The bar graph illustrates the annual job additions in Colorado from 2000 to the projected figures for 2024. Throughout this period, the data shows varied job growth, with significant fluctuations indicative of economic shifts. Notable dips into job losses are observed during the years following the 2008 financial crisis and again in 2020, likely due to the economic impact of the COVID-19 pandemic. The graph reveals a robust recovery starting in 2021, with a continued positive trajectory into 2022 and 2023. For 2024, it's projected that Colorado will add 49,600 jobs, building on the momentum from the previous year's gain of 72,300 jobs, indicating a hopeful outlook for the state's job market. This information underscores a recovering and potentially thriving economic climate in Colorado.


Business confidence took one of the most neutral looks in the history of the LBCI as panelists weigh new looming policy. All components of the Leeds Business Confidence Index (LBCI) posted year-over-year and over-the-quarter gains ahead of Q1 2025. The new presidential administration, tariffs, and interest rates were commonly cited as the primary reason for panelists’ responses.

The LBCI captures Colorado business leaders’ expectations for the national economy, state economy, industry sales, profits, hiring plans, and capital expenditures. The index rose to 50 in the current survey (50=neutral). The index increased from 46.7 in Q4 2024 to 50 ahead of Q1 2025, then settled at 49.9 in Q2 2025. All of the six components of the index increased ahead of the first quarter, and four of the six turned positive. Looking out to Q2 2025, two categories decreased, and three of the six indicators remained positive territory. A total of 184 qualified panelists responded to the survey from December 2 through December 20, 2024.


  • Most components of the LBCI recorded positive perceptions (above an index value of 50) in Q1 2024. The index was highest for the industry sales and lowest for capital expenditures.
  • The new presidential administration, tariffs, and interest rates were the three most noted reasons for panelists’ sentiments headed into Q1 2025, cited by 49%, 13%, and 6% of respondents, respectively.
  • Business leaders expressed optimism about proposed regulatory and energy policy changes and concerns about tariffs, immigration policy, foreign policy, and health care policy changes.
  • The Consumer Price Index (i.e., inflation) rose 2% in the Denver-Aurora-Lakewood region year-over-year in November versus 2.7% nationally.
  • Year-over-year employment growth in Colorado increased 1.8%, or 52,900 jobs in November 2024, ranking the state 14th for the pace of job growth.
  • Colorado’s personal income increased 4.8% year-over-year in Q3 2024, ranking the state 19th. Per capita personal income increased 4.2% year-over-year, ranking Colorado 35th.
  • National real gross domestic product (GDP) increased at an annualized rate of 3.1% in Q3 2024. Colorado’s GDP increased at an annualized rate of 3.4% from Q2 to Q3 and a year-over-year rate of 1.7%, ranking the state 20th and 38th, respectively.

State and national economic expectations increased ahead of Q1. State expectations increased from 49.0 in Q4 2024 to 50.1 ahead of Q1 2025, but notched down to 47.9 looking out further to Q2 2025. The national index increased from 45.7 in Q4 2024 to 50.3 ahead of Q1 2025 and 50.4 looking further out to Q2 2025. National expectations are rarely higher than state expectations, but business leaders’ expectations of local conditions lagged the nation in the current survey for the first time since 2005. Looking out to Q2, the gap widened further to 2.5 points. For the state economy, 34.2% of respondents are neutral on the outlook, while 33.2% expect a moderate-to-strong increase and 32.6% expect a decrease. On the national level, 24.5% are neutral on the outlook, 38% expect an increase, and 37.5% project a decrease.

National real (inflation-adjusted) GDP increased at a 3.1% seasonally adjusted annual rate (SAAR) in Q3 2024 according to the final estimate from the Bureau of Economic Analysis (BEA). Personal consumption expenditures increased 3.7%, gross private domestic investment increased 0.8%, and government expenditures increased 5.1%. Net exports, which detract from GDP growth because imports exceed exports, grew by an annualized $33.6 billion from Q2 to Q3. Colorado’s real GDP increased at a SAAR of 3.4% for the quarter and at 1.7% year-over-year in Q3, ranking Colorado 20th and 38th, respectively. Overall, the largest year-over-year percentage gains in Colorado were recorded in Retail Trade (8.6%); Transportation and Warehousing (7.8%), and Arts, Entertainment, and Recreation (7.6%). The largest losses were in Information (-4.1%), Administrative and Support and Waste Management and Remediation Services(-3.3%), and Educational Services(-2.4%).


