analysis of colorado and u.s. gross domestic product by

Colorado-based Business and Economic Research http://cber.co

Analysis of Colorado and U.S.

Gross Domestic Product by Sector 1997 Through 2013

Colorado-based Business and Economic Research

December 20, 2014

1


Overview of GDP Analysis 1997 to 2012 and 2007 to 2012

This analysis of U.S. and Colorado GDP includes the following:

• Purpose of Analysis

• Key Findings

• Historical GDP – Total, Private, and Government

• Historical GDP – Goods Producing Sectors (Agriculture, Mining, Construction, Manufacturing).

• Historical GDP – Trades (Wholesale and Retail), Transportation, Utilities and Tourism

• Historical GDP – Finance and Insurance and Real Estate, Rental and Leasing

• Historical GDP – Information and Professional Business Services

• Historical GDP – Education and Health Care and Other Services

• Key Findings

In each of these sections comparisons are made between the Colorado and U.S. GDP (Sum of States). The data is indexed on 1997 and 2009 for ease in comparison.

If addition information is needed about the definition of the sectors, refer to the U.S. Census website,

http://www.census.gov/eos/www/naics/.

Note: U.S. GDP (sum of the states) is slightly different from U.S. GDP. See the BEA website for clarification (www.bea.gov.)

http://www.census.gov/eos/www/naics/

http://www.bea.gov/


Key Findings

All industries are important to the economy for different reasons! Some may generate tax revenue for governments,

they may create jobs, or they might pay higher than average wages. Others may be lifestyle industries or they may

be strong producers of output. By comprehending how industries contribute to the economy, it is possible to

better understand how they relate to each other and how they cause an economy to expand or contract.

• Colorado’s GDP expanded more rapidly than the U.S.

from 1997 to 2013 and from 2009 to 2013.

• The goods producing sectors were responsible for 47%

of the growth in the state’s GDP for 2013.

• The extractive industries, a subset of the goods

producing sectors, were responsible for 31% of the

growth in the state’s GDP for 2013. The extractive

industries are a critical asset for the state.

• The annualized rate of growth of output for all TTU and

Tourism sectors was greater for Colorado than the U.S.

• Output in Colorado’s tourism industry is expanding at a

slightly faster rate than the U.S. This reflects a

competitive advantage the state has in this industry.

• The total percentage of Information and Professional

Business Services output was 21.3% for Colorado

compared to 16.8% for the U.S.

• The Information sector has played a key role in the

growth of the state’s high-tech cluster. Consolidations

and improved technology have diminished the number

of workers in the industry. Since 2009 the industry has

expanded at a slower rate than the U.S. It appears that

Colorado is losing the competitive advantage that it

once held in this industry.

• The Healthcare sector has been a source of strong job

and output growth since 1997.

3


Purpose

U.S. and Colorado GDP

The purpose of this analysis is to show the

importance of looking at Gross Domestic Product, or

output, as a metric for evaluating the strength,

growth, or performance of an industry or the

economy. This is accomplished by making

comparisons between the Colorado and U.S. GDP

(Sum of States) for the NAICS sectors. The data

sets are indexed on 1997 to show long term growth.

Short-term growth is indexed on 2009.

This analysis focuses on the sector output for the

U.S. and Colorado economies. For that reason, the

U.S. GDP is the sum of the GDP of all states. There

is a slight difference between this value and the

“headline” value calculated by BEA on a quarterly

basis for the U.S.

Employment and Output

A common way to evaluate the performance of an

industry or the economy is to measure changes in

employment. Usually the changes in employment

and output move in the same direction. In other

words, an increase in employment is accompanied

by an increase in output.

It is also possible for job growth and output to have

an inverse relationship. For example, jobs may

decrease while output increases. Over the past

decade increased manufacturing productivity has

resulted from technological changes. As a result,

output has increased while employment has been

flat or declined.

4


Historical GDP United States and Colorado

Total, Private, and Government Sectors

5


Historical Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

The following slides show the historical annualized change in GDP for Colorado and the U.S. from 1997 to 2013.

1997 to 2013

Colorado’s GDP grew at a greater rate than the U.S. GDP

from 1997 to 2013.

Colorado’s Private Sector GDP grew at a greater rate than

the U.S. Private Sector GDP from 1997 to 2013.

Colorado’s Government GDP grew at a similar rate to the

U.S. Government GDP from 1997 to 2013.

2009 to 2013

Colorado’s GDP and the U.S. GDP grew at similar rates

from 2009 to 2012. Colorado’s rate of growth was stronger

in 2013.

Colorado’s Private Sector GDP and the U.S. Private

Sector GDP grew at similar rates from 2009 to 2013.

Colorado’s rate of growth was stronger in 2013.

