Colorado 2015 economy exceeding nation’s, meeting forecasted expectations

Posted by Tom Kalinski Founder RE/MAX of Boulder on Friday, August 14th, 2015 at 8:50am.

Perhaps it’s not surprising but it’s always good to hear that Colorado’s economy is doing as well if not better than expected.

According to the University of Colorado Boulder’s Leeds School of Business, Colorado’s economy is outperforming the nation in 2015.

Statistics for the advanced 2014 gross domestic product estimates released in June showed Colorado’s growing by 4.7 percent, far outpacing the 2.2 percent growth the United States is experiencing.

Colorado also recorded faster growth in employment, home prices and personal income than the nation in 2014, reflected by Colorado business leaders who have more confidence in the state economy than the national economy, according to the Leeds Business Confidence Index.

In December 2014, the Colorado Business Economic Outlook presented key economic indicators for each sector of the Colorado economy and forecasted that Colorado’s employment would increase by 61,300 jobs, or 2.6 percent, in 2015. Many of the committee chairs who developed those forecasts for the 2015 outlook met in mid-June to provide updates on their sectors and discuss how forecasts made at the end of 2014 have played out in the first half of 2015. The forecasts from December estimated an employment increase in every sector except Information, which was forecasted to remain flat. As of mid-2015, the forecast for overall growth (61,300 new jobs) was reaffirmed (61,100 as of May).

According to the Leeds School of Business, based on statistics from the Colorado Demography Office and U.S. Bureau of Labor Statistics:

  •  Colorado’s population reached 5.35 million in 2014, an 82,485 net gain from 2013. 

  •  Natural increase (births minus deaths) was responsible for 31,707 persons while net migration contributed 50,778. 

  • In 2014, Colorado was the fourth-fastest growing state in terms of percent change, at 1.6 percent, and eighth in total growth. 

  • Colorado was 22nd in total population overall. 

  • Colorado gained nearly 33,000 households (occupied housing units) between 2013 and 2014, compared with a gain of 19,104 housing units. 

  •  The total number of housing units per household is down to 1.08 from a high of 1.15 in 2007 (this includes second homes). 

  • Total covered employment in Colorado rose 2.5 percent year-over-year in May 2015. 

  • According to the Bureau of Labor Statistics, all of the Colorado metropolitan statistical areas (MSAs) experienced employment growth year-over-year in May 2015 with the largest increases in Greeley (5.1 percent), Denver-Aurora-Broomfield (3 percent), and Fort Collins (2.4 percent). 

  •  Colorado’s unemployment rate in May 2015 was 4.3 percent while the civilian labor totaled 2.5 million, a 2.6 percent increase.

For the full report, visit http://www.colorado.edu/leeds/2015/07/15/colorado-business-review-issue-3-2015.

Tom Kalinski 
Owner and Founder
RE/MAX of Boulder
303-441-5620
tomkalinski33@gmail.com

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