Colorado Competitive Nationally
November 17, 2009
COLORADO REMAINS A COMPETITIVE STATE NATIONALLY
Senate Democrats praise Colorado's strengths
DENVER— Today, the Metro Denver Economic Development Corporation (EDC) released its annual report outlining Colorado's "strengths, challenges, and opportunities for future job growth." This is the 5th year of the study which compares Colorado's position against the 49 other states in the U.S. http://www.metrodenver.org/files/documents/news-center/research-reports/TMCC_V_FullStudy.pdf
Senate President Brandon Shaffer (D- Longmont) commented on the report. "Thanks to our innovative ideas for the last several years, we are leading Colorado toward a speedy recovery, and proving that Colorado is the best place for workers and small businesses. Even though families are struggling right now, and even though this report shows many areas to improve, we will continue to work to build a 21st century workforce in this state."
Senate Majority Leader John Morse (D-Colorado Springs): "This report proves what we already know and what we have been fighting for: we need to support education for our children, the health of our workers, and innovative ways to create jobs, if we want to remain competitive nationally. It's too bad not everyone at the Capital realizes how important these things are to Colorado's recovery and strength."
Highlights of the report:
- No. 1 in highest ACT/SAT scores per 1,000 high school graduates
- Nation's lowest obesity rate
- 2nd in economic outlook
- 2nd for adults with a bachelor's degree or higher
- 3rd in Small Business Innovation Research Grants
- 3rd in venture capital per $1,000 of State Gross Domestic Product
- 4th for Initial Public Offerings
- 4th for cost of doing business (tax burden index)
- 5th in number of new companies created per 1,000 employees
- 5th for annual population growth
- 6th lowest state sales tax rate (5 other states have no sales tax)
- 7th for entrepreneurial activity
- 8th for science and engineering doctorate degrees
- 9th in employment growth
Challenges:
- Ranked 47th for state and local higher education support per full-time student
- Also ranked 47th for student/teacher ratio in public elementary and secondary schools
- Ranked 29th in high school graduation rates
- Eighth-highest for local government share of total tax burden; while Colorado ranks 10th-lowest in state tax revenue per capita
- Gross Domestic Product, a measure of productivity, down from 8th to 12th
- Per capita income down from 8th to 13th
- Export dollars per capita down from 33rd to 45th
According to the report, the underpinnings of a strong economy are based on the following realities:
- Educational attainment is the single-most important element in job and income growth;
- Infrastructure investments are a key element of economic sustainability;
- Innovation and job creation are spawned by research and development;
- Expanding markets give more people greater access to wealth; and
- Healthy workers are more productive and make greater contributions to the State Gross Domestic Product. For example, a worker is 34% more likely to miss work due to obesity-related diseases.
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