Colorado Economic Overview
INTRODUCTION Thriving Denver The economy of Colorado is wide-ranging and robust. It is divided roughly by its landscape: Farming activity is found on the eastern plains, while Colorado's urban areas, concentrated on the "Front Range" on the eastern side of the Rockies, host most of the state’s services and manufacturing activity. The Rocky Mountain region offers numerous recreation areas, and its Western Slope provides the state's rich petroleum and coal deposits. Service industries make up the largest portion of Colorado's gross state product (GSP). Business and personal services (health care, hotels and resorts, engineering and legal services, and software development) rank first. Second is the finance, insurance, and real estate industry, with Denver serving as an important regional banking and finance hub. Wholesale and retail trade services rank third, including the wholesale trade of cars, groceries, and mined products. ECONOMIC HISTORY Denver, the capital of Colorado, was established by a group of prospectors in 1858, after gold was discovered at the South Platte River junction. Within a year, thousands of prospectors had crossed into the territory to seek their fortune. Many were disappointed and left, but those who stayed benefited from a second strike at North Clear Creek. The subsequent boom led to the founding of mining towns, such as Boulder, Colorado City, and Gold Hill. Colorado Springs By the time Colorado became a state in 1876, Denver’s location had made it a growing commercial and transportation hub, ready to handle the boom that followed silver strikes at Leadville and Aspen. More prospectors and money flowed into Colorado, railroad lines and refineries were built, and large coalfields were developed. The High Plains attracted farmers, and tourism emerged as a new industry. By the 1860s, resorts had opened near some of the state's mineral springs; Colorado Springs was visited by 25,000 tourists in 1878, and by the mid-1880s, Denver was welcoming 200,000 visitors a year. Overproduction of silver shattered the silver market in the 1890s, causing mines, banks, and other businesses to shut down. In parallel, a severe drought led to the abandonment of many farms. By the dawn of the 20th century, however, farmers started returning to the land; big reclamation projects brought water to dry cropland and dry-land farming techniques also increased yields. Following World War I, the economy fell into the Great Depression. World War II brought military training camps, airfields, and jobs to the state and after the war, the expansion of federal facilities in Colorado led to new employment opportunities. In the second half of the 20th century, tourism again became a core component of the state’s economy, after which technology emerged as a major economic driver. Abandoned Silver Mine In the 1970s and early 1980s, Colorado experienced a boom in its oil, mining, and electronics industries. As these and other industries grew, so did Colorado's population and income: between 1960 and 1983, the state's population growth rate was more than twice that of the nation as a whole and Colorado moved from 18th to 9th among states in personal income per capita. The uniqueness of Colorado’s industrial sector and workforce has made the state into an international hub for technology. Although this industry is subject to cyclical swings—booming in years of economic growth, and drastically slowing down during recessions such as the one that struck in 2008–2009—analysts rank Colorado’s economy as the second most promising high-tech economy in United States, ahead of California. Agriculture Grazing Cattle Agriculture is a vital contributor to Colorado's economy. Nearly 60 percent of the state is classified as farmland, and roughly 75 percent of all farm income is derived from livestock. Colorado's top five agricultural products are cattle and calves, dairy products, corn, greenhouse and nursery products, and hogs. The state’s produce industry yields over $300 million of high-quality fruits and vegetables—more than 2 billion pounds—annually. Colorado has a rich history of aquaculture development and production. Cool natural springs located in mountainous areas of the state are used for the production of several coldwater trout species. In terms of sales, rainbow trout is the state's highest-value aquaculture commodity; Colorado ranks fifth among all states, with total trout sales of about $2 million. BANKING AND FINANCIAL SERVICES Colorado is one of the few states outside the northeast (along with California) with a substantial financial services industry. A variety of trade associations and service firms support the financial services industry, with over 11,290 companies and 94,980 employees in the region. Due to the worldwide economic crisis, three FDIC-insured banks failed in Colorado in 2009, and Small Business Administration lending in the state declined as well. As in most of the nation, Colorado consumers were anxious over government bailouts, takeovers, and closures. In a more positive development, companies have begun to increase investment in the state. For example, Charles Schwab Corporation is slated to add 500 new jobs in Colorado and the company’s presence is expected to bring some $160 million in annual economic benefit to the state. It also plans to invest nearly $3 million on technological equipment and refurbishing its new facility. COMMUNICATIONS Colorado's advantageous west-central geographic location in the Mountain Time Zone benefits the telecommunications industry by allowing communication with the East and West