While heads of state gathered to discuss the global economy at World Economic Forum in Davos, Switzerland, University of Colorado economists and other nationally recognized experts gathered in Boulder to discuss economic conditions closer to home.
Organized by the Boulder Chamber, the Boulder Economic Forecast is an annual gathering that evaluates the local economy and business outlook. The verdict for 2025: economic growth is likely to continue to slow this year, but a recession does not appear to be on the horizon.
University of Colorado senior economist Richard Wobbekind, a keynote speaker at the event, acknowledged that confidence among business owners has dropped recently, as reflected in the CU Leeds Business Confidence Index (LBCI). He also pointed out that Colorado has slipped
in national rankings due in part to a weak residential and commercial construction sector. Colorado has not seen the same surge in construction of manufacturing facilities as other states that were spurred by the 2022 CHIPS and Science Act. Wobbekind also believes Colorado’s lack of available water and power assets might be a contributing factor.
But while confidence in the local economy has stumbled recently, the economists noted that Colorado has had a great story to tell for decades. According to the 60th annual Colorado Business Economic Outlook report, from 2008 to 2023, Colorado ranked 5th in the country for fastest-growing GDP and employment, 6th for fastest population and labor force growth, 3rd for personal income and per capita personal income growth, and 1st in home-price appreciation.
For Boulder and surrounding areas, growth may be slowing in 2025. But with underpinnings in aerospace, biotech, advanced manufacturing, and venture capital, the Boulder region and local economy continue to inspire confidence for businesses and homeowners for the long haul.