Expect continued growth in Colorado employment and income through 2024, with more jobs than initially projected.
Colorado’s economy continues to show resilience halfway through 2024, especially in terms of employment and income growth, according to the midyear report of the Colorado Business Review conducted by the Leeds Business Research Division.
Information was compiled from remarks made by 14 Colorado Business Economic Outlook committees at a roundtable meeting held in June.
“While the economy looks poised for slower growth in 2024, the state is on a continued growth trajectory for the year,” said Brian Lewandowski, executive director of the Business Research Division.
More jobs than originally anticipated
Heading into 2024, the Colorado Business Economic Outlook projected job growth of 41,900 jobs. The revised outlook for Colorado employment growth in 2024 is 49,600, with the highest growth expected in Natural Resources and Mining, Government, and Education and Health Services. The estimating committee expects declines in three industries: Information; Construction; and Trade, Transportation and Utilities.
Among the highlights:
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Colorado’s unemployment rate (3.8%) remains slightly below the national average (4.1%).
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Boulder experienced the highest employment growth, followed by Fort Collins-Loveland, Colorado Springs, Greeley, Pueblo and Grand Junction.
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Denver-Aurora-Lakewood was the only area to experience a decline.
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Colorado’s nominal GDP was $539 billion as of Q1 2024, the 13th largest in the country, led by Real Estate, Rental, and Leasing; Government; and Professional and Business Services.
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The largest year-over-year GDP percentage gains in Colorado were recorded in Agriculture, Forestry, Fishing, and Hunting (68.3%); Mining, Quarrying, and Oil and Gas Extraction (13.2%); and Retail Trade (8%).
A growing population
According to the State Demography Office, Colorado’s population increased by approximately 36,500 in 2023, reaching a total of 5.8 million by the end of the year. Due to a slowdown in births and minor decrease in deaths, migration is becoming more impactful on population change.
Migration is expected to increase slightly over the next five to seven years due to the demand for new jobs in the state and an expected 40,000 retirements per year.
Midyear Outlook Shows State Economy Remains Strong
Colorado’s economy continues to show resilience halfway through 2024, especially in terms of employment and income growth, according to the midyear report of the Colorado Business Review conducted by the Leeds Business Research Division.
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