Ah, for the good old days of 2019, when the economy was chugging along, unemployment was low and gross domestic product numbers were, well, positive.
As the economy continues to struggle at the end of 2020 due to the COVID-19 pandemic, new county-level real GDP numbers released by the U.S. Department of Commerce’s Bureau of Economic Analysis demonstrate just how good we had it just a year ago.
The bureau releases county-level data annually each December. The data always lag, so data released Dec. 9 reflect the 2019 calendar year.
It’s too soon to know what the 2020 data will show a year from now, but the data released for 2019 provides a glimpse of a more-positive economic time.
Boulder County GDP increased by 6.1% during the year, totaling $27.5 billion, up from $25.9 billion in 2018. Boulder County ranked 27th statewide in terms of year-over-year growth, but ranked No. 5 in terms of total GDP.
John Tayer, president and CEO of the Boulder Chamber, said the 2019 GDP numbers serve as a reminder of the local economy’s natural strengths.
“The characteristics of an attractive economic environment and the fundamentals remain the same, and we should all take comfort in those types of GDP numbers as we look toward recovering from the impacts of COVID-19,” he said. “I can say for sure that we’re going to have to adjust to some new business fundamentals in terms of remote workforce and what that implies for commercial office-space needs.
“However, again, the characteristics of an innovative and attractive economic environment are still going to be an asset for our community as we move forward.”
GDP in the city and county of Broomfield increased 5.9% in 2019, finishing at $6.85 billion, up from $6.46 billion the year prior. Broomfied’s growth ranked 29th statewide, with the county ranking No. 10 statewide in terms of total GDP.
Larimer County’s GDP grew 2.3%, to $18.27 billion, compared with $17.85 billion in 2018. The county ranked 56th statewide in terms of growth and No. 8 in terms of total GDP.
Weld County’s economy grew by 3.3%, to $22 billion from $21.3 billion in 2018. The county ranked 48th statewide in terms of GDP growth and No. 7 in terms of total GDP.
The GDP numbers reflect chained U.S. (2012) dollars, meaning that they were adjusted for inflation over time.
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