San Miguel County

Unemployment in San Miguel County has nearly tripled in two months, jumping from 2.5% in March to 7.1% in May — the highest rate among Colorado counties and nearly double the state average of 3.7%. The spike is particularly sharp: after declining steadily through early 2026, joblessness spiked to 6.6% in April before climbing further to 7.1% the following month.

The labor market deterioration comes as home values show concurrent weakness. Median home prices have fallen 0.9% from their March peak of $1,586,440 to $1,572,654 as of late June, with declines recorded in three straight readings. While the percentage drop is modest, the timing—coinciding with the employment reversal—suggests broader economic softening in the county.

The dual reversals in employment and housing warrant urgent investigation into what triggered the spring labor market collapse. Reporters should seek to identify specific employers shedding jobs, whether seasonal tourism or outdoor recreation industries are driving the decline, and whether local officials have identified the source of the disruption. With only 8,026 residents, even modest job losses can produce outsized percentage swings—understanding which sectors are contracting is essential context for evaluating whether this represents a temporary dip or a sustained downturn.