coasts, South America, Europe, and Asia in the same business day. Denver's location on the 105th meridian at over one mile in elevation also enables it to be the largest city in the U.S. to offer a real-time satellite link to six continents on the same business day. The communications sector supports more than 60,000 jobs in the South-Metro Denver area alone, which translates into $3.5 billion of income. In the I-25 Corridor, the industry supports 26,000 jobs, or $1.75 billion of income. Qwest Communications, EchoStar, Starz-Encore, and Comcast are just a few of the telecommunications companies with operations in the Denver area. CONSTRUCTION The construction industry (residential and nonresidential) employs close to 140,000 workers statewide (which is down significantly from 2006, when construction employment in Colorado peaked). Direct construction spending in the state contributes about $30 billion to the state GDP. The worldwide economic crisis hit Colorado’s housing market along with that of the rest of the country. Job losses in the construction industry, a reduction in requests for building permits, and the decline in the value of non-residential construction are evidence of the setbacks in this sector. Many planned developments were delayed or scaled back. However, it is expected that the state’s fast rate of population growth will be a key factor in boosting the demand for Colorado housing in coming years. EDUCATION Graduation Day at the Air Force Academy in Colorado Springs A study commissioned by the Colorado Department of Higher Education has documented the positive impact of higher education on the state’s economy. Spending related to the state’s higher education institutions supports 97,563 jobs and $4.25 billion in wages and salaries. The education sector uses about $509 million (67 percent) of Colorado’s State Fiscal Stabilization Funds (SFSF) allocated by the U.S. government. Colorado is using these funds primarily to support its higher education system. At the same time, a $260 million (4.6 percent) cut to K–12 program funding has been announced. ENERGY Colorado’s economy is largely dependent on the energy industry, as a result of a drilling boom during the past five years. The state has significant energy resources; natural gas output accounts for more than 5 percent of the annual natural gas production in the U.S. Colorado’s oil shale deposits hold an estimated one trillion barrels of oil—nearly as much oil as rest of the world's entire oil reserves (although production remains speculative). Ten of the country’s 100 largest natural gas fields and three of its largest oil fields are found in Colorado. The state is responsible for more than 25 percent of all coal-bed methane produced in the United States, which accounts for about half of Colorado’s natural gas production. ENTERTAINMENT Colorado’s creative and entertainment enterprises employ over 122,000 people in about 8,000 establishments. This accounts for 3.9 percent of the state’s 3.2 million jobs, making it Colorado’s fifth largest employment sector. The film and media sector has a strong presence in Colorado, with about 22,600 jobs. The sector is fueled partially by Colorado’s strong telecommunications industry. Colorado was a pioneer in the development of cable services, and the industry remains an important economic force. Companies such as EchoStar, Starz Entertainment, and Jones International are all headquartered in the Denver area. The cable industry has also assisted in the development of the state’s motion picture and video production sector with an estimated 25 companies and nearly 2,000 jobs. INSURANCE On an annual basis, Colorado residents pay over $28 billion in premiums to 1,400 companies, with 26 companies accounting for 50 percent of that total. Accident and health insurance premiums account for 33 percent of the total premiums statewide; the second largest premium volume is for annuities (roughly 16 percent). The life insurance industry alone employs about 21,000 people in Colorado, while the entire insurance industry employs 37,000 people in the state. Life insurance companies invest almost $70 billion of their assets in Colorado's economy, $60 billion of which is in stocks and bonds that help finance business development, job creation, and services in the state; the rest is invested in real property and loans. MANUFACTURING Since World War II, numerous industries—especially in the electronic and aerospace fields—have been attracted to Colorado. Nearly all manufacturing is concentrated in cities along the western edge of the plains; more than two-thirds are in metropolitan Denver. Manufacturing accounts for 6.4 percent of economic output in Colorado and 5.8 percent of jobs. A number of nationally known names originated in Colorado’s factories and laboratories, including telecommunications pioneer Qwest, Samsonite luggage, Russell Stover candies, and Celestial Seasonings herbal teas. Meat packing, soft-drink bottling, and beer brewing contribute much of the value of manufacturing in Colorado. The manufacturing of electronic equipment and computer products follow food processing in importance. MINING AND EXTRACTION Denver's location in the mineral-rich Rocky Mountains encouraged mining and energy companies to spring up in the area. Gold, the first big attraction, was one of many valuable minerals (notably silver and lead) discovered in the state. Energy and mining are still important in Colorado’s economy today, with companies such as Newmont Mining and Western Gas Resources. Petroleum, natural gas, and coal are the most important of Colorado's mineral resources. The