The Governor’s Office of State Planning and Budgeting (OSPB) released its quarterly economic forecast recently showing Colorado’s strong economy continues experiencing steady growth.
“Colorado continues to have one of the strongest economies in the country as well as one of the lowest unemployment rates,” said Governor Jared Polis. “We want to build on our economic strength by continuing to create more housing that Coloradans can afford, strengthening our workforce through expanded training and education opportunities, and saving people money.”
OSPB’s economic forecast projected an increase in economic growth expectations from the September forecast due to a rebound of consumption and investment in 2023. Disposable income is positive and outpacing pre-pandemic growth. The economy is expected to avoid a contraction as consumer demand holds firm, in large part due to services spending and increased non-residential investments.
The OSPB General Fund revenue is revised up $247.3 million in FY 2023-24 and down $78.1 million in FY 2024-25. General Fund revenue is expected to grow 4.6 percent to $19.1 billion in FY 2025-26 due to stable growth in income and sales revenue as the economy grows.