World Finance

World Finance

April 05, 2017 10:15 ET

Colorado - the US's top economy

LONDON, ENGLAND--(Marketwired - April 5, 2017) - The US economy has made a strong start to 2017. In January alone, over 227,000 new jobs were created nationwide, far exceeding analyst predictions. With the stock market booming and unemployment continuing to fall, the US appears to be finally emerging from its Great Recession.

As the US enjoys this much-anticipated economic upswing, certain states can be personally credited with driving growth. Famously home to the breath-taking Rocky Mountains, the dramatic Black Canyon and a network of pristine National Parks, the state of Colorado is making a big name for itself as a thriving innovation hub. Ranking among the top five US states for entrepreneurship and innovation, Colorado has seen an influx of top tech talent as of late, thereby bolstering a growing community of start-ups based within the state.

According to US News, Colorado is now the nation's top economy, thanks to its strong performance in the areas of growth, employment and business development. Along with its flourishing tech scene, Colorado boasts a diverse range of profitable industries, from cyber-security to a $4.6bn clean energy industry. With such lucrative businesses delivering strong statewide economic growth, Colorado's 2017 outlook certainly looks bright.

The state's unemployment rate is now at its lowest level since 2001, following a strong hiring wave in the first three months of the year. While unemployment rates across the state are consistently below the national average, Colorado's urban Front Range areas also have the lowest levels of joblessness in the country.

When it comes to R&D, meanwhile, the state enjoys a steady stream of federal funding. Last year, Colorado's 22 federally funded laboratories contributed an incredible $2.6bn to the state's economy, supporting more than 17,600 jobs in the research sector. This flood of federal funding is expected to continue long into 2017 and beyond, further solidifying Colorado's new status as a national centre for R&D and innovation.

To find out more about Colorado's impressive economic boom, be sure to pick up a copy of the next World Finance magazine, available online and in print soon.

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