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 the second steepest dive ahead of Q2 2025, resting at the third-lowest level in the 23-year history of the Leeds Business Confidence Index (LBCI). The reason for the pessimism can largely be summarized due to the uncertainty surrounding new federal policies. Reversing gains measured in Q1 2025, all components of the LBCI posted year-over-year and over-the-quarter declines ahead of Q2 2025. The new administration, tariffs, and economic uncertainty 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 declined from 50 reported last quarter to 31.9 in the current survey (50=neutral), and confidence remained muted looking out further to Q3 2025. All of the six components of the index decreased ahead of the second quarter. Looking out to Q3 2025, two categories notched modest quarter-over-quarter increases, but all six remain well-below neutral. A total of 218 panelists responded to the survey from March 3 through March 20, 2025.

• All components of the LBCI recorded negative perceptions (below an index value of 50) in Q2 2025. The index was highest for the industry sales and lowest for the national economy.
• The new administration, tariffs, and economic uncertainty were the three most noted reasons for panelists’ sentiments headed into Q2 2025, cited by 35.8%, 24.2%, and 14.7% of respondents, respectively.
• A majority of business leaders expresses negative expectations about federal policy ahead of Q2, with the most negative expectations about trade policy (tariffs), federal contracts and grants, health care policy, immigration policy, and foreign policy.
• The Consumer Price Index (i.e., inflation) rose 2.3% in the Denver-Aurora-Lakewood region year-over-year in January versus 3% nationally during the same period.
• Employment growth was nearly flat (0.02%) year-over-year in February 2025, ranking Colorado 45th. Full-year employment growth in Colorado was revised to 1.1% (33,500 additional jobs), ranking Colorado 22nd for job growth for the year.
• Colorado’s personal income increased 4% year-over-year in Q4 2024, ranking the state 41st. Per capita personal income increased 3.1% year-over-year, ranking Colorado 45th.
• National real gross domestic product (GDP) increased at an annualized rate of 3.1% in Q3 2024, and 2.5% in Q4 2024. Colorado’s GDP increased at an annualized rate of 2.4% from Q3 to Q4 and a year-over-year rate of 1.7%, ranking the state 27th and 36th, respectively.

Sales and profits expectations decreased sharply ahead of Q2 before leveling in Q3. The sales index decreased from 53.4 ahead of Q1 2025 to 37.3 in Q2 2025 and 37 looking further out to Q3. The profits index decreased from 50.4 in Q1 2025 to 35.2 ahead of Q2 2025 and 34.7 looking out to Q3 2025. Individuals with a negative sales outlook (61.5%) outweighed those with positive perceptions (21.1%), while 17.4% remained neutral ahead of Q2. Profits expectations were tilted similarly—the negative perceptions outweighed the positive, 61.4% to 15.2% (23.4% 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 4% quarter-over-quarter in Q4 2024 and 3.1% 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 (3%) were similar to the rate of growth in goods (3.4%), but goods recorded the faster quarterly growth from Q3 to Q4. The series is also published monthly—February nominal consumption grew 5.3% year-over-year. According to the U.S. Census Bureau, nominal seasonally adjusted retail and food services sales increased 3.1% year-over-year in February and 0.2% month-over-month. Colorado Department of Revenue data show state taxable retail sales increased 1% in 2024 and 3.7% in December, year-over-year.

Business-to-business sales are also a signal both for sales volume and profits. Wholesale trade sales, in nominal dollars, increased 3.5% year-over-year in January 2025. Durable goods posted a year-over-year increase of 4.7% while non-durable goods were up 2.4%. Wholesale inventories were up 1.2% over the year and 0.8% from the prior month.

In the fourth quarter of 2024, national personal income continued to climb, increasing 5% year-over-year, and the monthly data showed continued growth of 4.6% in February. Colorado personal income rose 4% year-over-year and at an annualized rate of 4.3% quarter-over-quarter in Q4 2024, ranking the state 41st and 36th nationally, for the respective metrics. Colorado had the 9th-highest per capita personal income in Q4 2024, at $83,374; the state ranked 45th for per capita personal income growth year-over-year (3.1%) and 36th for quarter-over-quarter annualized growth (3.6%).

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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