Colorado’s Government GDP grew at a much faster

annualized rate than the U.S. Government GDP from 2009

to 2013, primarily because of strong growth in 2013 at the

state level.

6


Total Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

108.4

118.0

129.7 134.5 137.1

141.7

148.8

161.2

169.2

177.9

185.5 180.7

186.8

193.8

202.8

214.3

105.6 112.4

119.7 123.6

127.7 133.9

142.8

152.3

161.2

168.5 171.2 167.6

173.9 180.5

188.8 195.4

100

110

120

130

140

150

160

170

180

190

200

210

220

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997

Index of Colorado vs. U.S.

Colorado

United States

Source: Bureau of Economic Analysis.


Total Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

103.4

107.3

112.2

118.6

103.7

107.7

112.7

116.6

100

102

104

106

108

110

112

114

116

118

120

122

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Private Sector Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

109.1

119.3

132.0 136.3 137.8

142.2

149.6

162.9

171.5

181.1

188.1 181.6

187.7

195.5

205.6

218.2

105.8 112.7

120.1 123.7

127.4 133.4

142.5

152.4

161.5

168.6 170.5 165.6

171.9

179.2

188.5

195.9

100

110

120

130

140

150

160

170

180

190

200

210

220

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Private Sector Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

103.4

107.7

113.2

120.1

103.8

108.2

113.8

118.3

100

102

104

106

108

110

112

114

116

118

120

122

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Government Sector Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 103.8

109.9 115.2

123.4

132.6 138.4

143.7

151.1 154.6

158.0

169.2 174.9

181.4 183.0 185.4

190.5

104.3 110.0

116.5

122.8

130.0

137.2

144.9

152.0

159.3

167.6

176.1 181.4

187.5 189.3 191.2 191.6

100

110

120

130

140

150

160

170

180

190

200

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Government Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

103.7

104.7

106.0

109.0

103.4

104.4

105.4 105.7

100

102

104

106

108

110

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Key Points

The following charts summarize the composition and changes in the GDP for these sectors:

1. The percentage of Private Sector and Government output was similar for the U.S. and

Colorado in 2013.

2. The percentage of the contribution of the Government Sector output was greater for

Colorado than the U.S.

3. The annualized rate of growth for output was stronger in Colorado (public and private) than

the U.S. This was the case for 1997 to 2013 and 2009 to 2013.

13


Percent of Total GDP 2013 Private and Government Sector

Private Sector,

$14.6, 87%

Government, $2.1, 13%

U.S. GDP - $16.7 Trillion

14

Private Sector,

$258.2, 88%


Colorado GDP - $294.4 Billion


Contribution to Growth of GDP 2013 Private and Government Sector

Private Sector, $555.5

Government, $4.8

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Growth of U.S. GDP - $560.3 Billion

15

Private Sector, $14.9

Government, $1.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Growth of Colorado GDP - $15.9 Billion


Annualized Rate of Growth U.S. and Colorado Private and Government Sector

4.4%

4.1%

4.3%

3.9%

1.4%

4.3%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

U.S.

Government

Private

U.S.

2009-2013 1997-2013

16

4.9%

4.1%

5.0%

4.4%

2.2%

4.7%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

Colorado

Government

Private

Colorado

2009-2013 1997-2013


Historical GDP United States and Colorado Goods Producing Sectors

Agriculture, Mining, Construction, and Manufacturing

17



The following slides show the historical annualized change in GDP for the Goods Producing Sectors in Colorado

and the U.S. from 1997 to 2013.

1997 to 2013

The GDP for Colorado’s Agriculture and Mining sectors

grew at a greater rate than the U.S. Goods GDP from 1997

to 2013.

The GDP for Colorado’s Construction and Manufacturing

sectors increased at a lower rate than the U.S. Goods GDP

from 1997 to 2013.

2009 to 2013

The GDP for Colorado’s Agriculture and Mining sectors

grew at a greater rate than the U.S. GDP Goods GDP from

2009 to 2013.

The GDP for Colorado’s Construction and Manufacturing

sectors increased at a lower rate than the U.S. Goods GDP

from 2009 to 2013.

