The report finds that Colorado’s jobs, GDP and income are growing, although momentum is slowing
The Denver skyline on a clear day. The economy is in a state of growth but is slowing as key indicators like jobs and GDP lose momentum, according to a new report from the Leeds and Colorado Foreign Secretary.
Grows but slows.
That’s the key takeaway from the Quarterly Business and Economic Indicators Report, produced by the Business Research Division at the University of Colorado Boulder’s Leeds School of Business, in conjunction with the Office of the Colorado Secretary of State.
“We’re seeing slower growth in jobs, GDP, personal income and retail, along with a drop in home prices and construction,” said BRD chief executive Brian Lewandowski. “All of this adds to the notion that Colorado is in a growing but slowing economy.”
While Colorado is among the national frontrunners in post-pandemic job recovery, that rate is slowing. Employment rose 1.2 percent year-on-year in March, although the state’s activity rate in March ranked fourth highest in the country (68.3 percent). The labor force grew 0.7 percent year over year, and Colorado’s per capita personal income ranked eighth at $75,206.
A very encouraging sign for business and the economy is an improvement in inflation. The consumer price index rose 5.7 percent year over year in the Denver-Aurora-Lakewood metro area, just slightly above the national rate of 5 percent.
Additional highlights from the report summarizing activity from the first quarter of 2023:
- New business filings rose 27.6 percent year-over-year, a record for the first quarter. Lewandowski attributed this to a fee credit that reduced limited liability filing fees to $1.
- Colorado’s businesses are generally healthy. Contract renewals increased 1.2 percent and 13.3 percent year-on-year and quarter-on-quarter, and the list of companies deemed safe increased 7.4 percent for the year.
- The home price index fell for six of Colorado’s seven metro areas. Only the Pueblo region recorded increases (0.5 percent).
Read the full report here.
Why Leeds Business Research Division Download full report
Comments are closed.