Economic Forecast Shows Strong Economic Growth in Colorado

DENVER ~ In Denver, the Governor's Office of State Planning and Budget has released its quarterly economic forecast, revealing a strong economy in Colorado. Governor Jared Polis expressed his satisfaction with the state's economic strength and plans to continue boosting growth by connecting Coloradans with job opportunities and reducing costs in areas such as housing, healthcare, and taxes.

The OSPB has revised its expectations for economic growth from the previous forecast in March. This is due to the resilience of near-term spending, particularly in services consumption. The labor market also remains robust, although job growth is slowing in the United States. Additionally, there has been a downward trend in the gap between job openings and unemployed individuals. Furthermore, Colorado's inflation rate is now lower than the national average.

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According to the forecast, TABOR refunds are expected to reach $1,446.8 million in FY 2023-24, mainly due to increased individual income refunds. However, there has been a revision of $528.6 million down for general fund revenue in FY 2023-24. Cash funds are also expected to decrease by 1.1 percent in FY 2023-24 before increasing by 5.9 percent in FY 2024-25. This is a decrease of $38.2 million and $16.8 million compared to the March forecast for FY 2023-24 and FY 2024-25 respectively.

The full forecast report, slides, and supplemental materials can be viewed by the public for further information on Colorado's economy.

Filed Under: Government, State

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