18


Agriculture Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 103.0 102.7 100.1

123.0

102.0 108.6

136.5 140.7 133.4

156.2 146.9

139.2

159.9

195.6 200.4

275.5

91.9 85.3

90.6 91.9 88.1

106.7

131.2

118.2 118.0

130.6 142.1

126.6

147.3

181.7 184.9

247.3

80

100

120

140

160

180

200

220

240

260

280

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Agriculture Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

114.9

140.5 143.9

197.9

116.4

143.6 146.1

195.4

100

110

120

130

140

150

160

170

180

190

200

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Mining Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 95.9 94.9 127.9 145.5 141.6

229.5

304.1

508.5

582.3 599.5

859.7

601.4

680.3

819.7 786.6

1,053.5

85.5 88.6 116.2 131.6 119.2

147.3 176.2

238.3 287.4

330.2

422.3

305.9 349.9

430.2 451.6 472.3

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Mining Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

113.1

136.3

130.8

175.2

114.4

140.6

147.6

154.4

100

108

116

124

132

140

148

156

164

172

180

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Construction Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

122.7

139.0

164.3

175.4 170.8

165.8

174.6

190.5

199.2 205.1 192.1

166.9

146.8 144.7

154.3

169.9

111.7

122.9

135.8

143.3 145.3

154.7

172.5

192.0

205.0 209.9

191.8

169.5

158.2 160.3

170.6

179.4

100

110

120

130

140

150

160

170

180

190

200

210

220

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Construction Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

88.0 86.7

92.5

101.8

93.3 94.5

100.6

105.8

84

86

88

90

92

94

96

98

100

102

104

106

108

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Manufacturing Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 99.1 98.8

109.5

96.9 99.3

97.3

104.3

113.1

120.7

128.5 130.5 130.0

133.0

137.2

142.4 144.5

103.2

107.5

111.9

106.4 106.0

110.2

116.5

122.6

129.8 133.4

130.0

123.6

131.6

138.3

146.3 149.6

90

100

110

120

130

140

150

160

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Manufacturing Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

102.3

105.5

109.5

111.2

106.5

111.9

118.4

121.0

100

102

104

106

108

110

112

114

116

118

120

122

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Key Points

The following charts summarize the composition and changes in the Goods Producing GDP for

these sectors.

A comparison of the percentage of 2013 sector output for

Colorado and the U.S. follow:

• Construction and Agriculture output were similar to

respective sectors.

• Colorado Manufacturing output was less than the U.S.

• Colorado Mining output was greater than the U.S.

The total percentage of goods output was 20.4% for the U.S.

compared to 19.5% for Colorado.

For the period 1997 to 2013:

• The annualized rate of growth for total Goods Producing

sectors was greater in Colorado than the U.S.

• The annualized rate of growth for Agriculture and Mining

output was greater for Colorado than the U.S.

• The annualized rate of growth for Construction and

Manufacturing was greater in the U.S. than Colorado.

The percentage of the contribution from Goods Produced

to 2013 output for the U.S. follows:

• Agriculture 12.1%

• Mining 3.5%

• Construction 5.4%

• Manufacturing 8.1%

• Total U.S. Goods Produced 29.1%

The percentage of contribution from Goods Produced to

2013 output for Colorado follows:

• Agriculture 7.2%

• Mining 31.6%

• Construction 6.8%

• Manufacturing 2.0%

• Total Colorado Goods Produced 47.4%.

27


Percent of Total GDP 2013 Goods Producing Sectors

Service, $11.2, 67%


Agriculture, $0.3, 2%

Mining, $0.4, 3%

Construction, $0.6, 4%

Mfg., $2.1, 12%


28

Service Sector,

$200.8, 68%


Agriculture, $4.2, 2%

Mining, $19.8, 7%

Construction, $11.8, 4%

Mfg., $21.6, 7%



Contribution to Growth of GDP 2013 Goods Producing Sectors

Services, $392.4

Govt., $4.8

Ag, $68.0

Min, $19.7 Cons, $30.3

Mfg, $45.2

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


29

Services, $7.3

Govt., $1.0

Ag, $1.1

Min, $5.0

Cons, $1.1 Mfg, $0.3

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Annualized Rate of Growth U.S. and Colorado Goods Producing Sectors

4.4%

3.6%

5.8%

10.2%

3.7%

2.5%

3.9%

5.8%

18.2%

11.5%

1.4%

4.9%

0.0% 5.0% 10.0% 15.0% 20.0%

U.S.

Goods Sectors

Agriculture

Mining

Construction

Manufacting

U.S.

2009-2013 1997-2013

30

4.9%

5.3%

6.5%

15.9%

3.4%

2.3%

4.4%

6.6%

18.6%

15.0%

0.4%

2.7%

0.0% 5.0% 10.0% 15.0% 20.0%

Colorado

Goods Sectors

Agriculture

Mining

Construction

Manufacturing

Colorado

2009-2013 1997-2013



Trade, Transportation and Utilities, and Tourism Sectors

31



The following slides show the historical annualized change in GDP for the Trades, Transportation and

Warehousing, Utilities, and Tourism sectors for Colorado and the U.S. from 1997 to 2013.

1997 to 2013

The GDP for Colorado’s Trades, Transportation and

Warehousing: Utilities; and Tourism sectors grew at a

greater rate than the U.S. TTU and Tourism GDP from

1997 to 2013.

