Colorado’s economy is diverse and growing. In addition to thriving tourism, agriculture, and tech industries, the “Centennial State” is home to a number of major military installments that support a network of highly technical suppliers and service providers. Colorado has also been experiencing tremendous population growth over the past decade.
What are the reasons for doing business in Colorado?
Colorado’s highly skilled and diverse workforce is a major selling point for companies from all sectors. According to CNBC, Colorado has a strong workforce. This is based on various factors, such as the percentage of college-educated workers or workers with associate degrees and industry-recognized certificates, the state’s worker training programs, and net migration of college-educated workers.
Other business advantages that Colorado offers include world-class research and development facilities, access to capital, and performance-based business incentives. Colorado has over 100 programs and funding opportunities for businesses looking to establish themselves in the state.
How is Colorado’s infrastructure?
Colorado’s central location and extensive infrastructure — which includes Denver International Airport and an expansive network of highways and railroads — play an important part in the global supply chain.
But the effects of severe weather and increased wear-and-tear from a growing population are putting a strain on Colorado’s roads and bridges. As for broadband adoption, 80.4% of Colorado has access to high-speed broadband, but only 10.5% has access to it at an affordable price.
What is the cost of doing business in Colorado?
The tax burden for Colorado’s businesses is moderate when compared to other states. In 2022, Colorado voted to have both the corporate income tax and state income tax rates lowered to 4.4%. There is a 2.9% state sales tax, but an additional sales tax can be imposed at the city and town levels and even by special districts. The combined tax rate can range from 2.9% to 9.25%.
What are the challenges of doing business in Colorado?
The cost of living in Colorado can be quite high. The influx of new residents to Colorado has driven up costs for child care, health care, utilities, and housing. There is not enough affordable housing to go around, and the construction industry cannot keep up with the demand for new homes. This is due in large part to a shortage of construction workers, which has been an issue since before the pandemic.