We set out to create a tool to track the economic recovery in Northern Colorado and selected a set of indicators that represent critical aspects of the Larimer and Weld County economies, are based on data that is accessible in a useable format, and updated frequently with little lag time.
The selected indicators are updated at least monthly with no more than a two-month lag and are primarily available at the county level. They provide almost real-time insights about economic conditions and recovery status.
They address the following questions:
- Are residents engaged in the labor market and do they have jobs?
- Are regional businesses able to maintain their workforce? Are they hiring?
- Are consumers spending money in our economy?
- Are visitors coming back?
- Is our real estate market stable? Are businesses closing and leaving unoccupied commercial spaces?
- Is the construction industry active and purchasing materials to support future growth?
This list of indicators is not exhaustive but does represent well-rounded measures that can signal areas of strength or weakness in the recovery from the economic shock induced by the COVID-19 Pandemic.