Is Colorado’s future dependent on the marijuana industry?

[John D.]

Colorado has low unemployment, a growing population, and low property tax. These are attractive attributes that make me want to live and invest in Colorado. But I wonder whether this is the result of the booming marijuana industry or if the state is well diversified. When marijuana becomes nationally accepted, will Colorado suffer from a loss of that industry?

[Jared Bouzek]

@John D. I saw some stats the other day that even with other states beginning to legalize, Colorado is still way ahead of the pack in revenue generation. Colorado is very well diversified in my mind with major tech, engineering, and medical sectors. Plus we seem to appeal to those escaping the coastal areas to something more affordable. I think even if there is legalization on a national level, Colorado will still be a very appealing place to live and invest in the coming decades.

[Linda Weygant]

Colorado was an amazing place to live with a booming economy long before marijuana legalization.  We did not suffer quite as hard in the economic down turn and we bounced back quicker and higher than most other places in the nation.  Besides marijuana, we have the following markets throughout various parts of the state:

Medical

Tech

Tourism / Sports Training

Agriculture 

Oil & Gas

Education

Finance

Construction

We have a 4.63% income tax and combined sales taxes in most towns hover around 8%.  Our property taxes are pretty reasonable, although the recent boom means our valuations are increasing (causing a sharp rise in the amount of property taxes we pay) but the mill levies themselves are still pretty reasonable.

Politically, we are a somewhat purple state, so people from all walks find commonality here (although we are definitely sliding towards blue as time goes by).  

We have 300 days of sunshine, amazing access to the outdoors, diverse cultural draws and relatively mild(ish) weather.

I sound like a Dept of Commerce ad, but all in all I think it's pretty safe to say that if marijuana were outlawed again tomorrow, we'd have a slight relief in the absolute insanity that is our housing market and an equal amount of relief in the unbelievable traffic issues we're facing right now, but not so much that it will ever go back to the "good ol' days" when an oil and gas bust in the 80s decimated the state.

[John D.]

Jared Bouzek I can relate to the desire to leave the expensive costal areas. Thanks for sharing your local perspective with me.

[John D.]

@Linda Weygant I appreciate the Dept of Commerce ad.  Thank you for taking time to list the details.  I am also happy to hear that Colorado as a whole is not overly dominated by the marijuana industry.  However, I suspect that traffic will always be an issue in a thriving area.

[Benjamin Wishart]

A quick search shows that marijuana sales make up just under 1% of the total GDP of Colorado. While that is certainly significant, it is not the main driving factor of our economy. If recreational pot were banned I don't believe we would see a mass exodus from the state or an economic crash.