Colorado’s economy found a new pep in its step last year, growing at its quickest rate since 2015, according to the U.S. Bureau of Economic Analysis.
State GDP measures the output of goods and employment in a state. It rose 3.5 percentage, adjusted for inflation, in Colorado last year, up from 3.1 percentage in 2017 and 2.4 percentage in 2016. It was 4.4 percentage in 2015.
“Overall, it was impressive that we had good growth crosswise all areas. It was pretty diverse,” aforementioned Gary Horvath, a Broomfield economic expert who tracks the state economy.
Colorado ranked 7th overall among states for economic growth last year. Washington was the top acting creative person with a state GDP growth rate of 5.7 percentage, followed by Utah at 4.3 percentage, Idaho at 4.1 percentage, and Arizona at 4 percentage, according to the BEA.
By the fourth quarter, property were shifting topically and nationwide. Washington born down to 9th, Idaho to eleventh and Utah to 25th, and Arizona to 7th for economic growth. Colorado picked up the pace to 3.8 percentage, the 6th quickest rate among states, due mostly to a rebound in oil and gas activity.
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Texas had the top acting economy in the fourth quarter when measured at an annualized rate. It was followed by Wyoming, Oklahoma, Alaska and New Mexico.
Mining, which is dominated by oil and gas activity, contributed nearly a third of the GDP gains measured in Colorado in the fourth quarter. But for the entire year, activity was flat with 2017.
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Construction, by contrast, was an important player early in 2018, but by the fourth quarter, it was subtracting from growth.
Important contributors to economic growth in Colorado for all of 2018 basined professional, scientific and technical employment; real estate; information; wholesale and retail trade, and manufacturing.
Colorado’s share to U.S. GDP didn’t budge. The state accounted for $1.80 out of every $100 generated in U.S. economic activity, and the whole Rocky Mountain region contributed $3.50. California contributed $14.50 out of every $100 generated, followed by Texas at $8.70 and New York at $8.20.