2009 to 2013

The GDP for Colorado’s Transportation and Warehousing;

Utilities; and Tourism sectors grew at a greater rate than

the U.S. TTU and Tourism GDP from 2009 to 2013.

The GDP for Colorado’s Wholesale Trade sector increased

at a lower rate than the U.S. Wholesale Trade rate from

2009 to 2013.

The GDP for Colorado’s Retail Trade sector increased at a

similar rate to the U.S. Retail Trade rate from 2009 to 2013.

32


Retail Trade Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

111.1

119.1

127.9

133.9 136.3

139.3 142.3

150.2 154.5

158.0 156.9 154.0

158.2 161.3

169.5

175.5

108.1 112.5

118.3 121.3

125.5

131.9 136.4

144.3

149.2 149.2 145.8

143.4 147.9

152.0

157.7

162.5

100

110

120

130

140

150

160

170

180

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Retail Trade Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

102.7

104.7

110.0

113.9

103.1

106.0

110.0

113.3

100

102

104

106

108

110

112

114

116

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Wholesale Trade Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

108.2 112.6

131.0 129.1 126.4 127.9

134.9

145.0

156.8

170.6 176.3

164.4 170.0

176.5

187.3

196.6

106.7 110.6

117.9 116.6 116.4 122.1

132.7

143.2

153.9

162.4 165.7

155.3

163.9

171.5

181.6

188.4

100

110

120

130

140

150

160

170

180

190

200

210

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Wholesale Trade Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 103.4

107.4

114.0

119.6

105.5

110.4

116.9

121.3

100

103

106

109

112

115

118

121

124

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Transportation and Warehousing Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

112.8 115.3

126.5 126.8 128.1 126.7

139.3

155.6 157.9

165.6 171.5

164.2

174.3 176.8

188.8

205.2

108.7 112.6

119.4 120.2 119.2 125.3

137.1

146.5

159.2 160.0 165.4

156.2

166.6

174.9

184.2

191.5

100

110

120

130

140

150

160

170

180

190

200

210

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Transportation and Warehousing Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

106.2 107.7

115.0

125.0

106.7

111.9

117.9

122.6

100

103

106

109

112

115

118

121

124

127

130

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Utilities Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 95.5

105.0 103.2 109.7

106.5 112.8

124.0 126.7

152.0

140.4

149.3 156.3

184.9

194.2

208.0

188.4

95.2

104.7 104.7 106.9 104.7 108.7

117.8 117.0

133.6 136.6 139.5

147.4

158.5 162.6 159.8

166.8

90

100

110

120

130

140

150

160

170

180

190

200

210

220

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Utilities Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

118.2

124.2

133.0

120.5

107.5

110.3 108.4

113.1

100

105

110

115

120

125

130

135

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Arts, Entertainment, Recreation Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 105.6

117.4

131.2 128.0

137.2 143.5 143.1 145.1

153.3

162.3 163.6 162.6

185.0

197.4 203.6

211.5

103.1

112.5

123.2 120.2

129.1

138.3

146.8 152.1

162.1

171.3 174.0 172.3 179.3

186.9

195.7 202.2

90

100

110

120

130

140

150

160

170

180

190

200

210

220

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Arts, Entertainment, Recreation Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

113.8

121.4

125.2

130.1

104.0

108.5

113.6

117.3

100

105

110

115

120

125

130

135

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Accommodations and Food Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

109.7

122.7

135.1 140.1

146.4 148.6

159.6

167.8

178.4

189.7 192.8

183.9 190.7

200.7

213.4

226.5

107.8

118.9

129.7 132.3

139.9 145.1

155.2 162.3

171.6 178.3 178.8

173.6 179.3

186.4

198.5

207.9

100

110

120

130

140

150

160

170

180

190

200

210

220

230

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Accommodations and Food Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

103.7

109.1

116.0

123.2

103.2

107.4

114.3

119.7

100

105

110

115

120

125

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Key Points

The following charts summarize the composition and changes in the GDP for these sectors (Wholesale Trade; Retail Trade; Transportation; Utilities; Arts, Entertainment, and Recreation; Accommodations and Food Services).


Colorado and the U.S. follow:

• The percentage of output for the TTU sectors was

slightly greater for the U.S. than Colorado.

• The percentage of Colorado Tourism output was

slightly greater than the U.S.

The total percentage of TTU and Tourism output was

20.1% for the U.S. compared to 19.4% for Colorado.


• The annualized rate of growth of output for all TTU

and Tourism sectors was greater for Colorado than

the U.S.

The percentage of the contribution from TTU and Tourism to 2013 output for the U.S. follows:

• Wholesale Trade 6.4%

• Retail Trade 5.1%

• Transportation and Warehousing 3.3%

• Utilities 2.1%

• Arts, Entertainment, and Recreation 0.9%

• Accommodations and Food Services 3.7%.

