Editing Colorado (section)

== Economy ==
{{Main|Economy of Colorado}}
[[File:Denver CO DT WTC AMH 322.JPG|thumb|upright|right|Denver Energy Center lies in the Denver financial district along 17th Street, known as the "[[Wall Street of the West]]"]]
[[File:Corn production in Colorado.jpg|thumb|[[Maize|Corn]] growing in [[Larimer County, Colorado|Larimer County]]]]

In 2019 the total employment was 2,473,192. The number of employer establishments is 174,258.<ref>{{cite web |url=https://www.census.gov/quickfacts/CO |url-status=dead |title=Quickfacts: Colorado |publisher=United States Census Bureau |archive-url=https://web.archive.org/web/20210726213943/https://www.census.gov/quickfacts/CO |archive-date=July 26, 2021 |access-date=September 20, 2021}}</ref>

The Colorado [[GDP]] in 2024 was $553,323,000,000.<ref>{{cite web|url=https://www.bea.gov/iTable/drilldown.cfm?reqid=70&stepnum=11&AreaTypeKeyGdp=5&GeoFipsGdp=XX&ClassKeyGdp=NAICS&ComponentKey=200&IndustryKey=1&YearGdp=2015Q2&YearGdpBegin=-1&YearGdpEnd=-1&UnitOfMeasureKeyGdp=Levels&RankKeyGdp=1&Drill=1&nRange=5|title=Bureau of Economic Analysis|first=US Department of Commerce, BEA, Bureau of Economic|last=Analysis|website=www.bea.gov|access-date=April 24, 2018|archive-url=https://web.archive.org/web/20171230100702/https://www.bea.gov/iTable/drilldown.cfm?reqid=70&stepnum=11&AreaTypeKeyGdp=5&GeoFipsGdp=XX&ClassKeyGdp=NAICS&ComponentKey=200&IndustryKey=1&YearGdp=2015Q2&YearGdpBegin=-1&YearGdpEnd=-1&UnitOfMeasureKeyGdp=Levels&RankKeyGdp=1&Drill=1&nRange=5|archive-date=December 30, 2017|url-status=dead}}</ref> Median Annual Household Income in 2016 was $70,666, 8th in the nation.<ref>{{Cite news|url=https://www.kff.org/other/state-indicator/median-annual-income/?currentTimeframe=0&selectedDistributions=median-annual-household-income&sortModel=%7B%22colId%22:%22Median%20Annual%20Household%20Income%22,%22sort%22:%22desc%22%7D|title=Median Annual Household Income|date=September 22, 2017|work=The Henry J. Kaiser Family Foundation|access-date=October 11, 2018}}</ref> [[List of U.S. states by GDP per capita (nominal)|Per capita personal income]] in 2010 was $51,940, ranking Colorado 11th in the nation.<ref>{{cite web |url=https://www.bea.gov/newsreleases/regional/spi/2009/pdf/spi0309.pdf |title=References |access-date=July 30, 2010 |archive-url=https://web.archive.org/web/20100412133925/http://www.bea.gov/newsreleases/regional/spi/2009/pdf/spi0309.pdf |archive-date=April 12, 2010 |url-status=dead }}</ref> The state's economy broadened from its mid-19th-century roots in mining when irrigated agriculture developed, and by the late 19th century, raising livestock had become important. Early industry was based on the extraction and processing of minerals and agricultural products. Current agricultural products are cattle, wheat, [[dairy product]]s, [[maize|corn]], and [[hay]].

The [[Federal government of the United States|federal government]] operates several federal facilities in the state, including [[NORAD]] (North American Aerospace Defense Command), [[United States Air Force Academy]], Schriever Air Force Base located approximately {{convert|10|mi|km|abbr=off|sp=us}} east of [[Peterson Air Force Base]], and [[Fort Carson]], both located in [[Colorado Springs, Colorado|Colorado Springs]] within El Paso County; [[NOAA]], the National Renewable Energy Laboratory ([[NREL]]) in Golden, and the [[National Institute of Standards and Technology]] in [[Boulder, Colorado|Boulder]]; [[U.S. Geological Survey]] and other government agencies at the [[Denver Federal Center]] near [[Lakewood, Colorado|Lakewood]]; the [[Denver Mint]], [[Buckley Space Force Base]], the [[United States Court of Appeals for the Tenth Circuit|Tenth Circuit Court of Appeals]], and the [[Byron G. Rogers Federal Building and United States Courthouse]] in Denver; and a federal [[ADX Florence|Supermax Prison]] and other federal prisons near [[Cañon City, Colorado|Cañon City]]. In addition to these and other [[Independent Agencies of the United States Government|federal agencies]], Colorado has abundant [[United States National Forest|National Forest]] land and four [[List of National Parks of the United States|National Parks]] that contribute to federal ownership of {{convert|24615788|acre|km2|0}} of land in Colorado, or 37% of the total area of the state.<ref>{{cite web |url=http://www.ag.state.co.us/resource/documents/TotalCOLandOwnership.xls |title=Colorado Land Ownership by County (acres) |date=January 1997 |first=Tony |last=Frank |format=Excel |publisher=Colorado Department of Agriculture |access-date=July 15, 2007 |archive-url=https://web.archive.org/web/20060116094720/http://www.ag.state.co.us/resource/colorado_land_ownership.html |archive-date=January 16, 2006 |url-status=dead }}</ref>

