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Colorado’s business confidence sees first positive shift in 2 years

According to a report from the University of Colorado Boulder, business confidence in Colorado has surged, marking a positive outlook for the first time in two years. This change in sentiment is driven by improvements in general economic conditions, politics, including the upcoming election, and interest rates. Looking ahead to the second and third quarters, industry sales are expected to remain strong, with profits and capital expenditure also showing positive growth.

The Leeds Business Confidence Index shows that Colorado business leaders are particularly optimistic about the outlook for their state economy, scoring 54.1 compared to the U.S. economy’s score of 51. Despite concerns over inflation, which has led to consumer price increases of 3.5% year-over-year in the Denver-Aurora-Lakewood area in January, job growth remains strong in Colorado with 72,700 jobs added in 2023 representing a growth rate of 2.5%.

Colorado business leaders have shown more optimism about their state’s economy than their national counterparts due to several factors such as general economic conditions and politics. The index reflects an overall improvement across six categories year-over-year and remained positive territory throughout the period under review. Respondents attributed their improved outlook to various factors including general economic conditions, politics and interest rates.

While inflation remains a concern for consumers due to rising prices, it is expected to stay above 3% this year despite initial forecasts predicting a mild recession due to higher interest rates from the Federal Reserve. Despite these challenges, businesses continue to invest and hire new workers as indicated by the rise in hiring plans from 45.3 in Q1 to 50.1 in Q2 & Q3 respectively

By Samantha Jones

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