• Total TTU and Tourism Services 21.6%

The percentage of contribution from TTU and Tourism to 2013 output for Colorado follows:

• Wholesale Trade 4.7%

• Retail Trade 3.5%

• Transportation and Warehousing 4.0%

• Utilities -2.5%

• Arts, Entertainment, and Recreation 0.9%

• Accommodations and Food Services 3.4%

• Total TTU and Tourism Services 14.1%

45


Percent of Total GDP 2013 TTU and Tourism Sectors

Goods Producing, $3.4, 20%


Wholesale , $1.0, 6%

Retail , $1.0, 6%

Transp., $0.5, 3%

Utilities, $0.3, 2%

AER, $0.2, 1%

AFS, $0.5, 3%

Other Service Sectors,

$7.9, 47%


46


Government, $36.2, 12% Wholesale ,

$15.9, 5%

Retail , $16.1, 6%

Transp., $8.0, 3%

Utilities, $3.8, 1%

AER, $3.8, 1%

AFS, $9.4, 3%


$143.7, 49%



Contribution to Growth of GDP 2013 TTU and Tourism Sectors

Good Producing,

$163.2

Govt., $4.8 Whls, $36.0

Ret., $28.5 Tran., $18.6 Ut., $11.9

Tour, $26.0

Other Service Sectors, $271.4

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


47

Good Producing,

$7.6

Govt., $1.0

TTU, $1.5

Tour, $0.7


$5.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Annualized Rate of Growth U.S. and Colorado TTU and Tourism Sectors

4.4%

3.8%

4.0%

3.1%

4.1%

3.2%

4.5%

4.7%

3.9%

4.2%

4.9%

3.2%

5.2%

3.1%

4.1%

4.6%

0.0% 1.5% 3.0% 4.5% 6.0%

U.S.

TTU/Tourism

Wholesale Trade

Retail Trade

Transportation and Warehousing

Utilities

Arts, Entertainment, Recreation

Accommodations and Food Services

U.S.

2009-2013 1997-2013

48

4.9%

4.1%

4.3%

3.6%

4.6%

4.0%

4.8%

5.2%

4.4%

4.5%

4.6%

3.3%

5.7%

4.8%

6.8%

5.3%

0.0% 2.0% 4.0% 6.0% 8.0%

Colorado

TTU/Tourism

Wholesale Trade

Retail Trade

Transportation and Warehousing

Utilities

Arts, Entertainment, Recreation

Accommodations and Food Services

Colorado

2009-2013 1997-2013



Finance and Insurance and Real Estate

49



The following slides show the historical annualized change in GDP for the Finance and Insurance and Real Estate

and Rental and Leasing (RERL) for Colorado and the U.S. from 1997 to 2013.

1997 to 2013

The GDP for Colorado’s Finance and Insurance sector

grew at a slower rate than the U.S. Finance and Insurance

GDP from 1997 to 2013.

The GDP for Colorado’s RERL sector increased at a

slightly greater rate than the U.S. RERL sector from 1997

to 2013.

2009 to 2013

The GDP for Colorado’s Finance and Insurance and the

RERL sectors increased at a greater rate than the U.S.

RERL counterparts from 2009 to 2013.

50


Finance and Insurance Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 103.9

118.7

129.5

147.5 143.7 146.7

137.3

157.4 162.8 165.0

136.3 143.2

146.5 149.4

160.6

172.1

110.6 117.5

129.8

141.4 144.4

149.8 153.9

171.5

181.3 179.9

157.1

167.8 173.6 174.8

186.3 192.6

100

110

120

130

140

150

160

170

180

190

200

210

220

230

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Finance and Insurance Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 102.3

104.4

112.2

120.2

102.5

104.7

110.3

114.5

100

103

106

109

112

115

118

121

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Real Estate and Rental and Leasing Index of Colorado vs. U.S. (Sum of States)

100.0 106.8

117.9

126.9

137.6

145.3 150.4 149.5

153.0 158.7

167.2 174.5 176.8

184.8 192.1

201.5

213.4

103.7

112.5 119.0

128.3 135.2

140.3 146.9

157.9 164.9

175.9 181.6 182.3

186.0 191.5

200.5

208.6

100

110

120

130

140

150

160

170

180

190

200

210

220

230

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Real Estate and Rental and Leasing Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

104.6

108.7

114.0

120.7

102.0

105.0

110.0

114.4

100

105

110

115

120

125

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Key Points

The following charts summarize the composition and changes in the GDP for the Finance and

Insurance and Real Estate and Rental and Leasing sectors.


