Economic Forecast Shows Strong Economic Growth in Colorado

DENVER - Today, the Governor’s Office of State Planning and Budget released its quarterly economic forecast which showed a continued strong Colorado economy. 

“Colorado’s economic strength is showing. To continue to boost growth, we will work to connect Coloradans with jobs, cut costs on housing, healthcare, taxes, and more,” said Governor Jared Polis. 

OSPB has revised up its economic growth expectations from the March forecast as near-term spending remains more resilient than previously expected in 2024, particularly with regard to services consumption. The labor market also remains strong, though job growth is slowing in the U.S. and the gap between the number of job openings and the number of unemployed individuals continues its downward trend. Finally, Colorado’s inflation rate is now below the nation’s. 

In FY 2023-24, TABOR refunds are expected to total $1,446.8 million, largely due to elevated individual income refunds. General Fund revenue is revised down $528.6 million in FY 2023-24. Cash funds are expected to shrink by 1.1 percent in FY 2023-24 and then increase 5.9 percent in FY 2024-25. Compared with the March forecast, cash funds are revised down $38.2 million and $16.8 million in FY 2023-24 and FY 2024-25 respectively. 

View the forecast, slides, and supplemental materials. 

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