Colorado’s Widespread Economic Growth

It’s been
six months since recreational cannabis became legal to sell in Colorado. The
state has seen amazing economic expansion, totaling over $202 million dollars
in cannabis sales so far in 2014. The money made from the industry isn’t the
only economic bonus Colorado has experienced since legalizing recreational
sales. Here are four other economic upturns the state has experienced in the
face of legalization:

1. The
2013/2014 Colorado Ski Season was the best ever. According to Colorado Ski
Country USA, the state saw an estimated $12.6 million people during the season.
Colorado resorts experienced a growth rate of 6.4 percent and they outperformed
other ski resorts nationwide. While favorable snows kept the slopes ripe for
the riders, the burgeoning cannabis industry attracted many tourists that flocked
to the mountain towns.

2. Statewide,
the tourism industry is flourishing. Resort mountain towns across Colorado have
experienced record sales last year. It’s not just the ski towns bringing in the
visitors; tourists in the Denver area spent a record breaking $4.1 billion
dollars in 2013. At the rate recreational sales have been going in 2014, it is
likely this year’s tourist income will top last year’s records.

3. The real
estate industry across Colorado is growing rapidly. Look around Denver and you
will see cranes and construction crews everywhere. As the city experiences one
of its biggest construction booms of the past few decades, families from across
the globe are moving to Colorado. The Denver metro area is ranked as one of the
top markets in the nation for commercial real estate with an estimated $2.55
billion spent on commercial construction in 2013.

4. It helps
that the people moving to the Denver area aren’t hurting to find employment.
The unemployment rate in Colorado has dropped to 6 percent, the lowest rate in
the state since 2008. The state has experienced massive job growth, especially
the service, education and health sectors. While the progress appears to be
steady, future job growth in the state could be inhibited by labor shortages in
some markets.

These are
just the growth stats after six months of legal recreational sales. As the
industry continues to grow throughout the year, other markets in the state are
likely to report further growth at the end of the 2014 fiscal year.