Colorado and the U.S. follows:

• The percentage of Colorado Finance and Insurance

sector output was greater than the percentages for

the U.S. Finance and Insurance sector.

• The percentage of Colorado RERL sectors output was

greater than the percentages for the U.S. RERL

sectors.

The total percentage of FIRE output was 19.7% for the

U.S. compared to 18.6% for Colorado.


• The annualized rate of growth for the Colorado

Finance and Insurance sector output was less

than the U.S.

• The annualized rate of growth for the Colorado

RERL sector output was greater than the U.S.

The percentage of the contribution from FIRE to 2013

output for the U.S. follows:

• Finance and Insurance 6.5%

• RERL 15.0%

• Total FIRE 21.5%

The percentage of contribution from FIRE to 2013 output

for Colorado follows:

• Finance and Insurance 6.1%

• RERL 14.0%

• Total FIRE 20.1%

55


Percent of Total GDP 2013 FIRE Sectors



TTU/Tourism, $3.3, 20%

Finance and Insurance, $1.1, 7%

RERL, $2.2, 13%


$4.6, 27%


56




Finance and Insurance, $14.5, 5%

RERL, $40.2, 14%


$89.0, 30%



Contribution to Growth of GDP 2013 FIRE Sectors

Good Producing,

$163.2

Govt., $4.8

TTU-T, $121.0

Fin-Ins, $36.4

RERL, $84.2

Other Service Sectors, $150.7

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


57

Good Producing,

$7.6

Govt., $1.0

TTU-T, $2.2

Fin-Ins, $1.0

RERL, $2.2


$1.9

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Annualized Rate of Growth U.S. and Colorado FIRE Sectors

4.4%

4.5%

4.2%

4.7%

3.9%

3.5%

3.5%

3.4%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

U.S.

FIRE

Finance and Insurance

Real Estate and Rental and Leasing

U.S.

2009-2013 1997-2013

58

4.9%

4.4%

3.5%

4.9%

4.4%

4.8%

4.7%

4.8%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

Colorado

FIRE

Finance and Insurance

Real Estate and Rental and Leasing

Colorado

2009-2013 1997-2013



Information and Professional Business Services

59



The following slides show the historical annualized change in GDP for the Information, and Professional, Scientific

Services; Management of Company and Enterprises; and Administrative and Waste Management Services sectors

for Colorado and the U.S. from 1997 to 2013.

1997 to 2013

The GDP for Colorado’s Information, Professional,

Scientific Services; and Management of Company and

Enterprises sectors grew at a greater rate than their U.S.

counterparts from 1997 to 2013.

The GDP for Colorado’s Administrative and Waste

Management sector increased at a slower rate than U.S.

Administrative sector from 1997 to 2013.

2009 to 2013

The GDP for Colorado’s PST and MCE sectors increased

at a rate greater than the rate of their U.S. counterparts

from 2009 to 2013.

The GDP for Colorado’s Information and Administrative

sectors increased at a slower rate than their U.S.

counterparts from 2009 to 2013.

60


Information Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

130.9

157.8

167.1 162.9

158.1 164.1

177.0

191.5 191.5

204.8

215.1 211.0 213.7 216.3

223.7 225.7

110.0

122.9 119.4

126.7

138.9 142.5

156.9 162.2 164.0

177.5 183.8

177.3 183.0

187.3

196.3 202.8

100

120

140

160

180

200

220

240

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Information Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 101.3

102.5

106.0

107.0

103.2

105.7

110.7

114.4

100

102

104

106

108

110

112

114

116

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Professional, Scientific, and Technical Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

110.2

123.6

139.4 148.4 148.8 150.7

160.9

173.3

186.9

204.0

221.2 215.4

219.8 228.6

242.3

256.6

108.7

119.3

130.4 137.5

142.7 147.0

156.5

167.5

179.6

192.2

209.1

198.5 202.5

214.4

226.6 232.9

100

120

140

160

180

200

220

240

260

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Professional, Scientific, and Technical Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 102.1

106.1

112.5

119.1

102.0

108.0

114.1

117.3

100

103

106

109

112

115

118

121

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Management of Corporations and Enterprises Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 119.1

153.6

215.4

181.1 179.8

214.7

273.6

319.8

364.8

413.4 401.2

423.0

463.0 489.6

597.4

563.8

111.3 118.6 136.7 137.7 139.4 148.0

163.1 173.1 188.2

204.8 206.8 195.5 212.0 223.2

242.8 258.8

100

150

200

250

300

350

400

450

500

550

600

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Management of Corporations and Enterprises Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

109.5

115.8

141.2

133.3

108.5

114.2

124.2

132.4

100

105

110

115

120

125

130

135

140

145

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Administrative and Waste Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 105.4

118.3

133.0 140.0 138.1

143.2 149.9

159.5 166.3

180.2 185.8

174.1 179.5

186.4

200.1 199.1

107.4

117.2

130.9 137.1 139.5

149.1

160.8

176.6

185.3

199.7 203.5

192.1

204.0

214.7

227.1 234.5

100

120

140

160

180

200

220

240

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Administrative and Waste Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

103.1

107.1

115.0 114.4

106.2

111.8

118.2

122.1

100

103

106

109

112

115

118

121

124

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Key Points

The following charts summarize the composition and changes in the GDP for the Information; Professional, Scientific, and Technical Services, Management of Corporations and Enterprises; and Administrative and Waste Management Service sectors.

