Colorado will regain in the next year less than one-third of the jobs lost during the pandemic and the state’s population growth will be the lowest in nearly two decades, according to a yearly economic forecast released on Monday.

The University of Colorado Boulder’s Leeds Business Research Division’s 56th annual business economic outlook indicated that 2020 induced the state’s largest annual drop of employment since 1950, although Colorado is somewhat well-positioned compared to its counterparts. The state had the 30th highest unemployment rate and experienced a relatively low decline in gross domestic product.

“It will continue to be a bumpy road as long as the economy goes through rolling lockdowns,” said Leeds senior economist Richard Wobbekind. “The outlook for 2021 hinges on a vaccine’s ability to reopen the economy, particularly in the service sectors. Our expectation is a stronger second half of the year.”

The report projects the leisure and hospitality industries as well as trade, transportation and utilities will grow by the greatest amount in 2021. Those sectors were also the hardest hit in the pandemic.

The government and information technology sectors will lose a combined 8,000 jobs. Altogether, nine industries among the 11 in the state will gain jobs.

Colorado’s population growth will be an expected 53,000 people, the lowest rise since 2003, meaning a lessened demand for new housing.

The forecast noted that while the government sector has a better outlook than earlier this year, the nature of recovery is up in the air.

“The state General Fund budget still faces an uncertain outlook with both upside and downside risks that will challenge state hiring decisions. While economic and revenue collections have exceeded expectations in recent months, the near and longer-term impacts of the pandemic on Colorado’s economy and state revenue remain uncertain,” the Leeds division wrote.