This post highlights the economic impact of the Colorado retail trade industry on the economies of Colorado and its twelve major metro counties: Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo, and Weld. It was prepared for the Economic Development Council of Colorado in the Spring of 2015.
Retail Trade is classified in the NAICS 44-45 category. The Retail Trade categories used in this report and their IMPLAN sector numbers are listed below. As can be seen Retail Trade includes everybody from American Furniture Warehouse to Burritos to Go in Broomfield.
320 Retail Stores – Motor vehicle and parts
321 Retail Stores – Furniture and home furnishings
322 Retail Stores – Electronics and appliances
323 Retail Stores – Building material and garden supply
324 Retail Stores – Food and beverage
325 Retail Stores – Health and personal care
326 Retail Stores – Gasoline stations
327 Retail Stores – Clothing and clothing accessories
328 Retail Stores – Sporting goods, hobby, book and music
329 Retail Stores – General merchandise
330 Retail Stores – Miscellaneous
331 Retail Nonstores – Direct and electronic sales
The key employment findings of the report are:
• There are 309,924 direct employees in the industry, including sole proprietors. This is 9.6% of total state employment.
• Overall, there are 439,315 total (direct, indirect, and induced) employees supported by the Colorado Retail Trade Industry.
• The counties with the greatest number of Direct Retail Trade employees are El Paso, Arapahoe, Denver, and Jefferson.
The key output findings of the report are:
• Average GRP per employee for Colorado is $90,658. Average Retail Direct GRP per employee is $68,404.
• The Retail Trade Sector contributes about $21.2 billion, or 7.2%, to the Direct Colorado GRP, $293 billion.
• Overall, the Retail Trade Sector supports $38.3 billion in GRP, or economic activity.
• The counties with the greatest Direct Retail Output are Arapahoe, El Paso, and Denver.
• The counties with the greatest Direct GRP per Direct Employee are Denver, Arapahoe, Boulder.
The key wage findings of the report are:
• The total direct wages are $10.1 billion, or 5.6% of total wages. Average Direct Retail Wages are lower than the average for all industries.
• Overall, the retail trade industry supports total wages of $16.6 billion.
• The counties with the highest average annual wages for Direct Retail are Denver, Arapahoe, and Jefferson.
Other key points follow:
• The Retail Trade Sector is a major employer in Colorado.
• The Bureau of Labor Statistics reports that Colorado has 175,355 establishments. There are 17,035 establishments in the Retail Trade Sector. This is 9.7% of total employment.
• Average wages and output are below the average for other industries.
• It is difficult for states to develop a competency in the Retail Trade sector even though many states and municipalities rely on retail sales taxes to fund their operations. The Colorado Retail Trade Sector has a location quotient slightly less than 1.0.
For a copy of the report click here.