Aug 22 2018
Looking at IBISWorld’s recently released Colorado State Reports it becomes obvious just how successful the state has been in recent years, especially when compared to the US as a whole. To those with a stake in their local community, it’s important to understand the intricacies of the economy as industries never operate in isolation, and national figures are often a poor indicator of local trends. Local businesses, community bankers, accountants, and others who operate on the regional scale need access to specific data points and IBISWorld answered the call by having analysts filter through and interpret information to compile state-centric reports that help professionals make more informed business decisions.
What’s in the Report?
The Colorado reports offer insight into why the state has shown 3.2% annualized growth in Gross State Product during the last 5-year period (2012-17). It’s no secret that the newly established marijuana and cannabis industry caused a tidal wave in the state but also eye opening is the booming Construction sector.
Excerpt from report:
Overall, the largest gains in GDP in Colorado can be attributed to an annualized 13.9% increase in GDP from the Construction sector, which has been booming. During the period, the value of residential construction in Colorado accelerated an annualized 16.5%, with housing starts rising an annualized 11.8%, while the value of nonresidential construction in the state has increased an annualized 9.9% during the same period.
What else did we learn?
Top 5 Growing Jobs in CO
(Annualized Growth 2012-17)
- Construction 7.0%
- Management of Companies & Enterprises 4.2%
- Professional, Scientific & Technical Services 3.9%
- Healthcare & Social Assistance 3.9%
- Agriculture, Forestry, Fishing & Hunting 3.9%
Annualized Population Growth in Colorado vs. National (2012-17)
10 to 19 years
CO – 0.5%
US – -0.1%
20 to 64 years
CO – 1.4%
US – 0.8%
65 years and older
CO – 4.8%
US - 4.5%
Access the Colorado State Reports to learn more about the current and forecasted economic conditions in The Centennial State.