Bangkok--16 Jul--Standard & Poor's
Colorado's better-than-average income, employment, and population trends have helped it to weather the national recession, according to the report titled "State Review: Colorado," released today by Standard & Poor's Ratings Services.
"Echoing national trends, the Colorado economy has slowed in 2009 with increased job losses, declining retail sales, and housing market softness," said Standard & Poor's credit analyst Matthew Reining. "However, the state has stayed on the positive side of most of these trends."
In 2009, unemployment was well below the national average (7.6% for state versus 9.4% for the nation in May 2009). GDP growth in 2008 was the fourth fastest in the U.S. (2.9%).
Moreover, the state continues to attract net in-migration. The state housing market, while experiencing sharply lower housing starts and construction-related employment, is seeing some stability; the Denver metro area is the best performing of the 20 metro areas in the May 2009 S&P/Case-Shiller Home Price Index.
Still, the economy has impacted state finances, as revenues from individual and corporate income taxes and sales and use taxes have fallen sharply. The report also discusses the state's efforts to mitigate lower revenue forecasts as well as the impact of the state's taxpayer bill of rights on revenue growth.
The reports are available to RatingsDirect subscribers at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-9823 or sending an e-mail to [email protected]. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; under Ratings in the left navigation bar, select Find a Rating. Members of the media may request copies of these reports by contacting the media representative provided.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Matthew Reining, San Francisco (1) 415-371-5044
David G Hitchcock, New York (1) 212-438-2022
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]