A comparison of the percentage of 2013 sector output for Colorado and the U.S. follows:

• The percentage of Colorado Information and PST sectors output was greater than the percentages for their counterpart U.S. sectors.

• The percentage of output for the MCE and Administrative sectors was similar for Colorado and the U.S.

The total percentage of Information and Professional Business Services output was 21.3% for Colorado compared to 16.8% for the U.S.


• The annualized rate of growth for the Colorado Administrative sector output was less than the U.S. Administrative sector. All other Colorado sectors were greater than their U.S. counterpart.

The percentage of the contribution from Information and

PBS output for the U.S. follows:

• Information 4.6%

• PST 5.7%

• MCE 3.6%

• Administrative 2.8%

• Total Information and PBS 16.5%

The percentage of contribution from Information and PBS

to 2013 output for Colorado follows:

• Information 1.2%

• PST 9.2%

• MCE -2.3%

• Administrative -0.3%

• Total Information and PBS 7.8%

69


Percent of Total GDP 2013 Information and PBS Sectors




FIRE, $3.3, 20%

Information, $0.8, 5%

PST, $1.2, 7%

MCE, $0.3, 2%

Admin, $0.5, 3%

Other Services and EHS, $1.7,

10%


70




FIRE, $54.7, 19%

Information, $21.6, 7%

PST, $26.4, 9%

MCE, $6.2, 2%

Admin, $8.4, 3%


9%



Contribution to Growth of GDP 2013 Information and PBS Sectors

Good Producing,

$163.2

Govt., $4.8

TTU-T, $121.0

FIRE, $120.7

Info, $25.6

PST, $31.9

MCE, $20.2 Adm, $16.0

EHS/Oth, $56.9

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


71

Good Producing,

$7.6

Govt., $1.0

TTU-T, $2.2

FIRE, $3.2

Info, $0.2 PBS, $1.1

EHS/Oth, $0.7

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Annualized Rate of Growth U.S. and Colorado Information and PBS Sectors

4.4%

4.5%

5.4%

6.1%

5.5%

5.2%

3.9%

3.4%

4.1%

7.3%

5.1%

4.4%

0.0% 2.0% 4.0% 6.0% 8.0%

U.S.

Information

PST

MCE

Administrative

Information and PBS

U.S.

2009-2013 1997-2013

72

4.9%

5.2%

6.1%

11.4%

4.4%

5.7%

4.4%

1.7%

4.5%

7.4%

3.4%

3.1%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

Colorado

Information

PST

MCE

Administrative

Information and PBS

Colorado

2009-2013 1997-2013



Education and Health Care and Other Services

73



The following slides show the historical annualized change in GDP for the Education and Health Care and Other

Services for Colorado and the U.S. from 1997 to 2013.

1997 to 2013

The GDP for Colorado’s Education (private) and Health

Care and Other Services sectors increased at a faster rate

than the same U.S. sectors from 1997 to 2013.

2009 to 2013

The GDP for Colorado’s Education (private) and Health

Care and Other Services sectors increased at a faster rate

than the same U.S. sectors from 2009 to 2013.

74


Education and Health Care Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0 104.1

109.5

119.6

133.1

143.8

153.3

163.9 171.9

181.7

192.5

209.0

224.3 232.2

238.8

252.3 259.0

104.2 110.4

117.3 126.2

136.2 145.3

155.8 163.4

174.3 183.2

197.4

209.2 214.7

220.8

230.5 238.8

100

120

140

160

180

200

220

240

260

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Education and Health Care Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

103.5

106.5

112.5

115.4

102.6

105.5

110.2

114.2

100

102

104

106

108

110

112

114

116

118

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Other Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

111.6 118.5

128.0 124.7

132.5 134.0 138.9

144.7 150.4

154.3 158.3 157.9 160.0 161.4

169.8 173.9

107.8 113.1

121.3 115.5

123.9 123.5 129.3

135.1 141.1 143.2 143.6 143.0 144.0 146.2

152.5 156.3

100

110

120

130

140

150

160

170

180

190

200

210

220

230

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Index 1997


Colorado

United States



Other Services Gross Domestic Product Index of Colorado vs. U.S. (Sum of States)

100.0

101.3

102.2

107.6

110.2

100.7

102.3

106.7

109.3

100

102

104

106

108

110

112

2009 2010 2011 2012 2013

Index 2009


Colorado

United States



Key Points

The following charts summarize the composition and changes in the GDP for the Education

(private) and Health Care Services and Other Services sectors.