Henderson Mine is a major producer of molybdenum, while petroleum comes from large oil fields in the Wyoming Basin and on the northern plains. Other important minerals include sand and gravel, coal, granite, and limestone; small amounts of gold, lead, copper, and silver are also mined or obtained as by-products. NONPROFIT The nonprofit sector of Colorado adds roughly $2.1 billion to the state's economy annually. Between 1995 and 2005, nonprofit employment in Colorado grew by 39 percent, adding more than 34,600 jobs to the workforce. This was nearly twice the growth rate achieved by the for-profit sector during this period. With 123,000 full-time employees, Colorado nonprofits represent 5.6 percent of the workforce and an annual payroll of $4.2 billion. The combination of paid and full-time volunteer workers makes Colorado's nonprofit sector the third largest industry in the state in terms of employment. Nonprofits represent 5 percent of the state's GSP, more than the mining, transportation, utilities, and agriculture industries combined. RETAIL The pullback in national credit markets and the fall in the value of securities have caused a decrease in consumer wealth and spending in Colorado. Because consumer spending represents about 70 percent of economic activity, the drop is a major factor in the deterioration of the state's economy. The retail sector, the second largest in Colorado, employs about 18 percent of total workers, which translates into 437,000 jobs in close to 30,000 retail establishments. The subsector with the largest number of employees is restaurants and bars (with over 180,000 workers). TECHNOLOGY Colorado is a global technology dynamo, with a flourishing high-tech economy. More than 5,500 software, hardware, storage and semiconductor companies in the state yield an annual payroll of $4.5 billion. Nearly 380 bioscience companies make their home in Colorado, conducting cutting-edge research to find cures for cancer, heart disease, and infectious diseases; improve agricultural yields; and develop cleaner, safer manufacturing methods. The software industry is the largest advanced-technology industry in Colorado. Giants like Sun Microsystems, Oracle Corporation, and Microsoft have large concentrations of regional workers. Colorado’s software industry has grown at a more rapid pace than all other industries in the state: 5.1 percent over the past two years as compared to 4.4 percent for other industries. TRANSPORTATION Colorado's central location and interstate highway system have made the Front Range a major distribution point for wholesalers and retailers. Although severe weather conditions can close several mountain highways for the duration of the winter season, Colorado has a modern transportation system, and Denver is considered the transportation hub for much of the Rocky Mountain and Great Plains regions. Denver International Airport is one of the busiest commercial facilities in the nation and the 10th busiest airport in the world. It is a major cargo hub, with more than 375,000 square feet (34,840 sq m) of air cargo space covering more than 22 acres (8.9 hectares); it handles over 683,000 tons (619,607 metric tons) of air freight annually. Breckenridge Ski Resort TRAVEL AND TOURISM Millions of tourists come to Colorado and spend their dollars on skiing, hunting, camping, hiking, fishing, and general sightseeing. Tourism accounts for about 5 percent of state revenue, 11.3 percent of jobs, and about $10 billion a year for Colorado's economy. The state has four national parks, 42 state parks, 15 national forests, and 10 national monuments or recreation areas. It also has more than 30 ski resorts and ski areas. Outdoor recreation supports 107,000 jobs, generates nearly $500 million in annual state tax revenue, and produces $7.6 billion annually in retail sales and services. Colorado casino gambling continues to grow by leaps and bounds, including Black Hawk and Central City locations. The casino gaming industry provides over 9,000 jobs to Colorado citizens, and every year the state’s 40 casinos pay $7.4 million in gaming taxes. SPECIAL INDUSTRIES National Ice Core Laboratory in Denver The federal government is a major economic force in Colorado. The Denver Metro region alone is home to 125 federal facilities, which employ close to 40,000 full-time, part-time, and contract workers. The net economic benefit of the state’s federal facilities is estimated at roughly $8.4 billion; they generate close to $135 million in public revenues to Colorado state government, mostly from employee income tax, property tax, and sales tax. Large military contractors, such as Lockheed Martin and ITT, make up a big slice of the state’s economic pie. The U.S. Air Force Academy, North American Aerospace Defense Command (NORAD), and the National Oceanic and Atmospheric Association (NOAA) are all valuable economic assets. Recycling Beer Bottles at MillerCoors in Golden The state’s beer industry contributes $12.4 billion annually to the Colorado economy, and the industry’s economic impact includes about 68,000 jobs. The Coors Brewery was founded in Golden, Colorado, in 1873, and over the years, it became one of the largest manufacturers of beer in the United States. Denver is known as the "Napa Valley of Beer"—on any given day, more beer is brewed in Denver than in any other city in the country. In addition to major breweries, Colorado has one of the largest concentrations of microbreweries, with nearly 100 located throughout the state, including two of the largest in the nation: the Wynkoop Brewing Company and the Rock Bottom Brewery. -World Trade Press

