The bar graph illustrates the annual job additions in Colorado from 2000 to the projected figures for 2025. 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, 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 2025, it's projected that Colorado will add 22,200 jobs, with the highest growth rates expected in Education and Health Services, Information, and Mining.

The Colorado Business Review provides analysis and data highlights on Colorado’s economy. Read the latest issue below.

Business leaders doubled down on their cautious outlook ahead of Q4 2025, as politics, tariffs, and uncertainty weighed down the business outlook. The Leeds Business Confidence Index (LBCI) decreased 1.9 points from Q3 to Q4, remaining at the 5th-lowest level on record. Five of the six components of the index decreased from Q3 to Q4. Industry capital expenditures marked the only increase over the quarter. All components remained well-below levels measured a year ago. Panelists expressed the most pessimism about the state and national economies, and the least pessimism about industry sales.

The LBCI captures Colorado business leaders’ expectations for the national economy, state economy, industry sales, profits, hiring plans, and capital expenditures. The index decreased from 37.9 reported last quarter to 36 in the current survey (50=neutral), and confidence remained muted looking out further to Q1 2026. A total of 196 panelists responded to the survey from September 2 through September 19, 2025.

• All components of the LBCI recorded negative perceptions (below an index value of 50) in Q4 2025. The index was highest for the industry sales and lowest for the state economy.
• Politics, tariffs, uncertainty, and the labor market were cited as the top reasons for panelists’ sentiments headed into Q4 2025.
• The Consumer Price Index (i.e., inflation) rose 2.1% in the Denver-Aurora-Lakewood region year-over-year in July (Denver MSA inflation is reported every other month). National inflation rose 2.7% in July and 2.9% in August
• Colorado’s employment grew by 0.6% year-over-year in August 2025, placing the state 34th nationally in terms of job growth (month-over-month growth ranked 21st).
• Colorado’s personal income increased 5% year-over-year in Q2 2025, ranking the state 29th. Per capita personal income increased 4.3% year-over-year, ranking Colorado 33rd
• National real gross domestic product (GDP) increased at an annualized rate of 3.8% in Q2 2025. Colorado’s GDP increased at an annualized rate of 3.5% from Q1 to Q2 and 1.8% year-over-year, ranking the state 26th and 22nd, respectively.

Sales and profit expectations decreased ahead of Q4, after recording the highest and second-highest levels in the index for the third quarter. The sales index decreased from 42.7 ahead of Q3 2025 to 41.7 in Q4 2025 and settled at 40.7 looking further out to Q4. The profits index decreased from 39.6 in Q3 2025 to 39.2 ahead of Q4 2025 and 39.9 heading into Q1 2026. Individuals with a negative sales outlook (49.5%) outweighed those with positive perceptions (21.7%), while 27.6% remained neutral ahead of Q4. Profits expectations were tilted similarly with negative perceptions outweighing the positive, 55.1% to 19.4% (25.5% 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 1.6% quarter-over-quarter in Q2 2025, rebounding slightly after the slowest rate since Q2 2020 in the previous quarter, and 2.4% year-over-year in Q2 2025, based on data published by the U.S. Department of Commerce’s Bureau of Economic Analysis. Quarterly growth in goods (2.4%) exceeded the rate of growth in services (1.2%).

Business-to-business sales are also a signal both for sales volume and profits. Wholesale trade sales, in nominal dollars, increased 6.2% year-over-year in June 2025. Durable goods posted a year-over-year increase of 8.6% while non-durable goods were up 4.1%. Wholesale inventories were up 1.3% over the year and 0.1% from the prior month.

In the second quarter of 2025, national personal income continued to climb, increasing 5.5% from Q1 2025, and the monthly data showed year-over-year growth of 5% in July. Colorado personal income rose 5% year-over-year and at an annualized rate of 5.1% quarter-over-quarter in Q2 2025, ranking the state 29th and 30th nationally, for the respective metrics. Colorado had the 9th-highest per capita personal income in Q2 2025, at $86,526. The state ranked 33rd for per capita personal income growth year-over-year (4.3%) and 35th for quarter-over-quarter annualized growth (4.6%).

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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