In the second half of the 20th century, the industrial and service sectors expanded greatly. The state's economy is diversified and is notable for its concentration on scientific research and high-technology industries. Other industries include [[food processing]], transportation equipment, [[Mechanical engineering|machinery]], [[chemical engineering|chemical products]], the extraction of metals such as gold (see [[Gold mining in Colorado]]), silver, and [[molybdenum]]. Colorado now also has the largest annual production of beer in any state.<ref>{{cite web|url=http://www.rockymountainnews.com/news/2007/nov/24/reuteman-colorado-rides-on-fat-tire-to-beer/ |title=Colorado rides on Fat Tire to beer heights |publisher=Rockymountainnews.com |date=November 24, 2007 |access-date=June 5, 2011}}</ref> Denver is an important financial center.

The state's diverse [[Geography of Colorado|geography]] and majestic mountains attract millions of tourists every year, including 85.2&nbsp;million in 2018. Tourism contributes greatly to Colorado's economy, with tourists generating $22.3 billion in 2018.<ref>{{Cite web|url=https://www.colorado.com/news/colorado-tourism-sets-all-time-visitor-spending-record-2018|title=News Release: Colorado Tourism Sets All-time Visitor Spending Record in 2018 |publisher= Colorado.com |access-date=April 13, 2020}}</ref>

Several nationally known brand names have originated in Colorado factories and laboratories. From [[Denver#Economy|Denver]] came the forerunner of telecommunications giant [[Qwest Corporation|Qwest]] in 1879, [[Samsonite]] luggage in 1910, [[Gates Corporation|Gates]] belts and hoses in 1911, and [[Russell Stover Candies]] in 1923. Kuner canned vegetables began in [[Brighton, Colorado|Brighton]] in 1864. From [[Golden, Colorado|Golden]] came [[Coors Brewing Company|Coors]] beer in 1873, [[CoorsTek]] industrial ceramics in 1920, and [[Jolly Rancher]] candy in 1949. [[Colorado Fuel and Iron|CF&I]] railroad rails, wire, nails, and pipe debuted in [[Pueblo, Colorado|Pueblo]] in 1892. [[Imperial Sugar|Holly Sugar]] was first milled from beets in [[Holly, Colorado|Holly]] in 1905, and later moved its headquarters to Colorado Springs. The present-day [[Swift & Company|Swift]] packed meat of [[Greeley, Colorado|Greeley]] evolved from Monfort of Colorado, Inc., established in 1930. [[Estes Industries|Estes]] model rockets were launched in [[Penrose, Colorado|Penrose]] in 1958. [[Fort Collins, Colorado|Fort Collins]] has been the home of [[Woodward Governor Company]]'s motor controllers (governors) since 1870, and [[Oral irrigator|Waterpik]] dental water jets and showerheads since 1962. [[Celestial Seasonings]] herbal teas have been made in [[Boulder, Colorado|Boulder]] since 1969. [[Rocky Mountain Chocolate Factory]] made its first candy in [[Durango, Colorado|Durango]] in 1981.

Colorado has a flat 4.63% [[income tax]], regardless of income level. On 3 November 2020 voters authorized an initiative to lower that income tax rate to 4.55 percent. Unlike most states, which calculate taxes based on federal ''adjusted gross income'', Colorado taxes are based on ''taxable income''—income after federal exemptions and federal itemized (or standard) deductions.<ref>Colorado individual income tax return (2005) [http://www.revenue.state.co.us/PDF/05104f.pdf Revenue.state.co.us] {{webarchive |url=https://web.archive.org/web/20081217015546/http://www.revenue.state.co.us/PDF/05104f.pdf |date=December 17, 2008 }}. Retrieved September 26, 2006.</ref><ref>U.S. Individual Income Tax Return (2005) [https://www.irs.gov/pub/irs-pdf/f1040.pdf#search=%22form%201040%20site%3Airs.gov%22 online copy]. Retrieved September 26, 2006.</ref> Colorado's state [[sales tax]] is 2.9% on retail sales. When state revenues exceed state constitutional limits, according to Colorado's [[Taxpayer Bill of Rights]] legislation, full-year Colorado residents can claim a sales tax refund on their individual state income tax return. Many counties and cities charge their own rates, in addition to the base state rate. There are also certain county and special district taxes that may apply.

Real estate and personal business property are taxable in Colorado. The state's senior property tax exemption was temporarily suspended by the Colorado Legislature in 2003. The tax break was scheduled to return for the assessment year 2006, payable in 2007.