Colorado Economic Overview

INTRODUCTION

Thriving Denver

The economy of Colorado is wide-ranging and robust. It is divided roughly by its landscape: Farming activity is found on the eastern plains, while Colorado's urban areas, concentrated on the "Front Range" on the eastern side of the Rockies, host most of the state’s services and manufacturing activity. The Rocky Mountain region offers numerous recreation areas, and its Western Slope provides the state's rich petroleum and coal deposits.

Service industries make up the largest portion of Colorado's gross state product (GSP). Business and personal services (health care, hotels and resorts, engineering and legal services, and software development) rank first. Second is the finance, insurance, and real estate industry, with Denver serving as an important regional banking and finance hub. Wholesale and retail trade services rank third, including the wholesale trade of cars, groceries, and mined products.

ECONOMIC HISTORY

Denver, the capital of Colorado, was established by a group of prospectors in 1858, after gold was discovered at the South Platte River junction. Within a year, thousands of prospectors had crossed into the territory to seek their fortune. Many were disappointed and left, but those who stayed benefited from a second strike at North Clear Creek. The subsequent boom led to the founding of mining towns, such as Boulder, Colorado City, and Gold Hill.

Colorado Springs

By the time Colorado became a state in 1876, Denver’s location had made it a growing commercial and transportation hub, ready to handle the boom that followed silver strikes at Leadville and Aspen. More prospectors and money flowed into Colorado, railroad lines and refineries were built, and large coalfields were developed. The High Plains attracted farmers, and tourism emerged as a new industry. By the 1860s, resorts had opened near some of the state's mineral springs; Colorado Springs was visited by 25,000 tourists in 1878, and by the mid-1880s, Denver was welcoming 200,000 visitors a year.

Overproduction of silver shattered the silver market in the 1890s, causing mines, banks, and other businesses to shut down. In parallel, a severe drought led to the abandonment of many farms. By the dawn of the 20th century, however, farmers started returning to the land; big reclamation projects brought water to dry cropland and dry-land farming techniques also increased yields.

