2012beof-111206092256-phpapp02 - FORTY-SEVENTH ANNUAL...

F O R T Y - S E V E N T H A N N U A L
C O L O R A D O
BU S I N E S S E C O N O M I C
O U T L O O K
2 0 1 2

F O R T Y- S E V E N T H A N N U A L
COLORADO
BUSINESS ECONOMIC
OUTLOOK
2012
Sponsored by the University of Colorado Boulder, Leeds School of Business

Price per copy: $75.00
Additional copies may be ordered from:
Business Research Division
University of Colorado Boulder
420 UCB
Boulder, CO 80309-0420
303-492-8227
leeds.colorado.edu/brd
ISBN 978-0-89478-019-0
Copyright 2011 by the
Business Research Division
Leeds School of Business
University of Colorado Boulder
Boulder, CO 80309-0420
Material contained within the accompanying tables is in the public domain and, with
appropriate credit, may be reproduced without permission. Please reference,
“Business Research Division, Leeds School of Business, University of Colorado Boulder.”
Photo on page 15 courtesy of Molly Witzel. Other photos by University of Colorado.
Printed on recycled paper.
(FSC mark here.)

Introduction .................................................................................................... 2
Colorado Then and Now ............................................................................... 4
U.S. Economic Outlook .................................................................................. 6
Colorado Economic, Employment, and Population Outlook ..................... 8
Agriculture ......................................................................................... 14
Mining and Logging .......................................................................... 20
Construction ...................................................................................... 29
Manufacturing ................................................................................... 34
Trade, Transportation, and Utilities ................................................. 40
Information ........................................................................................ 48
Financial Activities ............................................................................. 55
Professional and Business Services ................................................... 68
Education and Health Services ......................................................... 74
Leisure and Hospitality ..................................................................... 83
Other Services .................................................................................... 92
Government ....................................................................................... 94
International Trade ............................................................................ 99
Summary ............................................................................................ 108
Around the Region ............................................................................ 110
From Around the State:
Boulder County ................................................................... 112
La Plata County ................................................................... 114
Mesa County ........................................................................ 115
Northern Colorado .............................................................. 116
Pueblo County ..................................................................... 117
Southern Colorado .............................................................. 119
Steering Committee Members ....................................................................... 122
Estimating Groups .......................................................................................... 122
Table of Contents

2012 Colorado Business Economic Outlook
2
T
he Business Research
Division (BRD) in the
Leeds School of Business is
proud to present our 47th
annual Colorado Business
Economic Outlook. The
2012 Colorado outlook is a
product of partnerships that
rely on research conducted
by our students and staff, and
members of the public and private sectors.
This forecast analyzes changes that have taken
place in all economic sectors during the past year,
and looks at the opportunities and challenges that
will shape the changes in our population, employ-
ment, and overall economy for the coming year.
The information in this book is initially presented
at the forty-seventh annual Colorado Business
Economic Outlook Forum in Denver, followed by
approximately 50 forecast speeches that are held
throughout the state during the year, ranging from
presentations to industry associations and non-
profit organizations to the Federal Reserve Bank of
Kansas City.
Methodology
We are fortunate to have approximately 100 indi-
viduals from business, education, and government
who serve on 13 sector estimating groups. These
groups convene at a kickoff meeting in September,
where members discuss trends and issues that
are likely to affect economic growth during the
upcoming year. During the second half of Sep-
tember and into October, the committees apply
this information to their industry. From this series
of meetings, the sector write-ups and forecasts
are prepared and submitted to the BRD in early