Where a state ranks in terms of its population is a pretty good indicator of where it will rank in terms of the size of its economy relative to other states. For example, CA has the largest population and the largest economy. Texas ranks second on each of these.

And then you have states like CO, which enjoys more economic horsepower than expected given the smaller population. Colorado ranks 21st in terms of its population, 15th when it comes to the size of its economy, and an impressive 8th in terms of how much personal income the economy generates per resident, according to the website Visualized.

Colorado has one of the most highly educated workforces, likely contributing to the state’s performance. In 2022, CO ranked first among states for growth in the professional, technical and scientific services categories. These are significant drivers of the state economy because they are high-paying jobs that offer high value-added.

Colorado’s outperformance is even more noticeable in terms of per capita personal income, where the state ranks 9th, at $74,167.