Economy of Colorado
Corn production in Colorado
|
|
| Statistics | |
|---|---|
| GDP | $306,663 million |
|
GDP per capita
|
$48,730 |
|
Population below poverty line
|
13.7% |
| 0.453 | |
|
Labor force
|
2,819,800 |
| Unemployment | 3.0% |
| Public finances | |
| Revenues | $8,586 million (2010) |
| Expenses | $7,722 million |
The economy of the US state of Colorado according to The Bureau of Economic Analysis gross state product estimates for 2008 was $248.6 billion. The Colorado economy ranked 20th largest in the United States in 2008. Per capita personal income in 2003 was $34,561, putting Colorado 8th in the nation.
The state's economy broadened from its mid-19th century roots in mining when irrigated agriculture developed, and by the late 19th century, raising livestock had become important. Early industry was based on the extraction and processing of minerals and agricultural products. Current agricultural products are cattle, wheat, marijuana, dairy products, corn, and hay.
In the second half of the 20th century, the industrial and service sectors have expanded greatly. The state's economy is diversified and is notable for its concentration of scientific research and high-technology industries. Other industries include food processing, transportation equipment, machinery, chemical products, minerals such as gold and molybdenum, and tourism. Denver is an important financial center.
As of August 2013, Colorado had 53,800 nonmilitary federal employees, which made of 2.3 percent of the state’s total nonfarm employment, slightly above the national average of 2.0 percent. In addition, there were 37,285 active military in Colorado.
Before Colorado was a state, it was a federal prison territory. Today, the Federal Bureau of Prisons operates the Federal Correctional Complex, in Fremont County, which consists of several separate Federal prisons, including ADX Florence, the only supermax facility in the federal system, home to many convicted terrorists and other notorious criminals.
The North American Aerospace Defense Command (NORAD) and United States Air Force Academy are based in Colorado Springs; National Oceanic and Atmospheric Administration (NOAA), National Center for Atmospheric Research (NCAR) and the National Institute of Standards and Technology in Boulder; United States Geological Survey and other government agencies at the Denver Federal Center in Lakewood; the Denver Mint and United States Court of Appeals for the Tenth Circuit in Denver.
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