Between 1997 and 2012, the Private Sector Real GDP and job growth for Colorado outpaced the nation. For this period, data released by the Bureau of Economic Analysis and the Bureau of Labor Statistics shows:
- The annualized rate of growth for U.S. Private Sector Real GDP (sum of all states) was 2.3% and private sector wage and salary employment expanded at a rate of 0.5%.
- The compound growth rate for Colorado Private Sector Real GDP was 3.1% and private sector nonfarm jobs grew at a rate of 0.9%.
More recently, the data tells a different story. Colorado did not fare as well as the nation between 2009 and 2012. While the rate of job growth was similar, U.S. output expanded at a faster rate.
- The annualized rate of growth for U.S. Private Sector Real GDP (sum of all states) was 2.5% and private sector wage and salary employment expanded at a rate of 1.1%.
- The compound growth rate for Colorado Private Sector Real GDP was 2.2% and private sector nonfarm jobs grew at a rate of 1.1%.
Time will tell whether the Colorado output will continue to grow at a slower rate than the U.S. or if this is a short-term variance that will reverse itself in 2013 or 2014.
©Copyright 2011 by CBER.