A comparison of the percentage of 2013 sector output

for Colorado and the U.S. follows:

• The percentage of Colorado EHS sectors output

was less than the percentages for the same U.S.

sectors.

• The percentage of EHS and Other Services output

was the same for U.S. and Colorado.

The total percentage of EHS and Other Services output

was 10.5% for the U.S. compared to 8.9% for Colorado.

Overall, these sectors have grown slightly faster in

Colorado than the U.S.

The percentage of the contribution from EHS and Other

Services to 2013 output for the U.S. follows:

• Education (Private) 0.9%

• Heath Care 7.8%

• Other Services 1.5%

• Total EHS and Other Services 10.2%

The percentage of contribution from EHS and Other

Services to 2013 output for Colorado follows:

• Education (Private) 0.5%

• Heath Care 2.7%

• Other Services 1.0%

• Total EHS and Other Services 4.2%

79


Percent of Total GDP 2013 Information and PBS Sectors




FIRE, $3.3, 20%

Information/PBS, $2.8,

17%


10%


80




FIRE, $54.7, 19%

Information and PBS,

$62.6, 21%


9%



Contribution to Growth of GDP 2013 Information and PBS Sectors

Good Producing,

$163.2

Govt., $4.8

TTU-T, $121.0

FIRE, $120.7

Info/PBS, $93.7

EHS/Oth, $56.9

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


81

Good Producing,

$7.6

Govt., $1.0

TTU-T, $2.2

FIRE, $3.2

Info/PBS, $1.3

EHS/Oth, $0.7

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Annualized Rate of Growth U.S. and Colorado Information and PBS Sectors

4.4%

6.2%

5.5%

2.8%

4.9%

3.9%

3.4%

3.4%

2.2%

3.1%

0.0% 2.0% 4.0% 6.0% 8.0%

U.S.

Education (private)

Health Care

Other Services

EHS and Other Services

U.S.

2009-2013 1997-2013

82

4.9%

7.9%

5.9%

3.5%

5.4%

4.4%

4.6%

3.5%

2.5%

3.3%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

U.S.

Education (private)

Health Care

Other Services

EHS and Other Services

Colorado

2009-2013 1997-2013


Key Findings

All industries are important to the economy for different reasons! Some may generate tax revenue for governments,

they may create jobs, or they might pay higher than average wages. Others may be lifestyle industries or they may

be strong producers of output. By comprehending how industries contribute to the economy, it is possible to

better understand how they relate to each other and how they cause an economy to expand or contract.

• Colorado’s GDP expanded more rapidly than the U.S.

from 1997 to 2013 and from 2009 to 2013.

• The goods producing sectors were responsible for 47%

of the growth in the state’s GDP for 2013.

• The extractive industries, a subset of the goods

producing sectors, were responsible for 31% of the

growth in the state’s GDP for 2013. The extractive

industries are a critical asset for the state.

• The annualized rate of growth of output for all TTU and

Tourism sectors was greater for Colorado than the U.S.

• Output in Colorado’s tourism industry is expanding at a

slightly faster rate than the U.S. This reflects a

competitive advantage the state has in this industry.

• The total percentage of Information and Professional

Business Services output was 21.3% for Colorado

compared to 16.8% for the U.S.

• The Information sector has played a key role in the

growth of the state’s high-tech cluster. Consolidations

and improved technology have diminished the number

of workers in the industry. Since 2009 the industry has

expanded at a slower rate than the U.S. It appears that

Colorado is losing the competitive advantage that it

once held in this industry.

• The Healthcare sector has been a source of strong job

and output growth since 1997.

83


Analysis of Colorado and U.S.

Gross Domestic Product by Sector 1997 Through 2013

This analysis is for informational purposes only. Any opinions or interpretations of data are those of the presenter. As such, they do not represent the viewpoints of any group or

particular organization. For further information contact Colorado-based Business and Economic Research (CBER).

©Copyright 2014 by CBER.

Data contained in the tables, charts, and text of this presentation is from sources in the public domain. With appropriate credit, it may be reproduced and shared without permission. Please reference, “Colorado-based Business and Economic Research” (CBER). Additional

presentations are available at http://cber.co.

For additional information about the presentation or CBER research and services, contact CBER at [email protected].

84

analysis of colorado and u.s. gross domestic product by

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