Colorado’s economy grew at a 4.9-percent pace in the second quarter, its best showing since the third quarter of 2017, according to an update Wednesday from the U.S. Bureau of Economic Analysis.
U.S. GDP rose 4.2 percent in the second quarter on an annualized basis. Increases in state GDP, adjusted for inflation, rose from a high of 6 percent in Texas to a low of 2.5 percent in Delaware. Colorado’s growth rate ranked fifth, ahead of Montana and behind Minnesota.
Michigan, normally a laggard, ranked second behind Texas, with Missouri, also not typically associated with robust activity, ranked third. Those two states benefited from a 7.3-percent jump in durable goods manufacturing activity during the quarter.
Gains in Texas were also aided by the surge in manufacturing, as well as an 11.7-percent jump in mining activity. Mining activity, which consists primarily of oil and gas production, also lifted growth rates in Alaska, North Dakota and Oklahoma.
Colorado also received a bump from oil and gas, but the biggest contributor to gains in the second quarter came from professional, scientific and technical services. Information, real estate and health care also contributed to gains. Finance and insurance, construction, wholesale trade and transportation and warehousing showed declines in activity during the quarter.
