Denver Colorado Business Growth Gaps Update

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According to state demographer Elizabeth Garner, Colorado’s growth rate is slowing dramatically – and greater Denver is no exception, despite popular perception that the city is booming. But a new study suggests that the metro area and many communities along the urban corridor are much better positioned to deal with such changes than many other parts of the state, some of which are plagued by lagging incomes and to substantial declines in activity.

The financial site smart asset reunited Colorado data and the country as a whole, using various sources of United States Census Bureau (statistics from 2019, plus those from the agency American Community Survey and overview of building permits), as well as information provided by the US Bureau of Economic Analysis and USASpending.gov.

The results include details on business growth, gross domestic product growth, new building permits per 1,000 homes, and the national ranking of fifty of Colorado’s 64 counties on the GDP Growth Index.

Of Colorado’s top ten counties in GDP growth, nine are located along the stretch between Colorado Springs and the communities of Fort Collins and Greeley. The only exception is Mesa County, home to Grand Junction, the largest city on Colorado’s West Slope, which ranks tenth by this metric — and far behind Denver. Denver County’s GDP growth is estimated at approximately $2.092 billion, while Mesa County’s is estimated at $359 million.

Business growth also varies widely among Colorado’s ten fastest growing GDP counties, ranging from a low of 3.1% in Jefferson County to a high of 11.5% in Colorado County. Weld (closely followed by Adams County at 11.2%). Weld County also tops the competition in new building permits: 38.3 per 1,000 homes, more than double Denver’s 15.7 per 1,000.

Here are the top ten counties in Colorado by GDP growth:

1. Denver County
Business growth: 6.5%
GDP growth (millions of dollars): $2,092
New building permits (per 1,000 dwellings): 15.7
GDP growth index: 32.76
National ranking: 35

2. Arapahoe County
Business growth: 4.2%
GDP growth (millions of dollars): $1,513
New building permits (per 1,000 dwellings): 16.4
GDP growth index: 29.52
National ranking: 58

3. El Paso County
Business growth: 5.0%
GDP growth (millions of dollars): $1,412
New building permits (per 1,000 dwellings): 25.0
GDP growth index: 28.96
National ranking: 63

4. Jefferson County
Business growth: 3.1%
GDP growth (millions of dollars): $1,382
New building permits (per 1,000 dwellings): 9.0
GDP growth index: 28.79
National ranking: 67

5. Boulder County
Business growth: 3.7%
GDP growth (millions of dollars): $1,011
New building permits (per 1,000 dwellings): 12.0
GDP growth index: 26.71
National ranking: 100

6. Larimer County
Business growth: 6.2%
GDP growth (millions of dollars): $884
New building permits (per 1,000 dwellings): 17.3
GDP growth index: 26.00
National ranking: 117

7. Adams County
Business growth: 11.2%
GDP growth (millions of dollars): $826
New building permits (per 1,000 dwellings): 23.3
GDP growth index: 25.67
National ranking: 121

8. Douglas County
Business growth: 7.3%
GDP growth (millions of dollars): $759
New building permits (per 1,000 dwellings): 27.0
GDP growth index: 25.30
National ranking: 137

9. Weld County
Business growth: 11.5%
GDP growth (millions of dollars): $519
New building permits (per 1,000 dwellings): 38.3
GDP growth index: 23.96
National ranking: 209

10. Mesa County
Business growth: 4.5%
GDP growth (millions of dollars): $359
New building permits (per 1,000 dwellings): 15.1
GDP growth index: 23.06
National ranking: 297

According to Smart Asset’s analysis, many other counties in Colorado are struggling in one or more of these categories. Moffat (number 35), Yuma (number 37) and Prowers (number 40) all recorded negative results for business growth and relatively weak GDP growth: -3.2% and $31 million, -5, 5% and $28 million, and -3.4% and $27 million. , respectively.

The Colorado counties at the bottom of the list are Bent, at number 49, which has 3.8% business growth but only $4 million in GDP growth, and Crowley, at number 50, whose business growth of 21.9% only adds to GDP growth. of $3 million.

Once again, it’s the story of two Colorados.

Click to read our three-part series on Colorado’s growth: “Almost Everything You Think You Know About Colorado’s Growth Is Wrong,” “Surprising Reasons Colorado’s Growth Is Slowing,” and “Why Denver Might Face to a crisis of slow growth this decade”.

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