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.

Business leaders’ confidence remained subdued ahead of Q2. Respondents noted geopolitical conflicts and global instability, domestic political and policy risks, macroeconomic volatility and downturn potential, and commodity and energy price volatility weighing on their 2026 outlook. The Leeds Business Confidence Index (LBCI) decreased 1.2 points from Q1 2026 to Q2 2026. Four components of the index increased from Q1 to Q2, and all six components were up when compared to Q2 2025. The largest increases in the index were hiring plans and profits, 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 decreased from 43.1 reported last quarter to 41.9 in the current survey (50=neutral), and confidence improved looking out to Q3 2026. A total of 213 panelists responded to the survey from March 2 to March 20, 2026, a period that included the war in Iran

• All components of the LBCI recorded negative perceptions (below an index value of 50) in Q2 2026. The index was highest for the industry sales and lowest for the state economy.
• The state component of the index ranked among the top two components for most quarters in the 23-year history, but ranked lowest for the past four consecutive quarters (the only occurrences in the index history).
• The Consumer Price Index (i.e., inflation) rose 2.6% in the Denver-Aurora-Lakewood region year-over-year in January compared to 2.4% growth nationally during the same period.
• Colorado’s employment grew by 0.8% year-over-year in December 2025, placing the state 18th nationally in terms of job growth (month-over-month growth ranked 19th).
• National real gross domestic product (GDP) increased at an annualized rate of 0.7% in Q4 2025. Colorado’s GDP increased at an annualized rate of 4.6% in Q3 and 2.3% year-over-year, ranking the state 22nd and 18th, respectively.

Sales and profit expectations increased ahead of Q2, recording the highest and second-highest levels in the index by component in the second quarter. The sales index increased from 48.1 ahead of Q1 2026 to 48.9 in Q2 2026 and 50.2 looking further out to Q3 (the only indicator to break 50). The profits index increased from 44.9 in Q1 2026 to 46 ahead of Q2 2026 and 47.9 in Q3 2026. Individuals with a negative sales outlook (36.6%) slightly outweighed those with positive perceptions (33.3%), while 30% remained neutral ahead of Q2. Profits expectations were tilted similarly with negative perceptions outweighing the positive, 40.8% to 26.8% (32.4% remained neutral).

National economic growth is heavily influenced by growth in personal consumption expenditures as consumption makes up approximately 69% of national gross domestic product. Industry sales and profits are impacted by consumption. Nationally, personal consumption expenditures increased at an annualized rate of 2% quarter-over-quarter in Q4 2025, based on data published by the U.S. Department of Commerce’s Bureau of Economic Analysis.

Business-to-business sales also serve as an indicator of both sales volume and profitability. Wholesale trade sales, in nominal dollars, increased 7.5% year-over-year in January 2026. Durable goods posted a year-over-year increase in sales of 11.2% while non-durable goods sales were up 4.2%. Wholesale inventories were up 1% over the year and down 0.5% from the prior month in January 2026.

National personal income continued to climb in January 2026, up 4.4% over January 2025 and 0.4% over December 2025. Colorado personal income rose 4.5% year-over-year and at a rate of 2.2% quarter-over-quarter in Q3 2025, ranking the state 39th and 41st nationally, for the respective metrics. Colorado had the 9th-highest per capita personal income in Q3 2025, at $86,559. The state ranked 36th for per capita personal income growth year-over-year (3.9%) and 41st for quarter-over-quarter annualized growth (1.6%).

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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