Following World War I, the economy fell into the Great Depression. World War II brought military training camps, airfields, and jobs to the state and after the war, the expansion of federal facilities in Colorado led to new employment opportunities. In the second half of the 20th century, tourism again became a core component of the state’s economy, after which technology emerged as a major economic driver.

Abandoned Silver Mine

In the 1970s and early 1980s, Colorado experienced a boom in its oil, mining, and electronics industries. As these and other industries grew, so did Colorado's population and income: between 1960 and 1983, the state's population growth rate was more than twice that of the nation as a whole and Colorado moved from 18th to 9th among states in personal income per capita.

The uniqueness of Colorado’s industrial sector and workforce has made the state into an international hub for technology. Although this industry is subject to cyclical swings—booming in years of economic growth, and drastically slowing down during recessions such as the one that struck in 2008–2009—analysts rank Colorado’s economy as the second most promising high-tech economy in United States, ahead of California.

Agriculture

Grazing Cattle

Agriculture is a vital contributor to Colorado's economy. Nearly 60 percent of the state is classified as farmland, and roughly 75 percent of all farm income is derived from livestock. Colorado's top five agricultural products are cattle and calves, dairy products, corn, greenhouse and nursery products, and hogs. The state’s produce industry yields over $300 million of high-quality fruits and vegetables—more than 2 billion pounds—annually.

Colorado has a rich history of aquaculture development and production. Cool natural springs located in mountainous areas of the state are used for the production of several coldwater trout species. In terms of sales, rainbow trout is the state's highest-value aquaculture commodity; Colorado ranks fifth among all states, with total trout sales of about $2 million.

BANKING AND FINANCIAL SERVICES

Colorado is one of the few states outside the northeast (along with California) with a substantial financial services industry. A variety of trade associations and service firms support the financial services industry, with over 11,290 companies and 94,980 employees in the region. Due to the worldwide economic crisis, three FDIC-insured banks failed in Colorado in 2009, and Small Business Administration lending in the state declined as well. As in most of the nation, Colorado consumers were anxious over government bailouts, takeovers, and closures.

In a more positive development, companies have begun to increase investment in the state. For example, Charles Schwab Corporation is slated to add 500 new jobs in Colorado and the company’s presence is expected to bring some $160 million in annual economic benefit to the state. It also plans to invest nearly $3 million on technological equipment and refurbishing its new facility.

COMMUNICATIONS

Colorado's advantageous west-central geographic location in the Mountain Time Zone benefits the telecommunications industry by allowing communication with the East and West coasts, South America, Europe, and Asia in the same business day. Denver's location on the 105th meridian at over one mile in elevation also enables it to be the largest city in the U.S. to offer a real-time satellite link to six continents on the same business day.

The communications sector supports more than 60,000 jobs in the South-Metro Denver area alone, which translates into $3.5 billion of income. In the I-25 Corridor, the industry supports 26,000 jobs, or $1.75 billion of income. Qwest Communications, EchoStar, Starz-Encore, and Comcast are just a few of the telecommunications companies with operations in the Denver area.

CONSTRUCTION

The construction industry (residential and nonresidential) employs close to 140,000 workers statewide (which is down significantly from 2006, when construction employment in Colorado peaked). Direct construction spending in the state contributes about $30 billion to the state GDP.

The worldwide economic crisis hit Colorado’s housing market along with that of the rest of the country. Job losses in the construction industry, a reduction in requests for building permits, and the decline in the value of non-residential construction are evidence of the setbacks in this sector. Many planned developments were delayed or scaled back. However, it is expected that the state’s fast rate of population growth will be a key factor in boosting the demand for Colorado housing in coming years.

EDUCATION

Graduation Day at the Air Force Academy in Colorado Springs

A study commissioned by the Colorado Department of Higher Education has documented the positive impact of higher education on the state’s economy. Spending related to the state’s higher education institutions supports 97,563 jobs and $4.25 billion in wages and salaries. The education sector uses about $509 million (67 percent) of Colorado’s State Fiscal Stabilization Funds (SFSF) allocated by the U.S. government. Colorado is using these funds primarily to support its higher education system. At the same time, a $260 million (4.6 percent) cut to K–12 program funding has been announced.

