Friday, February 22, 2013

BEA: GDP grew in all Colorado metros in 2011

According to new GDP data for Colorado metro areas, released today by the BEA, all metro areas in Colorado showed positive GDP growth during 2011.

The GDP report, which reports on 366 metro areas in the United States, ranked Colorado's metro areas against the others.

According to the report, Colorado's metro areas were ranked (according to total 2011 GDP) as:
Boulder 111th
Colorado Springs 86th
Denver-Aurora-Broomfield 18th
Ft. Collins-Loveland 159th
Grand Junction 275th
Greeley 213th
Pueblo 308th

From 2010 to 2011, per capita GDP growth is:
Boulder 2.1%
Colorado Springs 0.4%
Denver-Aurora-Broomfield 0.4%
Ft. Collins-Loveland 1.1%
Grand Junction 0.7%
Greeley 0.5%
Pueblo 1.3%

Over the ten years from 2002-2011, per capita GDP in the metros increased by the following amounts:
Boulder 18.3%
Colorado Springs 2.3
Denver-Aurora-Broomfield -0.2
Ft. Collins-Loveland 1.3
Grand Junction 5.1
Greeley -13.7
Pueblo -7.7

Basically, we're comparing Colorado metros in 2011 to the end of the dot-com boom. Not surprisingly then, those areas that had the most bubble-like growth during the dot-com days were still down a little bit in 2011 -per capita- from the situation that prevailed ten years earlier. The past decade has not been particularly strong in terms of growth compared to the late 90s.

From 2008 (the start of the recession) to 2011, per capita growth was also somewhat lackluster with the most growth showing up in the Boulder area (+2.3 percent) and with the largest declines showing up in Grand Junction where per cap GDP declined 8.9 percent.

Here are what year-over-year changes in per capita GDP look like: