Colorado has become one of America's biggest boom states
Add Axios as your preferred source to
see more of our stories on Google.
Coloradans are far better off financially than they were 50 years ago, a new Urban Institute analysis finds.
Why it matters: The state's economic boom has helped lift incomes. But it's also fueled soaring housing costs, widening inequality and a growing gap between who can afford to live here and who can't.
By the numbers: Colorado's median household income has jumped 67% since 1970, after adjusting for inflation — more than double the national growth rate of 32%, per the report.
- That's a rise from $55,766 five decades ago to $92,911 in 2023.
Zoom out: The state's growth ranks second-highest in the nation, trailing only Utah (78%).
- Colorado now has the ninth-highest median household income among all 50 states.
What they're saying: "Income alone does not determine a family's prosperity, but it does offer a snapshot of economic growth," the D.C.-based think tank wrote.
Between the lines: Education is the single strongest factor tied to income growth, per the report.
- Another contributor: Immigrants. "This could be because immigration leads to economic growth, immigrants seek out growing areas, or both."
Zoom in: Bachelor's degree holders in Colorado increased 31% from 1970 to 2023, according to the Urban Institute.
- Its foreign-born population rose 7%.
The big picture: Income growth has surged in parts of the West, Mid-Atlantic and Northeast, while other regions have largely stagnated.
- New Hampshire (62%), California (61%), and Arizona (60%) round out the top growth states.
- Michigan (2.9%) saw the weakest gains.
- West Virginia was the only state where median household income fell, down 0.4%.