{{as of|2018|December}}, the state's unemployment rate was 4.2%.<ref>{{cite web|url=http://www.bls.gov/lau/ |title=Local Area Unemployment Statistics Home Page |website=Bls.gov |access-date=February 4, 2019}}</ref>

The West Virginia teachers' strike in 2018 inspired [[2018–19 education workers' strikes in the United States|teachers in other states]], including [[2018 Colorado teachers' strike|Colorado]], to take similar action.<ref>{{cite news|title=Inspired by West Virginia Strike, Teachers in Oklahoma and Kentucky Plan Walk Out|url=http://ktla.com/2018/04/02/inspired-by-west-virginia-strike-teachers-in-oklahoma-and-kentucky-plan-walk-out/|agency=[[KTLA]]|date=April 2, 2018|access-date=September 4, 2019|archive-date=August 12, 2019|archive-url=https://web.archive.org/web/20190812154057/https://ktla.com/2018/04/02/inspired-by-west-virginia-strike-teachers-in-oklahoma-and-kentucky-plan-walk-out/|url-status=dead}}</ref>

=== Agriculture ===
[[Corn]] is grown in the [[Eastern Plains]] of Colorado. Arid conditions and drought negatively impacted yields in 2020<ref>{{cite news|title=For first time in 8 years, 100% of Colorado is under drought or abnormally dry conditions |url=https://www.denverpost.com/2020/08/07/colorado-drought-climate-change/|publisher=The Denver Post|date=August 6, 2020}}</ref> and 2022.<ref>{{cite news|title=Big rainstorms come too late for Colorado farmers whose crop has already died|url=https://www.9news.com/article/news/local/big-rainstorms-too-late-for-colorado-farmers-whose-crop-has-already-died/73-70538659-cd1e-4869-979e-8f41d1c4f127| publisher=KUSA |date=17 August 2022}}</ref>

=== Natural resources ===
[[File:Grand Junction Trip 92007 131.JPG|thumb|An [[oil well]] in western Colorado]]

Colorado has significant [[hydrocarbon]] resources. According to the [[Energy Information Administration]], Colorado hosts seven of the largest natural gas fields in the United States, and two of the largest [[oil field]]s. Conventional and unconventional natural gas output from several Colorado basins typically accounts for more than five percent of annual U.S. natural gas production. Colorado's [[oil shale]] deposits hold an estimated {{convert|1|Toilbbl|km3}} of oil—nearly as much oil as the entire world's proven oil reserves.<ref>
{{cite web |url=http://tonto.eia.doe.gov/state/state_energy_profiles.cfm?sid=CO |title=EIA State Energy Profiles: Colorado |date=June 12, 2008 |access-date=June 24, 2008 |archive-url=https://web.archive.org/web/20080516020504/http://tonto.eia.doe.gov/state/state_energy_profiles.cfm?sid=CO |archive-date=May 16, 2008 |url-status=dead }}</ref> Substantial deposits of [[bituminous coal|bituminous]], [[sub-bituminous coal|subbituminous]], and [[lignite]] coal are found in the state.

[[Uranium mining in Colorado]] goes back to 1872, when pitchblende ore was taken from gold mines near Central City, Colorado. Not counting byproduct uranium from [[phosphate]], Colorado is considered to have the third-largest uranium reserves of any U.S. state, behind Wyoming and New Mexico. When Colorado and Utah dominated [[radium]] mining from 1910 to 1922, uranium and [[vanadium]] were the byproducts (giving towns like present-day [[Superfund site]] [[Uravan, Colorado|Uravan]] their names).<ref>Robert J. Wright and Donald L. Everhart (1960) Uranium, in Mineral Resources of Colorado First Sequel, State of Colorado Mineral Resources Board, pp. 330–331.</ref> Uranium price increases from 2001 to 2007 prompted several companies to revive uranium mining in Colorado. During the 1940s certain communities–including [[Naturita, Colorado|Naturita]] and [[Paradox, Colorado|Paradox]]–earned the moniker of "[[yellowcake]] towns" from their relationship with uranium mining. Price drops and financing problems in late 2008 forced these companies to cancel or scale back the uranium-mining project. As of 2016, there were no major uranium mining operations in the state, though plans existed to restart production.<ref>{{cite encyclopedia|url=https://coloradoencyclopedia.org/article/uranium-mining|title=Uranium Mining|encyclopedia=Colorado Encyclopedia|last=Conway|first=Bernard|date=March 31, 2016|access-date=March 1, 2021}}</ref>

===Electricity generation===
{{See also|List of power stations in Colorado}}

Colorado's high Rocky Mountain ridges and eastern plains offer [[Wind power in Colorado|wind power]] potential, and geologic activity in the mountain areas provides the potential for [[Geothermal energy in the United States|geothermal power]] development. Much of the state is sunny and could produce [[Solar power in Colorado|solar power]]. Major rivers flowing from the Rocky Mountains offer [[List of dams and reservoirs in Colorado|hydroelectric power]] resources.