ENERGY

Colorado’s economy is largely dependent on the energy industry, as a result of a drilling boom during the past five years. The state has significant energy resources; natural gas output accounts for more than 5 percent of the annual natural gas production in the U.S. Colorado’s oil shale deposits hold an estimated one trillion barrels of oil—nearly as much oil as rest of the world's entire oil reserves (although production remains speculative).

Ten of the country’s 100 largest natural gas fields and three of its largest oil fields are found in Colorado. The state is responsible for more than 25 percent of all coal-bed methane produced in the United States, which accounts for about half of Colorado’s natural gas production.

ENTERTAINMENT

Colorado’s creative and entertainment enterprises employ over 122,000 people in about 8,000 establishments. This accounts for 3.9 percent of the state’s 3.2 million jobs, making it Colorado’s fifth largest employment sector.

The film and media sector has a strong presence in Colorado, with about 22,600 jobs. The sector is fueled partially by Colorado’s strong telecommunications industry. Colorado was a pioneer in the development of cable services, and the industry remains an important economic force. Companies such as EchoStar, Starz Entertainment, and Jones International are all headquartered in the Denver area. The cable industry has also assisted in the development of the state’s motion picture and video production sector with an estimated 25 companies and nearly 2,000 jobs.

INSURANCE

On an annual basis, Colorado residents pay over $28 billion in premiums to 1,400 companies, with 26 companies accounting for 50 percent of that total. Accident and health insurance premiums account for 33 percent of the total premiums statewide; the second largest premium volume is for annuities (roughly 16 percent).

The life insurance industry alone employs about 21,000 people in Colorado, while the entire insurance industry employs 37,000 people in the state. Life insurance companies invest almost $70 billion of their assets in Colorado's economy, $60 billion of which is in stocks and bonds that help finance business development, job creation, and services in the state; the rest is invested in real property and loans.

MANUFACTURING

Since World War II, numerous industries—especially in the electronic and aerospace fields—have been attracted to Colorado. Nearly all manufacturing is concentrated in cities along the western edge of the plains; more than two-thirds are in metropolitan Denver.

Manufacturing accounts for 6.4 percent of economic output in Colorado and 5.8 percent of jobs. A number of nationally known names originated in Colorado’s factories and laboratories, including telecommunications pioneer Qwest, Samsonite luggage, Russell Stover candies, and Celestial Seasonings herbal teas.

Meat packing, soft-drink bottling, and beer brewing contribute much of the value of manufacturing in Colorado. The manufacturing of electronic equipment and computer products follow food processing in importance.

MINING AND EXTRACTION

Denver's location in the mineral-rich Rocky Mountains encouraged mining and energy companies to spring up in the area. Gold, the first big attraction, was one of many valuable minerals (notably silver and lead) discovered in the state. Energy and mining are still important in Colorado’s economy today, with companies such as Newmont Mining and Western Gas Resources.

Petroleum, natural gas, and coal are the most important of Colorado's mineral resources. The Henderson Mine is a major producer of molybdenum, while petroleum comes from large oil fields in the Wyoming Basin and on the northern plains. Other important minerals include sand and gravel, coal, granite, and limestone; small amounts of gold, lead, copper, and silver are also mined or obtained as by-products.

NONPROFIT

The nonprofit sector of Colorado adds roughly $2.1 billion to the state's economy annually. Between 1995 and 2005, nonprofit employment in Colorado grew by 39 percent, adding more than 34,600 jobs to the workforce. This was nearly twice the growth rate achieved by the for-profit sector during this period.

With 123,000 full-time employees, Colorado nonprofits represent 5.6 percent of the workforce and an annual payroll of $4.2 billion. The combination of paid and full-time volunteer workers makes Colorado's nonprofit sector the third largest industry in the state in terms of employment. Nonprofits represent 5 percent of the state's GSP, more than the mining, transportation, utilities, and agriculture industries combined.

RETAIL

The pullback in national credit markets and the fall in the value of securities have caused a decrease in consumer wealth and spending in Colorado. Because consumer spending represents about 70 percent of economic activity, the drop is a major factor in the deterioration of the state's economy. The retail sector, the second largest in Colorado, employs about 18 percent of total workers, which translates into 437,000 jobs in close to 30,000 retail establishments. The subsector with the largest number of employees is restaurants and bars (with over 180,000 workers).

TECHNOLOGY

Colorado is a global technology dynamo, with a flourishing high-tech economy. More than 5,500 software, hardware, storage and semiconductor companies in the state yield an annual payroll of $4.5 billion.

Nearly 380 bioscience companies make their home in Colorado, conducting cutting-edge research to find cures for cancer, heart disease, and infectious diseases; improve agricultural yields; and develop cleaner, safer manufacturing methods.

The software industry is the largest advanced-technology industry in Colorado. Giants like Sun Microsystems, Oracle Corporation, and Microsoft have large concentrations of regional workers. Colorado’s software industry has grown at a more rapid pace than all other industries in the state: 5.1 percent over the past two years as compared to 4.4 percent for other industries.

TRANSPORTATION

Colorado's central location and interstate highway system have made the Front Range a major distribution point for wholesalers and retailers. Although severe weather conditions can close several mountain highways for the duration of the winter season, Colorado has a modern transportation system, and Denver is considered the transportation hub for much of the Rocky Mountain and Great Plains regions. Denver International Airport is one of the busiest commercial facilities in the nation and the 10th busiest airport in the world. It is a major cargo hub, with more than 375,000 square feet (34,840 sq m) of air cargo space covering more than 22 acres (8.9 hectares); it handles over 683,000 tons (619,607 metric tons) of air freight annually.

Breckenridge Ski Resort

TRAVEL AND TOURISM

Millions of tourists come to Colorado and spend their dollars on skiing, hunting, camping, hiking, fishing, and general sightseeing. Tourism accounts for about 5 percent of state revenue, 11.3 percent of jobs, and about $10 billion a year for Colorado's economy.

The state has four national parks, 42 state parks, 15 national forests, and 10 national monuments or recreation areas. It also has more than 30 ski resorts and ski areas. Outdoor recreation supports 107,000 jobs, generates nearly $500 million in annual state tax revenue, and produces $7.6 billion annually in retail sales and services.

Colorado casino gambling continues to grow by leaps and bounds, including Black Hawk and Central City locations. The casino gaming industry provides over 9,000 jobs to Colorado citizens, and every year the state’s 40 casinos pay $7.4 million in gaming taxes.

SPECIAL INDUSTRIES

National Ice Core Laboratory in Denver

The federal government is a major economic force in Colorado. The Denver Metro region alone is home to 125 federal facilities, which employ close to 40,000 full-time, part-time, and contract workers. The net economic benefit of the state’s federal facilities is estimated at roughly $8.4 billion; they generate close to $135 million in public revenues to Colorado state government, mostly from employee income tax, property tax, and sales tax.

Large military contractors, such as Lockheed Martin and ITT, make up a big slice of the state’s economic pie. The U.S. Air Force Academy, North American Aerospace Defense Command (NORAD), and the National Oceanic and Atmospheric Association (NOAA) are all valuable economic assets.

Recycling Beer Bottles at MillerCoors in Golden

The state’s beer industry contributes $12.4 billion annually to the Colorado economy, and the industry’s economic impact includes about 68,000 jobs. The Coors Brewery was founded in Golden, Colorado, in 1873, and over the years, it became one of the largest manufacturers of beer in the United States. Denver is known as the "Napa Valley of Beer"—on any given day, more beer is brewed in Denver than in any other city in the country. In addition to major breweries, Colorado has one of the largest concentrations of microbreweries, with nearly 100 located throughout the state, including two of the largest in the nation: the Wynkoop Brewing Company and the Rock Bottom Brewery.

-World Trade Press

a to z the usa

26 Şubat 2013 Salı