Colorado 2017 Mid-Year Economic Update
This update reviews the Colorado economy based on information presented by the Colorado Business Economic Outlook Estimating Group chairs at a roundtable meeting held in June. Included in the update are industry sector summaries that compare current economic situations with those forecasted last December. Overall, Colorado’s economy outperformed the nation’s economy in 2016. Advanced 2016 GDP estimates released by the Bureau of Economic Analysis show that Colorado’s real GDP grew by 2% compared to the nation’s GDP growth of 1.6%. Additionally, business growth has shown gains throughout the last year; however, many committee chairs mentioned that firms are struggling to find candidates with the necessary skills in the state’s tight labor market.
How Are Your State’s Roads Funded?
The share of state and local road spending that is covered by tolls, user fees, and taxes varies by state. 12% of Alaska’s roads are funded by tolls, user fees, and taxes, whereas it is 76.3% in Hawaii. Colorado is ranked #24 highest, with 49.9% of funding for roads coming from user taxes and fees.
Colorado in the Space Race
Colorado’s aerospace economy amounts to $3.2 billion. With the nation’s resurging curiosity in space, Colorado’s unique history and companies have positioned the state to gain from new interest. Currently, Colorado is second in the country for its aerospace economy, behind the aerospace economy giant, California. At the 33rd annual Space Symposium held in April in Colorado Springs, there was much talk about mining asteroids, sending astronauts to Mars, and missions to the moon.