Colorado has topped yet another list, this time for having the fastest-growing economy in the nation, according to the Business Insider.
The staff of Business Insider, a U.S. business and technology news website, decided to see how the economies of each state were doing “now that the recovery appears to finally be taking hold,” it reports.
It ranked each state on how the growth or decline of eight economic measures – the unemployment rate, the number of nonfarm payroll jobs, gross domestic product, average wages, the working age (18-64) population, value of international exports, house prices and auto sales in recent years.
Colorado came in among the top 10 states in five of those metrics and in the top 15 in the other three. It reports an overall Gross Domestic Product growth of 3.8 percent from 2012 to 2013, a 1.2 percent growth in its working age population and a 2.8 percent growth in nonfarm payroll jobs, adding 66,300 jobs between June 2013 and June 2014.
It is apparent Colorado’s economy is growing “at a healthy clip” and makes it the overall winner, the Business Insider reports.
“As with many of the other top economies, Colorado's economy is highly diversified, and it especially boasts a strong aerospace sector and a huge amount of federal investment, such as the NORAD complex,” according to the Business Insider.
The Rocky Mountain state beat out one of the usual winner, California, which came in second, and Texas, which came in third. Alaska was ranked 50th with the slowest economy in the nation with a loss of payroll jobs, decreased wages and a GDP that lost ground by 2.5 percent.
Owner and Founder
RE/MAX of Boulder