We are often asked if Colorado’s market will experience a slow down any time soon. While we cannot predict the market, there are several reasons as to why Colorado’s business is booming and, for the time being, showing little to no signs of losing steam in the immediate future.
Placing eighth in “Best State for Business” for 2018, Colorado moved up five places from from 2017. And to the surprise of no one, Colorado was also ranked at first for best living environment. But in a new look-Colorado, our state placed tenth for best workforce quality. Let’s dive into that more…
Colorado is becoming one of the leading areas for digital business and healthtech, with companies like Recondo Technology, Lockheed Martin, and Davita Healthcare at the forefront of innovation.
The state’s massive efforts to diversify the economy is visibly seen in Colorado’s “health innovation ecosystem” which is composed of regional cluster of startups, tech companies, and major health organizations dedicated to using digital technology to transform the delivery of care by driving down costs, improving quality, and improving the care experience for both patients and practices. For example, Sopris Health released smartphone and smartwatch apps that produce written reports for a patient’s medical record, orders for lab work, and treatment recommendations by transcribing doctors visits from audio files.
The strength of Colorado’s economy is also seen in the unemployment rate — averaging at an impressive 2.9% — a full two points below the nation’s average of 4.9%.
With many outdoor activities and beautiful landscapes, Colorado has attracted many people — including entrepreneurs — in recent years. Amazon Q2 or not, we’re confident Colorado’s market will only continue to thrive.
Additional Resources: Denver Business Journal