Is Colorado a Good State For Business?

Colorado has maintained a higher-than-average growth rate consistently for the past few years. It shows that the economy of the state is booming which is also evident by the rise in demand for commercial spaces. Prices of real estate have also exploded and this rapid ascension of the economy has compelled many people towards good business Colorado. So, let’s find out what makes this state so effective for business. And what are the possible challenges that you can face should you decide to move.

Overall Economy of Colorado

With the annual growth of 3.8%, Colorado passed the national growth average of 3.4% back in 2018. Since then, it has not looked back and is in economic ascension. Businesses in the state employ more than 1.1 million people and the largest share in business belongs to smaller companies. Most of these businesses have less than 100 employees. 

The success of small businesses indicates that the state is one of the most suited for aspiring entrepreneurs. Furthermore, communities are also welcoming to small businesses and support local entrepreneurships. As the disposable incomes are riding high, people are optimistic that the state will access capital easier as the time goes on. 

Young Population and Supportive Communities

As per United States’ Census Bureau, Colorado had the population of about 239,000 people between 2014-2018. However, the latest estimates indicate that it has reached 5.6 million which is a massive jump to say the least. And the best part? Most of the population consists of young entrepreneurs that are at the peak of their creativity and introduce new ideas every day.

Furthermore, the state is very accommodating and the population is supportive. Small businesses have reported in the newspaper that the population of Colorado wants them to succeed. Municipal governments within their capacity also help in building small businesses.

Friendly Regulations and Taxes

Taxes in Colorado are not the lowest but they are significantly less than what businesses have to pay in states like New York and California. Locals and small business owners feel that neither tax nor regulation impact their life adversely. 

Real-Estate Price

Amidst the growing economy, the real estate market has exploded which is the major challenge for the new businesses. It is not just expensive but also quite difficult to find a suitable commercial space. However, the prices are still not as expensive as some of the other business-friendly states. Hence, it is the high time to cash in before Colorado also becomes too expensive like some other states.