Colorado Economy in Recovery Mode
A new economic report shows that the state’s economy, including the economy in the front range corridor, is firmly in the recovery mode as the state continues to post strong GDP, employment and income growth.
The Colorado Quarterly Business and Economic Indicators report outlines economic conditions around the state. The Colorado Secretary of State’s Office released the report, which was compiled by the Leeds Business Research Division at the University of Colorado Boulder.
The report states, “Colorado is in recovery mode. The recession had differential impacts on regions in Colorado, as has the recovery. The Colorado Springs and Fort Collins metropolitan statistical areas (MSAs) are leading the state in the employment recovery (though, both remain below peak employment), while the Boulder and Greeley MSAs are lagging.”
The report states that gross domestic product, employment, personal income and other economic metrics are on the rise in the state.
- GDP increased 1.4 percent year-over-year at an annualized rate of 7.9 percent quarter-over-quarter in Q1 2021.
- The employment rate improved 6 percent year-over-year and 1.7 percent over the quarter.
- Personal income climbed 13.9 percent year-over-year and 11.2 percent over the quarter.
However, existing obstacles could impede the recovery. These include rising prices, worker shortages and supply chain constraints. Despite the possible obstacles, the Leeds Business Confidence Index shows business leaders in the state expressed record optimism in the economic recovery.
“Colorado is on the road to recovery despite historic economic challenges,” said Jenna Griswold, Colorado Secretary of State. “While the latest data is encouraging, we know that the pandemic has deepened wealth and income inequalities in our state and many Coloradans have not seen a return to pre-pandemic normal.”
“As we continue to rebuild from the pandemic, there is incredible opportunity to ensure that Colorado’s strengthening economy is benefiting all communities.”
The state report comes at a time when the national economy appears poised for its best growth in nearly four decades. The July 2021 Consensus Forecasts projects national GDP growth in excess of 6 percent in 2021 with income, employment and wealth also on an upward trajectory.
Poised for Growth
Miller’s Landing is ideally positioned to take advantage of the expected growth in the economy. Miller’s Landing is located in Castle Rock, a popular and growing town located on the front range corridor in the south Denver metropolitan area.
On land immediately adjacent to the Plum Creek Parkway and I-25 interchange, we’re creating a new 65-acre multi-use development. When completed, Miller’s Landing will feature a pedestrian-friendly town center that includes prime locations for retail, restaurants and entertainment venues. It will be supported by multi-family housing and modern office spaces.
The unique mix of business, entertainment, recreation and housing options at Miller’s Landing make it the top spot to live or work in the south Denver area and the front range corridor.
About Castle Rock, Colorado
Castle Rock is regularly rated as one of the most desirable communities in the nation. Located on I-25 in the south Denver metropolitan region, Castle Rock offers easy access to nearby Denver to the north and Colorado Springs to the south.
MoneyGeek recently named the town the safest small city in Colorado and one of the safest communities in the country.
We’re creating an exciting future at Miller’s Landing. We invite you to join us.