the economy of Colorado
Ideally, the economy of Colorado has transformed over the years, hence overcoming the old notions about the West in the United States. In recent years, Colorado’s economic base emanates from traditional industries such as the federal government, mining, manufacturing, and agribusiness (Binnings). Colorado also plays a huge role in hosting the national and regional service centers, which are linked to industries such as real estate, insurance, transportation and trade, and professional services and business (Mitchell and Terrel). Surprisingly, from the old notion that Colorado was a town filled with cowboys whose main economic state was driven by agriculture, it has become diversified in various economic activities that have boosted growth in the area.
From an economic analysis in 2015, Colorado’s economy has become more oriented to real estate, the military, which involves technical, scientific, and professional services and mining (Donaldson and Richard 830). For this reason, there has been a change in the aspect of employment over time. For instance, in the last five decades, Colorado encountered a significant growth rate in salary and wage growth, owing to 87% and 79% faster growth rate compared to the US. To break it down, the main changes in Colorado’s economy can be classified into three wide areas, which include solid growth, volatile areas, and strong growth. In terms of solid growth, industries are either government entities or trade-related. Strong growth is related to healthcare, business, and professional sectors (Cannon 112). The volatile industries include employment services, manufacturing, and mining, whereby growth can vary annually.
Consequently, Colorado’s old notion as a cowboy town has changed in terms of economic state and growth (Stam and Ben 13). It goes without saying that the state has a huge potential for economic growth based on technology and business services. However, the state’s traditional industries should not be overlooked as they were once the backbone of the economy, although they have become redundant over time. Thus, Colorado’s old notions have changed due to the new trends and growth in the economy over the years.