Centennial State News

DENVER – The Governor’s Office of State Planning and Budgeting (OSPB) released its quarterly economic forecast today showing that Colorado’s robust labor market and strong consumer demand continue to power Colorado’s strong economy and is forecasted to continue to outpace the nation. 

“Colorado’s strong economy continues to outpace the nation as we build upon our ongoing work to save people money and connect hardworking Coloradans to in-demand jobs. With one of the lowest unemployment rates in the country, Colorado continues to be the best place to live, work, and do business,” said Gov. Polis. 

While nationally, growth is expected to slow in the second half of 2023,  Colorado is expected to fare better than the nation due to Colorado’s tighter-than-average labor market and a higher proportion of service spending that helps to shield Colorado’s strong economy.

General and cash fund growth in FY2022-2023 is expected to generate $3.5 billion in TABOR refunds. Revenue subject to TABOR is expected to remain above this cap through the duration of the forecast period. Revenue is projected to be $535.9 million and $1.3 billion above the cap in FY 2023-24 and FY 2024-25.

The General Fund ending balance is projected to be $295.5 million and $212.8 million above the statutory reserve level of 15 percent in FY 2022-23 and FY 2023-24 respectively. The statutory reserve remains at 15 percent of appropriations beyond FY 2023-24.

View the forecast, slides, and supplemental materials.

Original source can be found here.