Shaping Colorado’s Economic Landscape: From Gold to a Diverse Economy

The Denver metro area has seen the ups and downs of the economy—from the gold rush to the oil bust of the 1980s. It was after the oil bust, with an economy that Forbes once said “can’t fall off the floor,” that area leaders began an earnest and long process to diversify our economy. Today, the region is home to nine major industries that include 10 Fortune 500 companies.

Striking Gold

An attractive place for Native Americans, Euro-American fur trappers, bison and prairie dogs, Colorado served chiefly as a crossroads for travelers passing through the plains and Rockies on their way to somewhere else in the early decades of the 19th century.

The conditions repelled most farmers, ranchers and permanent settlements until the lure of gold in 1858-1859. By 1860 nearly 5,000 people made their home in the mining camps of Auraria, along the banks of Cherry Creek – and more in mountain towns nearby.

The “Queen City of the Plains” was born – a young upstart city poised to grow through the business of “mining the miners” and make its claim as the Rocky Mountain west’s principle mining service and transportation hub.

Did you know that the Chamber’s early leadership kept Colorado on the map, the railroad map that is? When the Union Pacific Railroad was destined to pass through Cheyenne, Wyoming rather than Denver, Chamber leaders worked alongside the business community to raise the necessary funds to connect Coloradans to the rest of the nation. With that action, the Chamber was born.

Surviving the Oil Bust

After the oil bust in the 1980s, the second worst economic period in Colorado’s history, trailing only the Great Depression, Colorado’s economy had to change.

In 1985, Colorado was the nation’s top state for business failures – today Denver is ranked as the best place for business and careers by Forbes (for the second year in a row). What’s changed since 1985? A diverse economy that’s driven by nine key industries in the metro Denver area: aerospace, aviation, beverage production, bioscience, broadcasting and telecommunications, energy, financial services, healthcare and wellness and IT software.

Colorado’s industries make Colorado a great place for business. They drive company relocations and expansions, create a diverse, driven workforce and they ultimately impact the quality of life. When your industries are thriving, your economy is thriving.

Did you know? Beverage production had the highest job growth of all industries from 2001-2016 with 28.1 percent. View all of metro Denver industries in the 2016 Industry Cluster Study produced by Chamber affiliate, the Metro Denver Economic Development Corporation.

Metro Denver’s industries have been shaping Colorado’s economy since the gold rush, but those industries are shaped by individual businesses. On April 27 join us in celebrating the businesses who are making an impact on Colorado’s business landscape at Business Awards.

Laura James is the marketing and communications coordinator for the Denver Metro Chamber.