Spotlight on Colorado

State Profile
The snow is already blanketing Colorado and all of its mountains, beckoning skiers and snowboarders to its 40,000 skiable acres in the iconic Rocky Mountains. The state is renowned for its splendid scenery of mountains, rivers and plains.

There are approximately 5 million residents in Colorado, the majority of whom reside in the capital city of Denver. The Bureau of Economic Analysis estimates the state ranks 11th for per capita personal income for the country. There is a strong agricultural sector in the state, as the state has its roots in agricultural development from the 19th century.

Industrial and service sectors have expanded since then and play a part in the state’s diverse economy. Notably, scientific and high-technology industries are prominent. Most recently, the fed­eral government has played a vital role in Colo­rado’s economy. Many important federal facilities are based there, including NORAD, the United States Air Force Academy and the National Insti­tute of Standards and Technology.

The geographical location of Denver, Colorado, is equidistant between Los Angeles and Chicago, and Seattle and New Orleans. Denver’s economy is largely based on this fortuitous positioning as a centralised city through which national business may be conducted. Denver has become the stra­tegic location for federal, high-tech, educational, commercial, financial, cultural, tourist, storage and distribution services to the Rocky Mountain States.

Denver offers a diversified economy of viable industries and the nation’s third highest educated workforce.  CNBC ranked Colorado number three in America’s Top States for Business, up from number five in 2008. The state ranked especially high for business friendliness, economy, access to capital and quality of life. Colorado was number one for labor and growth prospects and ranked sixth overall in Forbes’ 2008 Best States for Business report.

Companies that have established their corpo­rate headquarters or division in the region over the past two years, including Renewable Energy Systems Americas, Inc., Surrey Satellite Technol­ogy Limited, Cochlear Americas, Petroleum Devel­opment Corp., Ascent Solar Technologies, Vestas Wind Systems, Vodafone, United Launch Alliance, and Western Union. Siemens Energy Inc. R&D also opened its only U.S. office in Boulder.

Today, 98 percent of Colorado’s energy is produced from fossil fuels—coal, oil, and natural gas. Colorado ranks fourth among western states in the number of potential sites for geothermal power generation, according to a 2006 Western Governors Association report. While Colorado has numerous geothermal direct use and aqua­culture projects, the state currently has no geo­thermal electrical generation projects.

Colorado is a dynamic state with a prolific economy. The men and women of Colorado who have been interviewed in this edition of American Business Journal are a testament to the possi­bilities and potential of business in Colorado. As they drive their businesses to success, they raise the profile of Colorado with them.

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