Colorado State Growth
A new national ranking of the best-managed states places Colorado in the top 10 in the nation, but analysts say growth issues could make managing the state’s economy more challenging in the years ahead. High housing prices can be a disincentive for people—and new businesses—to relocate to Colorado. A median-priced single-family home in Denver now costs $475,000 (even more in the foothills), while a typical couple makes around $95,000 in annual household income—which is near the limit a typical couple can afford.
Two factors that should spur more construction—and more inventory for buyers to select from—are an increase in building permits for new single-family homes and the partial repeal of the condominium construction defects law that discouraged construction of condominiums and townhomes over the last decade.
More important than housing costs, traffic congestion makes road improvements a major focus for Colorado legislators as well. Fortunately for foothills residents, the time to commute to downtown Denver is nearly the same as, or less than, the time to commute from other outlying areas like Parker, Northglenn and Louisville—and foothills residents live 30 minutes closer to Colorado’s ski areas.