Booming, but Not Better (Yet)

For the majority of Coloradans, the American Dream feels out of reach. It doesn’t matter how hard we work or how well we play by the rules. Whether we’re in Greeley or Grand Junction, Yuma or Ouray, the deck feels stacked.

Fast Facts
Colorado was the 13th youngest state in 2015
1 of 4 all Coloradans is a baby boomer
4 of 10 Colorado workers are baby boomers
Approximately 1M workers are projected to age out of Colorado’s workforce by 2030

Why It Matters
Senior spending on health care and other services is expected to drive 70% increase in jobs such as personal care aides, RNs, retail sales
We must fill jobs vacated by retiring Coloradans, especially in education, health, utilities, mining, government industries
Less spending from 65+ households means reduced overall demand and slower economic growth

Fast Facts
Racial/ethnic minorities in Colorado projected to increase from 1.8M in 2017 to 4M in 2050
Hispanics will comprise over 60% of growth in working-age population between 2017-2020
Median income of Hispanic/Latino Coloradans is $49,201, compared to $71,406 for white Coloradan

Why It Matters
Minorities face barriers to economic mobility
Colorado’s minorities have lower incomes, higher poverty rates, lower educational attainment levels, lower homeownership rates, poorer health outcomes than whites
Addressing educational and skills gaps is essential to ensuring qualified workers fill Colorado’s future jobs

Fast Facts
From mid 1970s through 2000, Colorado invested an average 4.5% in state services
Only investing an average of 3.8% since 2000
Amount invested currently is comparable to spending during recessions, despite Colorado’s current booming economy

Why It Matters
Investing a smaller share of our economy in state services means even less resources for people feeling effects of high costs for education, child care, housing, health care

Fast Facts
CPP serves 20% of CO’s 3 and 4 year olds and 76% of at-risk 4 year olds.
Colorado preschool teachers earn only 57% of mean salary for all Colorado jobs ($30,177)
Colorado ranks 39th in spending on statewide preschool
By 2020, 74% of all Colorado jobs will require some postsecondary education and training
Average tuition costs have increased more than 100% between 2000 and 2016, adjusted for inflation
Colorado’s outstanding student loan debt totals $24.75B – fastest growing segment of debt
57% of Colorado’s for-profit students are low-income

Why It Matters
Major two-generation implications
Both are becoming more unaffordable, putting a major lever to economic mobility out of reach
ROI for ECE: $13 for every $1 invested
Non-traditional postsecondary students will become the norm: adults, parents, those retraining to meet future work needs
The effects of automation will require life-long learning and training for more workers.

Fast Facts
Most income-unequal county is Custer County — top 1% makes 86.6x more than bottom 99%
Top 1% takes in 16.6% of all income in Colorado
92% of Colorado Tax Filers have an income of less than $150K

Why It Matters
Economic inequality adversely affects education, health, work policies, housing, asset building
Growing inequality is one of the main culprits for a shrinking middle class
Racial wealth divide will impact black and Hispanic/Latino families and then the broader economy

Fast Facts
In 2016, 1 in 4 Coloradans had job with median wages unable to keep family out of poverty
69% increase in the share of workers in low-wage jobs since 2004
Most new Colorado jobs will be in low-wage sectors

Why It Matters
Despite booming state economy, economic inequality persists, largely due to poor pay
When adjusting for inflation, average weekly wages have only increased $33 since 2000

A Middle Class income range has gone up by roughly $20,000 per year

Two earners are essential to making the income necessary to afford an aspirational middle class budget

Child Care, higher education, and housing are the primary hurdles families must overcome. Student debt has gone up dramatically for these families.

Only one-quarter of middle income families have children in the home, and families are having children later.

Fast Facts
1.1M Coloradans (41% of total workforce) are working in jobs considered high risk for automation
1 in 5 Coloradans work in jobs likely to be affected
94% of new jobs created nationally between 2005 and 2015 occurred in alternative work arrangements
20%-30% of working-age population in U.S. are engaged in some type of independent earning
Almost half – 44% - of workers in jobs most likely to be automated have a high school diploma or less. Another 19% have some college.

Why It Matters
Retaining and preparing workers for jobs of the future means emphasis on adult education, skill training, and making both affordable
How we view work is changing; traditional arrangements are becoming the way of old
Independent workers have limited protections, but we must find ways to make health coverage, retirement savings, unemployment, and other benefits available

For the majority of Coloradans, the American Dream feels out of reach. It doesn’t matter how hard we work or how well we play by the rules. Whether we’re in Greeley or Grand Junction, Yuma or Ouray, the deck feels stacked.

Booming, but Not Better (Yet) | Scott Wasserman

National Research Center, Inc.

Booming, but Not Better (Yet) | Scott Wasserman