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Sales and profits expectations rose sharply ahead of Q1 before leveling in Q2. The sales index increased from 48 ahead of Q4 2024 to 53.4 ahead of Q1 2025 and 53 looking further out to Q2. The profits index increased from 46.3 in Q4 2024 to 50.4 ahead of Q1 2025 and 50.6 looking out to Q2 2025. Individuals with a positive sales outlook (41.3%) outweighed those with negative perceptions (28.8%), while 29.9% remained neutral ahead of Q1. Profits expectations were tilted slightly more neutral—the positive perceptions outweighed the negative, 34.2% to 32.6% (33.2% remained neutral).

National economic growth is heavily influenced by growth in personal consumption expenditures as consumption makes up about 69% of national gross domestic product. Industry sales and profits are impacted by consumption. Nationally, personal consumption expenditures increased at an annualized rate of 3.7% quarter-over-quarter in Q3 2024 and 3% year-over-year, based on data published by the U.S. Department of Commerce’s Bureau of Economic Analysis. Year-over-year growth in services exceeded the rate of growth in goods, but goods recorded the faster quarterly growth from Q2 to Q3. The series is also published monthly—November nominal consumption grew at 5.5% year-over-year, and real consumption grew 3.1%. According to the U.S. Census Bureau, nominal seasonally adjusted retail and food services sales increased 3.8% year-over-year in November and 0.7% month-over-month. Colorado Department of Revenue data show state retail trade decreased modestly year-over-year.

Business-to-business sales are also a signal both for sales volume and profits. Wholesale trade sales, in nominal dollars, increased 0.9% year-over-year in October 2024. Durable goods posted a year-over-year increase of 4.5% while non-durable goods fell 2.2%. Wholesale inventories were up 0.9% over the year and 0.2% from the prior month. In the third quarter of 2024, national personal income continued to climb, increasing 4.7% year-over-year, and the monthly data showed continued growth of 5.3% in November. Colorado personal income rose 4.8% year-over-year and 0.8% quarter-over-quarter in Q3 2024, ranking the state 19th and 33rd nationally, for the respective metrics. Colorado had the 8th-highest per capita personal income in Q3 2024, at $83,635; the state ranked 35th for per capita personal income growth year-over-year (4.2%) and 26th for quarter-over-quarter growth (0.6%).


This graph contrasts the annual Consumer Price Index (CPI) changes for the United States and the Denver-Aurora-Lakewood metropolitan area from 2001 to 2023. The gray bars represent the U.S. national CPI changes, while the blue bars depict those specific to Denver. The data highlights significant fluctuations in inflation rates over the years. Notably, Denver experienced a substantial inflation spike in 2022 at 8%, significantly higher than the U.S. average of 5.2% that year. Other years, such as 2009, show notable divergences, like Denver's CPI dip to -0.6%, contrasting with a less pronounced national decrease. Overall, this visual underscores the variability of inflation, with Denver often experiencing more pronounced changes compared to national trends.

The graph displays the contributions to year-over-year percent change in the Consumer Price Index (CPI) for the Denver-Aurora-Lakewood area, spanning from January 2020 to November 2023. Various categories are represented by different colors, including Housing, Transportation, Medical Care, Food and Beverages, Recreation, Apparel, Other Goods & Services, and Education and Communication. A noticeable trend in the graph is the fluctuating but generally increasing contributions of these categories to the overall CPI over the observed period, reflecting changes in the cost of living. The graph shows that Housing consistently contributes a significant portion, especially evident in the peaks seen in mid-2021 and mid-2022. Other categories like Transportation and Food also show varying levels of influence, with notable peaks at different intervals.


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