News Trends Contributors rate slips Unemployment Opinion Business Briefs Business People Almanac The Business Times
June 23-July 6, 2022
Page 19
INDICATORS AT A GLANCE
n Business filings
t New business filings in Colorado, 43,780 in the first quarter, down 2.1 percent from the first quarter of 2021.
n Confidence
t Consumer Confidence Index 106.4 for May, down 2.2. t Leeds Business Confidence Index for Colorado, 53.9 for the second quarter, down 4.1 t National Federation of Independent Business Small Business Optimism Index 93.01 for May, down 0.1.
n Foreclosures s Foreclosure filings in Mesa County, 16 in May, up from 2 in May 2021. t Foreclosure sales in Mesa County, 0 in May, down from 2 in May 2021.
n Indexes
t Conference Board Employment Trends Index, 119.77 for May, down 0.83. t Conference Board Leading Economic Index 118.3 for May, down 0.4%. s Institute for Supply Management Purchasing Managers Index for manufacturing, 56.1% for May, up 0.7%.
n Lodging
s Lodging tax collections in Grand Junction, $411,158 for April, up 84.1% from April 2021.
n Real estate
t Real estate transactions in Mesa County, 520 in May, down 5.3% from May 2021. s Dollar volume of real estate transactions in Mesa County, $236 million in May, up 27.6% from May 2021.
n Sales
s Sales and use tax collections in Grand Junction, $6.6 million for April, up 6.6 % from April 2021. s Sales and use tax collections in Mesa County, $4.5 million for May, up 5% from May 2021.
n Unemployment t Mesa County — 3.3% for May, down 0.1. t Colorado — 3.5% for May, down 0.1. n United States — 3.6% for May, unchanged.
But rising inflation and interest rates expected to affect Mesa County Phil Castle
outpacing the supply at such a pace.” For May 2022, 727 job orders were posted. That’s a decrease of almost May April The unemployment rate continues to 38 percent from May 2021. Through the t Delta County 3.1 3.3 edge down in Mesa County as labor demand first five months of 2022, 4,106 orders n Garfield County 2.7 2.7 remains strong across most industries. were posted. That’s a decline of nearly t Mesa County 3.3 3.4 But the effects 9 percent from the same span in 2021. t Montrose County 2.9 3.3 of broader economic Looking ahead, Englehart said he t Rio Blanco County 3.6 3.8 forces — rising expects the jobless rate to jump in June inflation and interest — a spike attributed to high school and rates among them — could become more college graduates entering the work force who haven’t yet found evident in the local market during the second jobs. half of the year, said Curtis Englehart, Afterward, Englehart said the jobless rate could edge down director of the Mesa County Workforce further as the weather warms and seasonal employment increases Center in Grand Junction. “We’re definitely in several industry sectors. The effects of higher prices and interest rates still could affect Curtis Englehart not immune to that.” For now, Englehart said he’s cautiously the Mesa County market, however. It’s already become more optimistic as local indicators remain strong. expensive for people to commute to jobs in Mesa County and seek The seasonally unadjusted unemployment rate slipped to mortgages to buy homes, he said. 3.3 percent in May, according to the latest estimates from the Seasonally unadjusted unemployment rates also dropped Colorado Department of Labor and Employment. That’s down in neighboring Western Colorado counties between April and a tenth of a point from April and a jobless rate that was revised May — two-tenths of a point to 3.1 percent in Delta County higher to 3.4 percent. In May 2021, the rate stood at 5.8 percent. and 3.6 percent in Rio Blanco County and four-tenths of a point Between April and May, Mesa County payrolls declined to 2.9 percent in Montrose County. The jobless rate held steady 92 to 75,721. But the number of people counted among those at 2.7 percent in Garfield County. unsuccessfully looking for work declined more — 106 to 2,544. The statewide seasonally adjusted unemployment rate edged The labor force, which includes the employed and unemployed, down a tenth of a point to 3.5 percent, the lowest level since the shrank 198 to 78,265. rate stood at 2.8 percent in February 2020 and just before the onset “Overall, I’d say May was a pretty strong month,” Englehart of the COVID-19 pandemic in the United States. said. Nonfarm payrolls in Colorado increased 5,400 between The labor force has declined two consecutive months — which April and May. Over the past two years, the private sector added Englehart said doesn’t yet raise alarms, but is worth watching. 414,000 jobs, more than offsetting jobs lost in early 2020 because Over the past year, payrolls have increased 3,382, a gain of of the pandemic and related restrictions. nearly 4.7 percent. The ranks of the unemployed dropped 1,927. Over the past year, nonfarm payrolls increased 124,600 with The labor force grew 1,455. the biggest gains in the leisure and hospitality; professional and The labor market remains tight, Englehart said, with continued business services; and trade, transportation and utilities sectors. demand across all industries. But the applicant pool has deepened No sectors lost jobs during that period. somewhat and more people are filling jobs, he said. The average workweek for employees on private, nonfarm The number of job orders posted at the Mesa County payrolls shortened two-tenths of an hour over the past year to 33.7 Workforce Center has dropped on a year-over-year basis compared hours. Average hourly earnings increased $2.86 to $34.62. to what he described as crazy demand in 2021. “The demand was F The Business Times
AREA JOBLESS RATES
Mesa County tax collections trend upward Tax collections, one measure of sales activity, continue to increase on a year-over-year basis in Mesa County. The county collected more than $4 million in sales taxes in May, a 3.4 percent increase over what was collected for the same month a year ago. May reports reflect April sales. Sales, use and lodging tax collection reports for the City of Grand Junction weren’t available as of press deadline. Mesa County also collected nearly $400,000 in use taxes in May — nearly all of that on automobiles purchased outside the county, but used in the county. That was a 24.5 percent gain over the same month last year. Tax collections on retail sales topped $2.4 million in May, down a tenth of a percent from the same month last year. Collections increased 2.2 percent on general merchandise and 1.9 percent on automobiles, but dropped 1.2 percent on home improvements and 19.1 percent on health and personal care items. Sales tax collections increased on a year-over-year basis in May in the construction, hotel and restaurant, manufacturing and telecommunications categories. Through the first five months of 2022, Mesa County collected
MESA COUNTY TAX COLLECTIONS
Use tax Sales tax Total
May 2022 $399,455 $4,052,764 $4,452,219
May 2021 $320,745 $3,918,031 $4,238,776
Change 24.5% 3.4% 5.0%
more than $19.1 million in sales taxes. That’s an increase of almost $2 million and 11.2 percent over the same span in 2021. The county collected almost $1.8 million in use taxes through the first five months of 2022, a 16 percent gain from the same span last year. Year-to-date collections on retail sales exceeded $11.7 million, a 6.4 percent increase fueled by gains on automobiles, general merchandise, home improvements and sporting goods. Collections edged down on the sale of foods and beverages. Year-to-date sales tax collections also increased in the construction, hotel and restaurant, manufacturing telecommunications and wholesale categories. F
