The State of Colorado Income Charts

This section shows the Colorado economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Colorado depicts it has a Median earnings of $57,852 which is ranked #1 of all states in the greater Colorado region.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $80,184 which is ranked #1 of all states in the greater Colorado region.

The next section examines a variety of different income statistics for the Colorado metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings less than $10,000 at 5.7% of the total. Second, it has the smallest proportion of earnings between $10,000 and $14,999 at 4.7% of the total. Third, it has the smallest proportion of earnings between $15,000 and $19,999 at 28.2% of the total. Also, it has the largest proportion of earnings between $20,000 and $49,999 at 22.2% of the total and is ranked #1. In addition, it has the largest proportion of earnings between $50,000 and $74,999 at 9.9% of the total and is ranked #1. Furthermore, it has the largest proportion of earnings between $75,000 and $99,999 at 15.1% of the total and is ranked #1.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 39.0 which is the second most of all the states in the area. The state with the highest average hours in the group is Wyoming which shows an average hours of 39.9 ( only slightly larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $28.53 which is the largest of all states in the greater region.

Figure 7 examines the number of self employed people in the Colorado metro area based on the number of people who reported any self employment income. Colorado depicts it has a Self Employed of 13.5% which is the third most of all other states in the surrounding region. The state with the highest percentage of people self employed in the group is Montana which shows a percentage self employed of 15.5% (14.7% larger).

Turning our attention to Figure 8, the median household income by age group, it has the largest proportion of median income-under 25 years at $87,239 of the total and is ranked #1. Second, it has one of the largest proportions of median income-25 to 44 years at $96,439 of the total and is ranked #2. The only larger state being Utah with $99,306. Third, it has one of the largest proportions of median income-45 to 64 years at $58,270 of the total and is ranked #2. The only larger state being Utah with $59,518.

Figure 9 breaks down the source of income and Colorado has the smallest proportion of investment and retirement income at 5.0% of the total. Second, it has the smallest proportion of social security at 0.4% of the total.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 20.3% which is the smallest when ranked by households with retirement income of all the other states in the surrounding region. The state with the highest households with retirement income in the group is Arizona which shows a households with retirement income of 24.0% (18.5% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has the largest proportion of overall family income at $104,293 of the total and is ranked #1. Second, it has the largest proportion of white family income at $70,483 of the total and is ranked #1. Third, it has one of the largest proportions of black family income at $63,886 of the total and is ranked #2. The only larger state being Wyoming with $66,438. Also, it has the largest proportion of american indian family income at $108,619 of the total and is ranked #1. In addition, it has the largest proportion of asian family income at $101,875 of the total and is ranked #1. Furthermore, it has the largest proportion of hawaiian family income at $68,517 of the total and is ranked #1.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Colorado shows it has the hightest cost of 149.2 for the cost of housing classification.

The State of Colorado Labor Force Charts

The next two charts look at monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2022, the Covid 19 recession occurred and affects this metric. The monthly unemployment rate depicts that from January 2017 to before the COVID-19 Pandemic it went from 3.3% to 3.9% in March 2020. This represents an increase in the monthly unemployment rate of 18.2%. Since that time, the monthly unemployment rate has gone to 2.7%. This represents a decrease in the monthly unemployment rate of 30.8%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. The monthly labor force participation depicts that from January 2017 to before the disasterous Covid-19 virus Pandemic it went from 2,918,264 to 3,178,357 in November 2019. This represents an increase in the monthly labor force participation of 8.9%. Since that time, the monthly labor force participation has gone to 3,232,419. This represents an increase in the monthly labor force participation of very little.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Colorado depicts it has a Unemployment Rate of 3.1% which is in the center range of other states in the metro area. The state with the highest unemployment rate in the group is Nevada which depicts a rate of 4.5% (42.4% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. the state of shows it has a Labor Force Participation of 68.5% which is the second most of all the states in the area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Colorado depicts full time employees approximately 3.5 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Colorado area. Colorado depicts it has a Single Earner Families of 26.6% which is the second smallest when sorted by families with a single earner of all the other states in the metropolitan area. The state with the highest families with a single earner in the group is New Mexico which depicts a single earners rate of 31.6% (18.8% larger). The percentage of families with no one working is depicted in Figure 22. Colorado depicts it has a Families with No One Working of 14.2% which is the smallest when sorted by families with no one working of all the other states in the metro area. The state with the highest families with no one working in the group is New Mexico which depicts a families with no worker of 22.9% (61.6% larger).

The State of Colorado Poverty Charts

The next section details economy analysis about poverty for residents of the Colorado community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Colorado shows it has a Total In Poverty of 535,976 which is the second most of all the states in the surrounding region. The state with the highest total people earning less than the poverty level in the group is Arizona which shows a total people earning less than the poverty level of 934,911 (74.4% larger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Colorado shows it has a Percent of Population In Poverty of 9.6% which is the smallest when sorted by percent of people earning less than the poverty level of all the other states in the metro area. The state with the highest percent of people earning less than the poverty level in the group is New Mexico which indicates a percent of people in poverty of 18.3% (about twice as large).

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Colorado has the percentage of white poverty rate the smallest in terms of white poverty rate of all the other states in the area at 17% of the total. Second, it has the smallest proportion of black poverty rate at 18% of the total. Third, it has the smallest proportion of american indian poverty rate at 9% of the total. Also, it has the smallest as measured by white poverty rate of all the other states in the surrounding region in order of asian poverty rate at 9% of the total.

Figure 27 shows key poverty statistics for groups based on marriage status. Colorado has the percentage of married with children and in poverty the smallest in order of married with children and in poverty of all the other states in the metro area at 27% of the total. Second, it has the smallest when sorted by married with children and in poverty of all the other states in the metropolitan area when ranked by unmarried with children and in poverty at 32% of the total. Third, it has the smallest when ranked by married with children and in poverty of all the other states in the surrounding region in order of unmarried female with children and in poverty at 14% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Colorado has the smallest proportion of has some college and in poverty at 4% of the total. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) the state of depicts it has a Public Assistance Percent of 8.5% which is the second smallest as measured by households with public assistance of all the other states in the greater region. The state with the highest households with public assistance in the group is New Mexico which shows a households with public assistance of 18.5% (about twice as large).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). the state of depicts it has a Gini Index of 45.5% which is less than most other states in the metro area.

The State of Colorado Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the Colorado community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Colorado has the largest proportion of people who bicycle or walk to work at 14% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Colorado or elsewhere.) Colorado has the smallest proportion of people who drove alone at 71% of the total. Second, it has the smallest proportion of people who carpooled at 8% of the total. Third, it has the largest proportion of people who take a Subway or elevated rail at 0% of the total and is ranked #1. Also, it has the largest proportion of people who work from home at 14% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Colorado has the smallest proportion of people who leave for work between 12noon to 4pm at 6% of the total.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Colorado has the percentage of people with commute time of less than 5 minutesutes the second smallest when sorted by people with commute time of less than 5 minutes of all the other states in the local area at 10% of the total. Second, it has the second smallest in terms of people with commute time of less than 5 minutes of all the other states in the local area when ranked by people with commute time between 5 to 9 minutes at 13% of the total. Third, it has the largest proportion of people with commute time between 40 to 44 minutes at 8% of the total and is ranked #1. Also, it has the largest proportion of people with commute time between 45 to 59 minutes at 5% of the total and is ranked #1.

The average commute time is shown in Figure 37. the state of depicts it has a Avg Commute Time of 26 which is the most of all states in the greater Colorado region. Figure 38 shows the difference between male versus female commuting time. Colorado shows average commute time in minutes for men 37.6% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Colorado has one of the largest proportions of 1 vehicle available at 41% of the total and is ranked #2. The only larger state being Arizona with 42%. Second, it has the second smallest when sorted by no vehicle available of all the other states in the surrounding region when sorted by 4 vehicles available at 5% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) the state of depicts it has a Work in city or place where live of 47% which is the second smallest when ranked by people who both work and live in the same city of all the other states in the area. The state with the highest people who both work and live in the same city in the group is Wyoming which depicts a people who both work and live in the same city of 64% (37.7% larger).

The State of Colorado Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. the state of shows it has the hightest median earnings of $97,475 for the earnings-computer, engineering, and science occupations aggregate. Similarly, Figure 47 shows the median earnings of women for the job categories and the state of depicts it has the hightest median earnings of $79,570 for the earnings-computer, engineering, and science occupations group. The table in Figure 48, shows Colorado employment data in terms of job categories and salary data.

The State of Colorado Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. the state of shows it has the hightest entrepreneurs of 54% for the self employed management, business, science, and arts businesses classification.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. the state of shows it has the hightest entrepreneurs of 26% for the self employed in professional, scientific, management, administrative services classification.

In Figure 51 the average annual self employment/entrepreneur income is shown. the state of depicts it has a Self Employment Income of $41,720 which is the second most average annual self employment income of all the states in the greater Colorado region. The state with the highest average annual self employment income in the group is Nevada which shows an average annual self employment income of $46,850 (12.3% larger).

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Colorado shows total number of self-employed men 51.7% larger as the total number of self-employed women.