Economy Colorado

denver energy center

the denver financial district along 17th street known wall street of west.

cnbc s list of top states business 2010 has recognized colorado third-best state in nation, falling short texas , virginia.

corn growing in larimer county

the total state product in 2015 $318,600 million. per capita personal income in 2010 $51 940, ranking colorado 11th in nation. state s economy broadened mid-19th-century roots in mining when irrigated agriculture developed, , late 19th century, raising livestock had become important. industry based on extraction , processing of minerals , agricultural products. current agricultural products cattle, wheat, dairy products, corn, , hay.

the federal government major economic force in state many important federal facilities including norad (north american aerospace defense command), united states air force academy, schriever air force base located approximately 10 miles (16 kilometers) east of peterson air force base, , fort carson, both located in colorado springs within el paso county; noaa, national renewable energy laboratory (nrel) in golden, , national institute of standards , technology in boulder; u.s. geological survey , other government agencies @ denver federal center near lakewood; denver mint, buckley air force base, tenth circuit court of appeals , byron g. rogers federal building , united states courthouse in denver; , federal supermax prison , other federal prisons near cañon city. in addition these , other federal agencies, colorado has abundant national forest land , 4 national parks contribute federal ownership of 24,615,788 acres (99,617 km) of land in colorado, or 37% of total area of state. in second half of 20th century, industrial , service sectors have expanded greatly. state s economy diversified , notable concentration of scientific research , high-technology industries. other industries include food processing, transportation equipment, machinery, chemical products, extraction of metals such gold (see gold mining in colorado), silver, , molybdenum. colorado has largest annual production of beer of state. denver important financial center.

a number of nationally known brand names have originated in colorado factories , laboratories. denver came forerunner of telecommunications giant qwest in 1879, samsonite luggage in 1910, gates belts , hoses in 1911, , russell stover candies in 1923. kuner canned vegetables began in brighton in 1864. golden came coors beer in 1873, coorstek industrial ceramics in 1920, , jolly rancher candy in 1949. cf&i railroad rails, wire, nails , pipe debuted in pueblo in 1892. holly sugar first milled beets in holly in 1905, , later moved headquarters colorado springs. present-day swift packed meat of greeley evolved monfort of colorado, inc., established in 1930. estes model rockets launched in penrose in 1958. fort collins has been home of woodward governor company s motor controllers (governors) since 1870, , waterpik dental water jets , showerheads since 1962. celestial seasonings herbal teas have been made in boulder since 1969. rocky mountain chocolate factory made first candy in durango in 1981.

colorado has flat 4.63% income tax, regardless of income level. unlike states, calculate taxes based on federal adjusted gross income, colorado taxes based on taxable income—income after federal exemptions , federal itemized (or standard) deductions. colorado s state sales tax 2.9% on retail sales. when state revenues exceed state constitutional limits, according colorado s taxpayer bill of rights legislation, full-year colorado residents can claim sales tax refund on individual state income tax return. many counties , cities charge own rates in addition base state rate. there county , special district taxes may apply.

real estate , personal business property taxable in colorado. state s senior property tax exemption temporarily suspended colorado legislature in 2003. tax break scheduled return assessment year 2006, payable in 2007.

as of august 2014, state s unemployment rate 5.3%.

philanthropy

major philanthropic organizations based in colorado include daniels fund, anschutz family foundation, gates family foundation, el pomar foundation , boettcher foundation grant each year approximately $7 billion of assets.

natural resources

an oil in western colorado

colorado has significant hydrocarbon resources. according energy information administration, colorado hosts 7 of nation s 100 largest natural gas fields , 2 of 100 largest oil fields. conventional , unconventional natural gas output several colorado basins typically account more 5 percent of annual u.s. natural gas production. colorado s oil shale deposits hold estimated 1 trillion barrels (160 km) of oil—nearly oil entire world s proven oil reserves; economic viability of oil shale, however, has not been demonstrated. substantial deposits of bituminous, subbituminous, , lignite coal found in state.

uranium mining in colorado goes 1872, when pitchblende ore taken gold mines near central city, colorado. colorado uranium industry has seen booms , busts, continues day. not counting byproduct uranium phosphate, colorado considered have third largest uranium reserves of state, behind wyoming , new mexico.

uranium price increases 2001 2007 prompted number of companies revive uranium mining in colorado. however, price drops , financing problems in late 2008 forced these companies cancel or scale uranium-mining projects. there no producing uranium mines in colorado.

colorado s high rocky mountain ridges , eastern plains offer wind power potential, , geologic activity in mountain areas provides potential geothermal power development. of state sunny , produce solar power. major rivers flowing rocky mountains offer hydroelectric power resources. corn grown in flat eastern part of state offers potential resources ethanol production.