Colorado's entering a "new era of austerity"
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Population growth is flat. Job growth is slowing. Real estate values are steady. Sales tax collections are falling.
Why it matters: Welcome to "the new era of austerity" in Colorado.
State of play: This is the situation Colorado pollster Floyd Ciruli recently described to metro mayors who are wondering what happened to the boom times.
- To make matters worse, the stalled economic picture comes as costs continue to escalate and federal dollars are vanishing.
What he's saying: "The new era will require shifting priorities, including increasing the focus on the economy and directing government's attention to small business, job creation and the cost of living," Ciruli says.
Flashback: From 2010 to 2020, the metro area population increased by nearly 15%, Ciruli says.
- And the pandemic brought a giant chest of federal dollars that buoyed state and local budgets.
The latest: Now that's all gone. And this is not a one- or two-year blip, but a pattern that began in 2023 and persists.
- The state is facing a $1 billion budget shortfall, and local governments are likewise tightening their belts.
Stunning stat: From 2020 to 2023, only one of the seven Denver metro counties saw significant growth: Douglas County.
- Other counties remained below 4% and two — Boulder and Jefferson — saw more people move out than in.
What we're watching: The economy is a key factor to track into the future.
- Unemployment continues to tick northward and December's 4.4% rate is the highest since November 2021.
- The private sector is shedding jobs — 6,600 since October.