Colorado No. 1 for economy, No. 10 overall, report says

Friday, March 2, 2018 8:39 PM
A U.S. News & World Report study says Colorado’s growth, employment and business environment helped the state garner the top spot for the best economy.

Colorado has the nation’s best economy, but it’s only the 10th-best state overall because of middling grades on crime and corrections, education, opportunity and fiscal stability, says a study released this week by U.S. News & World Report.

The state’s first-place economy ranking was influenced by growth, employment and business environment.

“It’s something that we, as a state, are excited about,” said Emily Williams, spokeswoman for the state’s Office of Economic Development and International Trade.

Colorado has been nationally recognized for its top-tier economy for years, including last year in U.S. News & World Report and for several years running in Forbes, said Dan Salvetti of the same state office’s division of global business development.

“Pretty much since the rebound from the Great Recession, we’ve been seeing over a 3 percent real GDP growth in the Colorado region, which is one of the best among the states,” Salvetti said. “Colorado has been kind of sustaining this growth for some time now, and they’re bringing in lots of talent from other places, especially the East Coast and sort of Silicon Valley areas, just because those places are so overcrowded and overpriced, and Colorado is still a growing community compared to those areas.”

A state’s overall ranking stems from weighted results in eight categories: Health care and education each get 16 percent of the score, followed by 14 percent for the economy, 13 percent for opportunity, 12 percent for infrastructure, 11 percent for crime and corrections, 10 percent for fiscal stability and 8 percent for quality of life.

Iowa, known for its farmland and plains, took first place overall, boasting a No. 1 ranking in infrastructure.

“Iowa truly is a place where if you work hard, dream big, anything is possible,” Iowa Gov. Kim Reynolds said Tuesday.

Colorado’s results were:

Economy: No. 1Health care: No. 9Quality of life: No. 10Infrastructure: No. 14Education: No. 20Opportunity: No. 28Crime and corrections: No. 29Fiscal stability: No. 31“While its geographic diversity and natural resources have been an economic boon as well as a draw for tourism, the state’s government has made efforts to diversify the economy over the past decades,” a U.S. News description says in part. “Whether tourists come to the state as skiers flocking to Aspen and Vail, outdoor enthusiasts traveling through the Rocky Mountains or the Great Plains or fans of the rapidly developing pot tourism industry, the state’s investments have paid off.”

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