STATE ECONOMIC NEWS
Colorado Outlook Report Signals Growth in 2017

The Colorado Office of Planning and Budgeting (OSPB) recently released the Colorado Outlook report. It found that growth from manufacturing activity and business spending is expected to be moderately higher but constrained due to tight labor and housing markets. Meanwhile, financial conditions remain generally supportive of economic growth and signal expectations for continued positive economic momentum.

Access the report here.

Higher Education Report Finds College Enrollment Rates Rising

The Colorado Department of Higher Education released a report on postsecondary progress and success of the state’s high school graduates recently and found the trends are positive, as college enrollment percentages have continued to rise since 2013. Compared with the previous year, enrollment rates have increased for all racial and ethnic groups with the exception of Hawaiian/Pacific Islander students. GPA of first-year college students in Colorado, meanwhile, has continued to rise since 2009.

Access data here.

Colorado’s Unemployment Rate Reaches 16-year Low

Updated numbers by the Colorado Department of Labor and Employment (CDLE) show that Colorado’s unemployment rate has dropped to 2.9%, the lowest level since February 2001. It found that 4,200 private sector jobs were added, along with 3,700 public sector jobs, while labor force participation has also increased. According to the Bureau of Labor Statistics, Colorado has one of the lowest unemployment rates of all U.S. states, after New Hampshire, Hawaii, and South Dakota.

Access data here.

REGIONAL ECONOMIC NEWS
The West, Texas, and Florida Lead in Business Growth

According to the 2017 SMB Insights report, Greeley, Fort Collins/Loveland, and Boulder experienced the highest level of growth in terms of percentage change in the number of businesses (2014 vs. 2009) among smaller U.S. markets. Among the top 50 largest U.S. markets, Colorado ranked No. 9 (tied with Salt Lake City, UT and San Jose/Santa Clara, CA) with 5% growth. The report also surveyed small to medium business owners, and 80% had a positive outlook for future business prospects.

Access report here.

Denver/Aurora Among Most Hardworking Cities

In a recent survey by WalletHub, Denver scored among the nation’s hardest working cities. At 11th, it ranks just ahead of Dallas, TX (12th), Charlotte, NC (13th), and Austin, TX (17th). Aurora, CO also made the top 25 list with an overall rank of 23rd and Colorado Springs ranked 39th, which is still high considering 116 cities. Factors such as labor force participation and average weekly hours worked were considered in this analysis.

See full rankings here.

Boulder Top 10 Healthiest Cities in the U.S.

At the beginning of the month, Gallup-Healthways released an updated index of the nation’s healthiest cities. For several consecutive years, Boulder has earned a place in the top 10. This year was no exception.

Read article here.

CU Boulder Maintains MBA Excellence

U.S. News and World Report updated its MBA program rankings recently and the University of Colorado Boulder (CU Boulder) retained the top spot in Colorado for its accomplished full-time MBA program. CU’s Leeds School of Business sits 79th on the list, and is the only Colorado school to place at the top 100. When considering part-time MBA programs for working professionals, CU Boulder and CU Colorado Springs are tied at #46. Other notable graduate school rankings include CU’s law program (36th) and Engineering program (29th).

Explore rankings here.

NATIONAL AND GLOBAL ECONOMIC NEWS
Wind Takes Over as U.S. Top Renewable Energy Source

A new report by the Energy Information Administration (EIA) shows that wind energy is now the most prevalent form of renewable energy in the country. A nearly $14 billion investment in new turbines facilitated this transition last year. Wind power benefits from widespread accessibility. While almost half of the country’s hydroelectric generation is concentrated in the Pacific Northwest, wind power investment is not geographically bound. Colorado drew 17.3% of its electricity from wind energy in 2016.

Access research here.

2017 Digital IQ Report Finds Definition of “Digital” Expanding

PwC just released their 8th annual Digital IQ report in which they interview business and IT executives about the meaning and methodology of the digital transformation as it pertains to their company. Results found that the definition of “digital” has expanded beyond a synonym for IT, and encompasses a variety of human experiences such as value creation for the customer. Digital investment is still seen primarily as a revenue driver, but is starting to gain traction as a strategic initiative as well.

See insights here.

Kauffman State of Entrepreneurship Lacks Diversity, Fewer Jobs

The Kauffman Foundation just released its annual overview of entrepreneurship in America. Key findings included the persistent lack of diversity in entrepreneurial ventures, 80.2% of entrepreneurs are white, and 64.5% are male. Other meta trends include the geographic consolidation of entrepreneurship to urban areas and the use of technology to grow revenue without a proportional hiring increase. Therefore fewer jobs are created per startup firm.

Read more here.

Brookings Institute: US Productivity Trends

The Brookings Institute researched US productivity trends to determine where disparities in productivity arise from. In the study, it was discovered that large metro areas are consistently more productive than small metro areas on a per capita basis. Additionally, productivity growth rates fluctuate in cycles. For the past 12 years, productivity growth remains around 1.3%. For the 10 years preceding this period, it was 3.2%. A theme of consolidation is prevalent in this study, as it has been in others, and it reflects the overall distribution of economic hotspots across large cities.

Read full report here.