Latest ColoradoCast shows slower economic growth than previous forecasts

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The third quarter ColoradoCast shows the state’s economy continuing to sustain modest growth, albeit at a slightly slower rate than previous forecasts. 

This latest report from Colorado Futures Center at Colorado State University was released  Friday morning. 

As with the recent releases, the national indicators — particularly equity market performance — are significant in the outlook. Locally, housing prices again emerged as a significant driver; though housing is signaling a potential slowdown in Colorado. 

“The data revisions incorporated into this update provided us with the opportunity to reassess the model and the result of that reassessment was still a forecast for continued growth in the Colorado economy,” said Phyllis Resnick, the executive director and lead economist for the Colorado Futures Center. “That gives us increased confidence in the ability of Colorado to sustain growth through the first part of 2025.” 

Nevertheless, Resnick said the end of 2024 carries increased political, policy and geopolitical risk and some national drivers are softening, although not in a way that signals imminent danger. Household debt has begun to increase again, and while delinquencies have not, the increased debt load could ultimately slow consumption.  

However, Colorado retail sales and unemployment claims most recently showed slight improvement.  

The next ColoradoCast is scheduled for late November 2024 and will incorporate the labor market performance from the most recent monthly jobs reports.  

The current report is available on the ColoradoCast page of the Colorado Futures Center website.