Monthly Economic Indicators

The BEA released their advanced report for Q3 2023 GDP, reporting an annualized growth rate of 4.9 percent. The increase was driven by increases in consumer spending, residential investment, government spending and exports. The last time the U.S. GDP rose at 4.9 percent or higher was Q3 2014. The United States’ economy has consistently overperformed relative to expectations in 2023. In January, the IMF forecast an annual growth rate of 1.4 percent, which the U.S. economy has outperformed each quarter so far this year.

Through the first three quarters of 2023, new housing permits are down 22.1 percent from 2022 levels. Fewer than 16,000 permits have been approved through the end of September, down from more than 20,000 last year. According to a report by Up for Growth, Colorado’s housing stock is already short by more than 100,000 units, and more construction activity is needed to meet the current and future demand for housing.

Visitors to Red Rocks Amphitheater pumped $717 million in economic output into Colorado’s economy in 2022 according to a new report from BBC Research & Consulting. Overall, the venue employed 1,500 people during the season and generated more than $20 million in lodging and sales tax revenue. In 2022, the world-famous venue hosted approximately 1.6 million visitors, 532,000 of whom came from out of state.