opening establishments

2,099 1,061 2,528 1,951 1,998 2.6 1.3 3.1 2.4 2.4

Gross job losses

5,796 6,800 6,110 5,965 6,365 7.3 8.5 7.5 7.2 7.7

At contracting establishments

4,159 4,577 4,070 4,245 4,144 5.2 5.7 5.0 5.1 5.0

At closing establishments

1,637 2,223 2,040 1,720 2,221 2.1 2.8 2.5 2.1 2.7

Net employment change (2)

1,603 -609 1,388 887 477 2.0 -0.8 1.7 1.1 0.5

(1) Includes unclassified sector not shown separately.
(2) The net employment change is the difference between total gross job gains and total gross job losses. See the Technical Note for further information.
(3) Except public administration.

Table 2. Private sector gross job gains and losses as a percent of total employment by state, seasonally adjusted
Category Gross job gains as a percent of employment
(3 months ended)
Gross job losses as a percent of employment
(3 months ended)
June
2022
Sept.
2022
Dec.
2022
Mar.
2023
June
2023
June
2022
Sept.
2022
Dec.
2022
Mar.
2023
June
2023

United States(1)

6.6 6.9 6.3 6.2 6.2 6.2 5.9 5.9 5.4 5.9

Alabama

6.6 6.9 6.6 6.4 5.9 6.2 5.9 6.1 5.5 5.7

Alaska

10.2 8.5 10.9 10.4 11.0 9.0 10.4 9.2 8.0 8.9

Arizona

6.5 7.1 6.6 5.9 7.0 6.3 5.5 6.0 5.4 6.5

Arkansas

6.1 6.5 6.2 5.8 5.8 5.5 5.2 5.2 5.0 6.0

California

6.8 6.8 6.6 6.1 6.7 6.7 6.2 6.6 6.4 6.4

Colorado

7.3 7.0 7.6 7.2 7.3 6.6 7.1 6.9 6.5 6.6

Connecticut

6.4 6.3 5.9 6.1 6.4 6.3 6.2 5.9 5.3 5.7

Delaware

6.5 8.6 7.0 6.7 6.0 6.9 6.2 7.5 5.2 5.7

District of Columbia

6.1 7.2 5.6 5.9 5.4 6.3 5.0 5.5 4.8 5.3

Florida

7.5 7.8 6.2 6.3 6.8 6.3 5.6 6.0 5.6 5.8

Georgia

6.8 7.1 6.7 6.2 6.4 6.2 5.9 5.9 5.8 6.5

Hawaii

6.0 6.4 6.0 5.5 5.7 5.5 4.9 4.9 5.0 5.2

Idaho

7.1 7.8 8.4 7.9 7.9 8.4 7.5 6.9 7.5 7.5

Illinois

5.9 5.8 5.4 5.8 5.4 5.5 5.3 5.1 4.8 5.3

Indiana

5.7 6.4 5.7 5.5 5.5 5.9 5.5 5.2 5.0 6.1

Iowa

5.9 5.9 6.4 6.0 6.0 6.2 5.9 6.2 5.4 5.9

Kansas

6.5 7.4 6.3 6.1 6.1 7.1 5.5 5.6 5.4 6.0

Kentucky

6.3 6.6 6.0 6.1 5.6 6.5 5.4 5.3 4.9 5.9

Louisiana

6.7 6.9 6.1 6.3 6.1 6.4 5.7 6.2 5.6 6.4

Maine

7.2 7.6 7.4 7.7 7.6 8.0 7.3 6.8 6.2 7.6

Maryland

6.5 7.4 6.6 6.8 6.7 6.9 6.0 6.9 5.6 6.3

Massachusetts

6.1 6.2 5.5 5.8 5.9 5.5 6.1 5.8 4.7 5.7

Michigan

6.0 5.7 5.9 5.7 5.9 5.9 5.8 5.2 4.9 5.3

Minnesota

6.4 6.5 5.9 5.7 6.0 6.4 5.9 5.8 4.9 5.6

Mississippi

6.6 7.2 6.8 6.1 6.3 6.7 6.3 6.2 5.7 6.6

Missouri

6.2 6.8 6.1 6.5 5.9 5.9 6.3 5.8 5.1 5.9

Montana

8.2 8.7 9.2 8.7 7.8 9.1 7.8 7.8 7.1 8.4

Nebraska

6.4 7.1 6.0 6.3 6.0 6.5 6.1 5.7 5.1 5.6

Nevada

6.9 7.4 6.4 6.2 6.6 5.7 5.8 6.1 5.7 6.0

New Hampshire

6.7 6.9 6.7 7.0 6.7 6.7 6.7 6.0 5.9 6.3

New Jersey

6.6 6.8 6.8 6.1 6.8 6.2 6.4 5.9 5.7 5.9

New Mexico

6.7 8.0 6.7 6.8 6.4 7.1 5.9 6.2 5.9 6.2

New York

7.1 6.6 5.9 6.5 6.3 6.1 5.9 6.0 5.1 5.7

North Carolina

6.4 6.7 6.6 6.4 6.1 6.1 5.8 5.7 5.3 5.7

North Dakota

6.9 7.6 6.4 7.6 6.9 6.5 6.3 6.7 5.6 6.7

Ohio

5.9 5.8 5.9 5.8 5.6 5.9 5.5 5.7 4.9 5.7

Oklahoma

6.7 7.4 6.6 6.3 6.2 6.1 5.6 5.9 5.3 6.0

Oregon

6.0 6.7 6.5 7.3 6.4 7.0 6.0 6.2 6.1 6.9

Pennsylvania

5.5 6.1 5.5 5.5 5.2 5.6 5.1 5.2 4.6 5.5

Rhode Island

7.1 6.7 6.9 7.5 6.7 6.7 7.3 6.4 5.9 7.0

South Carolina

6.6 7.3 6.9 6.8 6.4 6.2 5.6 6.2 5.8 6.8

South Dakota

6.6 7.3 6.5 7.2 6.8 6.5 6.4 6.5 5.9 6.2

Tennessee

6.2 7.0 5.8 5.9 5.9 6.2 5.5 5.6 5.0 5.5

Texas

6.6 7.2 6.2 5.9 5.8 5.8 5.3 5.3 5.0 5.4

Utah

7.0 7.5 6.9 7.0 6.8 6.6 6.8 6.6 6.2 6.2

Vermont

7.5 7.2 7.8 8.2 7.4 7.6 7.8 7.0 6.0 7.5

Virginia

6.5 7.5 6.2 6.2 6.0 6.7 6.1 5.8 5.2 5.8

Washington

7.0 7.2 5.9 6.4 6.0 7.2 6.3 5.3 5.5 5.6

West Virginia

6.7 8.1 6.6 7.1 6.1 8.0 6.9 6.4 5.3 6.1

Wisconsin

6.0 6.0 6.0 6.0 5.6 6.0 5.8 5.5 4.9 5.9

Wyoming

8.4 9.2 9.2 8.9 8.4 9.2 8.4 7.9 7.8 8.7

Puerto Rico

6.7 6.2 6.6 5.1 5.8 6.1 5.3 6.1 5.7 4.9

Virgin Islands

8.0 8.5 5.9 7.5 7.4 9.2 5.5 4.7 6.5 6.8

(1) Totals for the United States do not include data for Puerto Rico or the Virgin Islands.

 

Last Modified Date: Thursday, February 08, 2024