For more publications by the Business Research Division of the Leeds School of Business at CU Boulder, click here. By Brian Lewandowski, Associate Director, Business Research Division, Leeds School of Business

The March jobs report was released for Colorado today, with the preliminary numbers showing a month-over-month decline in employment (-3,900 jobs, -0.2%), and a downward revision to the February estimates. According to data from the Bureau of Labor Statistics, March recorded 67,700 more jobs than the same month in 2013, increasing 2.8% year-over-year. The pace of growth slowed, according to the preliminary March numbers, after growing in excess of 3% for 16 consecutive months. Year-over-year growth in March ranked Colorado 11th nationally, and monthly growth ranked the state 32nd. Average weekly wages increased year over year for the first three quarters of 2014 (4.2%, 2.9%, and 3%, respectively). State per capita personal income increased 3.9% in 2014 to rank 14th nationally, and quarterly personal income rose 5.9% year-over-year in Q4 2014.

Colorado employment grew year-over-year in all of Colorado’s metropolitan statistical areas

(MSAs), while monthly growth decreased in three MSAs. Industry growth was recorded in 10 of the 11 industries in the state year-over-year, but growth was only recorded in four industries month-over-month. The velocity of growth slowed in 8 industries.

The greatest year-over-year percentage gains were in Construction (10.4%), Mining and Logging (8.9%), and Education and Health Services (4.9%). The weakest sectors for growth included Information (-2.3%), Other Services (0.7%), and Professional and Business Services (1%). Compared to February, the strongest growth came from Financial Activities, Government, and Education and Health Services; the weakest being Mining and Logging, Professional and Business Services, and Other Services.

Growth in Colorado’s Manufacturing Sector ranked 3rd nationally, with 3.3% year-over-year

growth, but employment slipped 0.2% from February to March. Employment in the Mining and

Logging sector, which is dominated by oil and gas activity, was up 8.9% year-over-year in

March, but the employment estimates were revised down in February, and continued to lose jobs in March (1.1% month-over-month).

The construction industry increased by the greatest pace and absolute number of jobs year-over- year in Colorado, and home prices increased 9% year-over-year in Q4 2014 according to the FHFA home price index.

While WTI oil spot prices began to fall in June 2014, the economic indicators remained fairly

strong until early 2015, subsequently declining. As of mid-April, the WTI spot price was down

52% from June 20, 2014. Average weekly natural gas (Henry Hub) prices were down 43% year- over-year in mid-April, and gasoline prices down 36%. The falling oil and gas prices have placed a drag on the oil and gas industry nationally and in Colorado. The Baker-Hughes rig count in Colorado was down 42% in April compared to the same period in 2014, and was down 48% nationally. Evidence of the slowing industry also shows in the employment numbers—the Mining and Logging Sector as a whole lost jobs nationally in January, February, and March, down 29,000 jobs from December (-3.2%). Colorado has recorded two consecutive months of Business Research Division Leeds School of Business University of Colorado Boulder modest employment declines in the sector, as has the Greeley MSA. Monthly drilling permits—a metric that tends to be volatile—decreased year-over-year in March. Of the 42 states with published Mining and Logging employment, only 5 states marked monthly employment growth in March, and 12 recorded year-over-year growth.

The March unemployment rate stood at 4.2% for the fourth consecutive month, ranking

Colorado 14th nationally. At the low end, Nebraska and North Dakota are ranked 1st and 2nd, at 2.6% and 3.1%, respectively. At the high end, Nevada and Mississippi were ranked 50th and 49th with 7.1% and 6.8% unemployment, respectively. Year-over-year growth (1%) in the Colorado labor force ranked 28th in percentage terms and 22nd in absolute growth.

Comparing Colorado job growth to other states, Colorado still remains one of the best recovery states in the nation in terms of employment, ranking 4th nationally for growth above the previous peak, behind only North Dakota, Texas, and Utah. Colorado now measures 6% above 2008 peak employment compared to 2% for the nation. National job growth weakened in March, with the United States adding 126,000 jobs compared to 264,000 in February. The three-month moving average ending in March was 197,000, compared to 193,000 a year ago.

March State Employment Growth, Month-over-Month

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Data Source: Bureau of Labor Statistics, CES (Seasonally Adjusted).

Despite growth across the state, wide variations persist, with the year-over-year growth recorded in the Greeley (7.2%), Denver-Aurora-Broomfield (3.6%), Pueblo (2.9%), Fort Collins-Loveland (2.8%), Colorado Springs (2%), Boulder (1.7%), and Grand Junction (1.3%) MSAs. Month-over-month growth was recorded in the Fort Collins (0.5%), Colorado Springs (0.3%), Grand Junction (0.2%), and Boulder (0.1%) MSAs. Month-over-month, employment decreased slightly in the Denver-Aurora-Broomfield (-0.2%), Greeley (-0.5%), and Pueblo (-0.7%) MSAs.

The April national jobs report will be released May 8, 2015. The April state jobs report will be released May 27, 2015.

For more publications by the Business Research Division of the Leeds School of Business at CU Boulder, click here.

September 21^st marked a milestone for Colorado business schools who took home top spots in the Aspen Institute’s new MBA rankings. The ranking focused on schools that offer relevant courses centered on topics of sustainability via social, environmental and ethical practices and how businesses are impacted by these decisions. Over the course of seven months, the Aspen Institute analyzed course descriptions, course availability and faculty research data from 149 schools in 22 countries to determine this years top MBA schools. Participating schools were measured independently based on size, enrollment and resources to determine the strength of each score.

The University of Denver Daniels College of Business took the top spot at number 15, while the University of Colorado Boulder's Leeds School of Business finished number 21, Colorado State University number 37 and the University of Colorado Denver took home the number 53 spot on the Institute's list of top 100 MBA programs in the world.

The rankings were released on the heels of the fifth straight week of higher than average summer unemployment claims. Reminding businesses, schools and students why it is important to create a culture of sustainability. Now, more than ever, graduate programs are changing their teaching models to focus on how to better educate their students in an ever changing business environment.

And while some may contend that the touchy-feely trend of corporate social responsibility and the ethical analysis of business at the graduate level is an obligatory and forced curriculum that emphasizes too much on results that should be common sense; the reality of Wall Street-esque practices are still too close for comfort to some. “Long-term sustainability is here to stay. The recognition of the importance of ethical, sustainable business models will be taught and go beyond the business school and I think you’ll see it in public affairs and other areas of academic institutions focusing on responsible control mechanisms,” said Dr. Cliff Young from Colorado University, Denver.

As the effects from business decisions have become far more reaching, graduate classes focused on long-term sustainable growth and corporate social responsibility will continue to creep into college and university curriculum. “There is a greater recognition and attention in business to things like ethical conduct, being socially responsible in your community and operating in a sustainable manner; they aren’t trade-offs to profit margins they are contributors to profit margins and long-term value,” said Dr. Bruce Hutton, Dean Emeritus, Daniels College of Business, University of Denver.

As a society we’ve witnessed the cost of doing business and the fragility associated with that cost. A company’s corporate mission statement, philosophies and public perception can be tarnished in the blink of an eye. It’s become more apparent that the ability to operate effectively is part and parcel to an organization’s efforts towards a responsible future for its sustainable growth and the leaders charged with doing so. Ethics may seem to be a common sense attribute but our communities have paid witness that it is not.

The Aspen Institutes new ranking, although based on a collection of willingly provided data from participating schools, showcased a group creating solid fundamental courses and programs to teach our future business leaders solutions to mitigate risk and how to create sustainable business models, in an effort to be a good corporate citizen while also turning a profit.