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 2026, it's projected that Colorado will add 17,500 jobs, with the highest growth rates expected in Education and Health Services; Trade, Transportation, and Utilities; and Government.


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

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Business leaders’ confidence was notably less pessimistic ahead of Q1, but still remained in negative territory. Respondents noted politics, tariffs, and uncertainty weighing on their outlook ahead of 2026. The Leeds Business Confidence Index (LBCI) increased 7.1 points from Q4 2025 to Q1 2026, rising from near-record lows. All six components of the index increased from Q4 to Q1, but all six components were down when compared to Q1 2025. The largest increases in the index were the national outlook and state outlook, while the highest index levels were recorded in sales and profits.

The LBCI captures Colorado business leaders’ expectations for the national economy, state economy, industry sales, profits, hiring plans, and capital expenditures. The index increased from 36 reported last quarter to 43.1 in the current survey (50=neutral), and confidence improved further looking out to Q2 2026. A total of 308 panelists responded to the survey from December 1 through December 19, 2025.


  • All components of the LBCI recorded negative perceptions (below an index value of 50) in Q1 2026. The index was highest for the industry sales and lowest for the state economy.
  • The Consumer Price Index (i.e., inflation) rose 2.2% in the Denver-Aurora-Lakewood region year-over-year in November compared to 2.7% growth nationally.
  • Colorado’s employment grew by 0.6% year-over-year in September 2025, placing the state 30th nationally in terms of job growth (month-over-month growth ranked 28th).
  • 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 4.3% in Q3 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

State and national economic expectations improved ahead of Q1. State expectations increased from 31 in Q4 2025 to 39.9 in Q1 and improved further to 42 looking out to Q2 2026. The national index posted the largest improvement from Q4 to Q1, increasing from 31.1 in Q4 2025 to 41.3 ahead of Q1 2026 and 44.2 looking out further to Q2 2026.

For the state economy, 52.9% of respondents are negative on the outlook, 18.2% expect a moderate-to-strong increase, and 28.9% are neutral. On the national level, 52.6% are negative on the outlook, 24.4% expect an increase, and 23.1% are neutral.

National real (inflation-adjusted) GDP increased 4.3% (seasonally adjusted annual rate, SAAR) in Q3 2025 according to the initial estimate from the Bureau of Economic Analysis (BEA). In Q3 2025, personal consumption expenditures increased 3.5%, gross private domestic investment decreased 0.3%, and government expenditures increased 2.2%. Net exports, which negatively affect GDP when imports exceed exports, improved by $100.8 billion from Q2 to Q3 2025, indicating a narrowing of the trade deficit. Colorado’s real GDP increased at a SAAR of 0.9% for the quarter and 1.8% year-over-year in Q2, ranking Colorado 26th and 22nd, respectively Overall, the largest year-over-year percentage gains in Colorado were recorded in Arts, Entertainment, and Recreation (13.4%); Wholesale trade (9.9%); Agriculture, forestry, fishing, and hunting (9.8%); and Health care and social assistance (8.5%). The largest losses were in Mining, quarrying, and oil and gas extraction (-7.4%); Utilities (-4.6%); and Manufacturing (-2.4%).


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Sales and profit expectations increased ahead of Q1, recording the highest and second-highest levels in the index for the first quarter. The sales index decreased from 41.7 ahead of Q4 2025 to 48.1 in Q1 2026 and 52.1 looking further out to Q2 (the only indicator to break 50). The profits index increased from 39.2 in Q4 2025 to 44.9 ahead of Q1 2026 and 49 in Q2 2026. Individuals with a negative sales outlook (38.6%) outweighed those with positive perceptions (29.5%), while 31.8% remained neutral ahead of Q1. Profits expectations were tilted similarly with negative perceptions outweighing the positive, 42.2% to 23.1% (34.7% 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 3.5% quarter-over-quarter in Q3 2025, based on data published by the U.S. Department of Commerce’s Bureau of Economic Analysis. Quarterly growth in goods (3.1%) lagged the rate of growth in services (3.7%).

Business-to-business sales also serve as an indicator of both sales volume and profitability. Wholesale trade sales, in nominal dollars, increased 4.8% year-over-year in September 2025. Durable goods posted a year-over-year increase of 5.5% while non-durable goods were up 4.1%. Wholesale inventories were up 1.8% over the year and down 0.1% from the prior month in September 2025.

National personal income continued to climb in September 2025, up 4.8% over September 2024 and 0.4% over August 2025. Colorado personal income rose 5% year-over-year and at a rate of 1.2% quarter-over-quarter in Q2 2025, ranking the state 29th and 30th nationally, for the respective metrics.


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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