The economy in the mountain states of Colorado, Utah and Wyoming continues to grow, but that growth has slowed slightly, according to the Business Conditions Index put out by the Goss Institute for Economic Research.
For nearly two years, the indicators show growth above neutral. The overall index slipped to 56.8 this month from 57.4 in July. The index is an average of new orders, production, employment, inventories and delivery lead time.
“While growth is likely to slow slightly due to the slowing of the U.S. economy, our survey results indicate that a strong energy sector and a stabilizing housing market are positively influencing the regional economy,” said institute director Dr. Ernie Goss said.
The Goss Institute conducts the monthly survey for Supply Management Institutes in the three states comprising the Mountain States region.
The August employment index advanced to 57.6 from July’s 56.2.
“Contrary to the nation, the Mountain States region is growing its employment at a solid pace. However, I do expect this pace to slow as the national slowdown begins to reduce regional growth. Readings over the past several months are consistent with annual job growth above a healthy two percent,” said Goss.