Sixth edition of Toward a More Competitive Colorado released
Annual benchmark study examines competitive factors related to economic growth
In the sixth edition of Toward a More Competitive Colorado, the Metro Denver Economic Development Corporation (Metro Denver EDC) released its annual benchmarking of Colorado's strengths, challenges, and opportunities for future job growth.
First published in 2005, Toward a More Competitive Colorado is the foremost effort to compare Colorado's competitive position against the other 49 states.
"Our findings in this latest edition show that Colorado continues its trend toward becoming a weaker competitor for new jobs and investments," explained Patty Silverstein, chief economist for the Metro Denver EDC and author of the report. "In many respects, the state continues to live off of the investments it made in the past."
Data from the report illustrates that Colorado has moved from a "middle-level" tax state to a "low level" tax state. Tax increases by voters have been approved at the local level (eighth-highest local tax revenue per capita) while the state's coffers continue to further deplete (10th-lowest state tax revenue per capita).
"Colorado voters have created an economy focused on 'place-making' to develop amenities like bike trails, parks, and residential services. This focus supersedes; however, supporting the building blocks or pillars of our economy: an educated workforce; a safe, multimodal transportation system; and quality, affordable healthcare," said Tom Clark, executive vice president of the Metro Denver EDC.
Highlights from the sixth edition report:
Strengths:
- Second in the country for economic outlook
- Second for adults with a bachelor's degree
- Fourth-highest population growth
- Nation's lowest obesity rate and No. 2 for fewest retail prescription drug refills
Colorado ranks highly in key innovation measures:
- No. 2 for Small Business Innovation Research (SBIR) grants
- No. 3 for venture capital investments
- No. 3 for high-tech employment
- No. 10 for patents granted
Colorado's cleantech economy is advancing:
- Sixth in clean energy employment; ninth in clean energy job growth
- Seventh in wind energy generation; sixth in solar operations
Challenges:
- No. 44 for federal highway funding per capita (2006-2009)
- Transportation funding represented just 5.3 percent of the state's budget in 2010 (12.7 percent 30 years ago)
Colorado struggles in key K-12 and higher education indicators:
- Third-lowest in Pre-K resources
- Ranked 22nd lowest for K-12 expenditures
- No. 26 in public school eighth grade students proficient in reading
- Tenth-highest in student/teacher ratio
- Ranks 32nd for high school graduates entering in-state colleges and universities
- Places near the bottom of the 50 states in higher education support, ranking 48th in both public support per full-time student and public support per capita
- Fourth-lowest in the country for export dollars per capita
The report summarizes that for Colorado to continue its position as a state for innovation, opportunity, and investment, significant changes in public policy and a new vision of prosperity must be embraced within the state.
"We must realize that the longer-term, strategic expenditures for state infrastructure, strong research universities, and well-educated workers cannot be passed over by citizens," Clark said.
Download the report at www.metrodenver.org/TMCC.