Employment in Colorado is estimated to have increased 1.6%, or 46,800 jobs, in 2024, and the state is projected to add 36,700 jobs in 2025, pushing the economy to new peaks.

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Employment in Colorado is estimated to have increased 2.2%, or 64,500 jobs, in 2023 once data revisions take effect in March 2024, pushing the economy to new peaks. Colorado will sustain job growth in 2024 despite a slowing economy, increasing another 41,900 (1.4%). Of the 11 industry groups in the state, seven are projected to add jobs in 2024; the exceptions are Construction, Manufacturing, Information, and Financial Activities, which are navigating the accentuated ill effects of rising interest rates and other economic headwinds. In 2024, Professional and Business Services is projected to add the most jobs, while the fastest pace of jobs growth (percentage terms) is projected in Natural Resources and Mining.

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While the country is signaling resilience, Colorado’s economy is sending mixed signals. The state continues to outperform in terms of GDP growth and labor force participation, but appears a little more average in terms of population and income growth, and is lagging in job and home price growth. We present the midyear review of the Colorado economy, evaluating the observed data halfway through 2023 and updating our expectations for the remainder of the year.

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With arguably the worst of the pandemic in the rearview mirror, consumers and businesses have moved on to new economic crises—lingering supply-chain shortages, rapid inflation and rising interest rates. We present the midyear review of the Colorado economy, evaluating the observed data halfway through 2022 and updating our expectations for the remainder of the year.

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The state remains a leader on employment, but recovery remains uneven. ​​

Like so much else in this uneven economic recovery, the latest report from Leeds’ Business Research Division and the Colorado secretary of state’s office is a case of stepping sideways, as opposed to forward or back. 

For instance, when it comes to business formations, Colorado saw an increase in new entities year over year and, notably, quarter over quarter—a rarity, given that third-quarter filings tend to trail second-quarter activity. But delinquencies and dissolutions also rose, showing signs of underlying strain. 

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“Colorado has had a strong recovery from the pandemic recession, especially when it comes to employment,” said Brian Lewandowski, BRD executive director. “But we are eyeing some economic headwinds that could produce slower growth in early 2023.”

The Quarterly Business and Economic Indicators report from BRD and Colorado looks at business filings alongside employment and GDP activity. As of August, the United States fully recouped its pandemic-related job losses—but only 23 states are above pre-recession levels. Of those, Colorado has had the 11th-best employment recovery, and is 2.2 percent above its pre-recession peak.

Some highlights from the third-quarter report: 

•    Nationally, employment growth (3.8 million jobs through the first nine months of the year) has been strong, but corresponding wage increases have been blunted by high inflation. 

•    U.S. real GDP grew 2.6 percent in the third quarter, a turnaround from two consecutive quarters of decline. However, a look under the hood shows slowing consumption, investment declining and government spending up. The improvement was mostly powered by exports.

•    Year over year, Colorado’s real GDP growth was the seventh-best in the nation—but still declined between the first and second quarter. 

•    The state is a leader in employment gains and recovery, but three of its 11 industries remain below pre-pandemic peaks.

The pattern of “good news, but” is clearly being felt in the state’s business community, as evidenced in the most recent Leeds Business Confidence Index, which hit deeply negative territory over concerns such as inflation, supply chains, worker shortages and interest rates. The LBCI, which is issued every quarter, captures Colorado business leaders’ three- and six-month outlooks on the national and state economies, industry sales, profits, hiring plans, and capital expenditures.

“The best you can say about the last confidence index is that it appears we may have hit bottom,” Lewandowski said. “But the headwinds facing the U.S. and state economies are nothing if not persistent.” 

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With arguably the worst of the pandemic in the rearview mirror, consumers and businesses have moved on to new economic crises—lingering supply-chain shortages, rapid inflation and rising interest rates. We present the midyear review of the Colorado economy, evaluating the observed data halfway through 2022 and updating our expectations for the remainder of the year.

Download The Colorado Business Review, Issue 2, 2022

This issue highlights the 57th annual Colorado Business Economic Outlook Forum, held December 6, 2021. The Colorado economy was in recovery mode in 2021, with GDP recouping losses from the recession and job gains recorded in most employment sectors. Jobs gains are projected in every industry in 2022, propelling Colorado to new, record employment levels.

Read/Download the Colorado Business Review, Issue 1, 2022

Uncertainty is abound in the international trade landscape. As the U.S. and Colorado economies continue their recoveries, the breakdown of the global supply chain, rising prices, and the continued presence of COVID-19 remain headwinds against a return to normalcy. This publication of the Colorado Business Review discusses these concerns with articles written by business and education leaders. The issue describes the unequal distribution of COVID-19 vaccines around the globe, the expansion of export potential in the Colorado economy, the importance of free-trade agreements to growth and certainty in the economy, as well as the size and scope of Colorado international trade.

Read/Download the Colorado Business Review, Issue 4, 2021

Coming out of the shortest recession on record, the U.S. and Colorado economies are well on the road to recovery; however, uncertainties remain, ranging from prices and supply chains to human behavior and the virus itself. The Delta variant is wreaking havoc in some parts of the country just as workers are headed back to the office and students are gearing up for the fall term. We present the midyear review of the Colorado economy in this issue of the Colorado Business Review, where we evaluate the observed data halfway through 2021 and update our expectations for the remainder of the year.

Read/Download the Colorado Business Review, Issue 3, 2021

Download the Aerospace Ecosystem Poster

The aerospace industry is an economic driver in the state of Colorado, employing thousands of workers, performing research that leads to scientific and commercial discoveries, and providing technological solutions that impact our everyday lives. This issue of the Colorado Business Review focuses on the aerospace industry with articles written by business and education leaders. The publication describes the expertise of some of Colorado’s leading aerospace companies; the focus of some of the key educational programs in the state; and the nexus between government, the universities, and the private sector.

Read/Download the Colorado Business Review, Issue 2, 2021