Key Facts
- Per Capita Real GDP
- $40,805 Rank: 11/50 (2007)
- Population
- 4,939,460 Rank: 22/50 (2008)
- Per Capita Personal Income
- $39,186 Rank: 8/50 (2006)
- Unemployment Rate
- 4.20% Rank: 19/50 (2008)
- Business Tax Climate Index
- Rank: 13/50 (2008)
State Map
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Colorado: Introduction
Colorado is located in the western United States and is closely associated with the Rocky Mountains, which run through the state. After the discovery of gold in California, prospectors began searching for gold in other areas, including Colorado. When it was finally discovered in present day Englewood, a gold rush created an influx of 50,000 people in 1858-59. It was not for another 17 years that Colorado was admitted as the 38th state of the union.
Today, Colorado has moved away from its mining roots and currently boasts a diversified economy. Manufacturing, finance, and tourism now make up the core of Colorado’s economy. While manufacturing in Colorado is still based on the processing of local raw materials, technology dependent light manufacturing is also prevalent. Notably, the brewing of beer is one of the leading employers of Colorado.
Tourism is the leading component of the state's service sector. Skiing continues to be the state’s most visible and important tourist activity, generating $10 billion annually. Old mining towns such as Aspen, Telluride, and Breckenridge have transformed into world-renown mountain resorts. Although these towns are unlikely to revert to their mining days, other parts of Colorado may witness a resurgence of mining. Colorado has vast reserves of oil shale, which is costly to extract. However, rising fuel prices are making the financial viability of extraction increasingly viable.
