Colorado economy

Where a state ranks in terms of its population is a pretty good indicator of where it will rank in terms of the size of its economy relative to other states. For example, California has the largest population and the largest economy. Texas ranks second on each of those. For just over half of states, population and GDP rank line up precisely or are off by just one in either direction. Florida has the third largest population but the fourth largest economy. In contrast, New York now has the fourth largest population after…

Colorado business leaders aren’t ready to sing Happy Days just yet, but they are in a much better mood heading into this year than they were last, according to the latest Leeds Business Confidence Index from the University of Colorado Boulder. “Entering 2024, business confidence remains suppressed but is on the rise,” according to the report, which is published quarterly. The LCBI looks at six different categories and asks respondents what they expect over the next two quarters. An index score of 50 indicates an…

Metro Denver’s housing market faced a second year of tough sledding in 2023, with both closings and the dollar value of transactions down by about 18% compared to 2022, according to the Denver Metro Association of Realtors. Last year, the number of closings fell by 20.8%, but the value of transactions was down a smaller 12%, because of home prices rising in the first half of that year. Despite the headwinds from much higher mortgage rates, which approached 8%, home prices didn’t drop as many buyers had hoped they would.…

Colorado employers shed 700 jobs last month, a decline that would have been much worse without some decent government hiring, according to a monthly update from the Colorado Department of Labor and Employment. Private sector employers cut their payrolls by 2,100 positions last month on a seasonally adjusted basis, while government employers added 1,400 jobs. October’s numbers were also revised lower, taking the original estimate of 1,500 jobs down to no jobs. “I am not surprised by the decrease in employment during…

Coloradan taxpayers can each expect an extra $800 back when they file their state income tax returns early next year, state officials said Wednesday. The refund is based on revenue collected above the cap set by the Taxpayer’s Bill of Rights, or TABOR, the state constitutional amendment passed by voters in 1992 to limit the growth of government. Unlike in 2022, when taxpayers received a check in the mail, people will collect the money through their tax filings in the form of higher refunds or reduced tax bills. Overall,…

Colorado has one of the most physically fit populations of any state in the U.S., but the same can’t be said regarding fiscal fitness. Colorado households are weighed down with the heaviest debt burdens of any state, even when looking at more expensive places to live like California and Hawaii, according to a study from Forbes Advisor. Nowhere do consumers carry a higher share of debt relative to their incomes than in Colorado, which could prove problematic if years of heavy borrowing across every sector of the economy…

Colorado’s economy next year won’t be a bed of roses, with job gains running at their slowest pace since 2011 and commercial real estate under extreme stress. But neither will it be a bed of thorns, as inflation eases and a recession doesn’t set in, according to the 2024 Colorado Business Economic Outlook. “It is a slower-growth story. There are positive nuggets in there. We aren’t forecasting a recession and we expect a continued abundance of job opportunities for people,” said Brian Lewandowski, executive director of…

Colorado’s population is growing at its slowest pace on record, with domestic net migration turning negative last year and the population declines long seen on the Eastern Plains taking hold in one large Front Range county. Time will tell if the slowdown is temporary, as state demographers predict, or the start of a new trend. But Colorado’s ability to attract newcomers carries huge implications for its economic future, from filling open jobs to providing care for the surging number of older residents. “If we don’t see…

After a weak start to the year, hiring rebounded strongly in Colorado in February. But the number of people joining the labor force outpaced the number of jobs added, resulting in a slightly higher unemployment rate, according to a monthly update from the Colorado Department of Labor and Employment. The state lost a revised 700 jobs in January, reversing the initially reported gain of 800 jobs and putting Colorado in a group of only four states to suffer a decline in nonfarm payroll jobs that month. Those losses were…