In early June the Bureau of Economic Analysis released Gross Domestic Product at the state level for two-digit NAICS Codes.
Since 1997 Colorado Real GDP has grown at a faster rate than the Real GDP for the U.S. (Sum of States) in 11 of 17 years.
Since 1997 Colorado Real GDP has grown at a faster rate than the U.S. (Sum of States), 2.8% vs. 2.1%. The 2014 U.S. rate of growth was 2.2% compared to 4.7% for Colorado.
There were 8 sectors that gained share in 2014, i.e., their percent of contribution to GDP was greater than their percent of the 2014 total GDP. Collectively, they accounted for 27.1% of the 2014 GDP and 46.5% of the change in the GDP. These sectors were:
• Arts, entertainment, and recreation
• Utilities
• Management of companies and enterprises
• Transportation and warehousing
• Accommodation and food services
• Construction
• Wholesale trade
• Mining
There were 12 sectors that lost share in 2014, i.e. their percent of contribution for these sectors was less than their percent of the 2014 total. Collectively, they accounted for 72.9% of the 2014 GDP and 53.5% of the change in the GDP. These sectors were:
• Educational services
• Agriculture, forestry, fishing, and hunting
• Other services, except government
• Administrative and waste management services
• Retail trade
• Finance and insurance
• Health care and social assistance
• Manufacturing
• Information
• Professional, scientific, and technical services
• Government
• Real estate and rental and leasing
The level of Real GDP Growth in 2014 provided significant momentum for the Colorado economy moving into 2015.