GDP stats indicate that Colorado metros' economies are expanding

According to the latest statistics from the U.S. Bureau of Economic Analysis, the local economy has indeed expanded since 2005, though many cities throughout the nation haven’t been so fortunate.

Statistics released last month show that the slowdown in U.S. economic growth was widespread from 2007 to 2008: 60 percent of metropolitan areas saw economic growth slow down or reverse. Real GDP growth slowed in 220 of the nation’s 366 metropolitan statistical areas (MSAs) in 2008 with downturns in construction, manufacturing, and finance and insurance restraining growth in many metropolitan areas. Growth in real U.S. GDP by metropolitan area slowed from 2 percent in 2007 to 0.8 percent in 2008.

According to the BEA, growth accelerated in 146 metropolitan areas, especially where natural resources and mining industries are concentrated, such as Casper, Wyo., and Grand Junction, Colo. Grand Junction had the fastest real GDP growth (12.3 percent) of any metropolitan area in 2008 due largely to growth in natural resources and mining. The professional and business services industry group also showed strong growth in 2008, contributing the most to real GDP growth in 112 metropolitan areas.

The more significant growth is shown between 2005 and 2008. Here’s a look at how Colorado’s metro areas performed compared with the nation’s 366 metropolitan statistical areas during that time: