DENVER – Colorado’s economic growth slowed in the third quarter as the state registered the 9th-slowest growth from the previous quarter, according to a U.S. Bureau of Economic Analysis report.
That downturn comes after the state had the 10th-fastest growth among states in the second quarter of 2020.
That left Colorado’s gross domestic product the 16th-highest in the United States at end of the third quarter, according to a report released last week that reflected volatility involving what states reported in the second and third quarters.
Nevada went from the second-slowest growing economy among states in the second quarter to the fastest-growing economy in the third quarter. Tennessee went from the third-slowest growing economy to second fastest growing in the third quarter, the Denver Post reported.
Colorado’s unemployment rate has remained stagnant at 6.4% for the past three months while the U.S. has reported a decrease from 7.9% to 6.7% over the same time frame.
The government, healthcare, retail and information services industries underperformed in Colorado compared to the nationwide performance of those sectors.
Mining in the state, including oil and gas extraction, hindered gains in the third quarter.
Still, the size of the state’s economy is back to where it was in the summer of 2019.