page_title: Economy of Colorado
section_title: Geography and trade
hierarchical_section_title: Economy of Colorado / Denver's economy / Geography and trade
caption_attribution_description: English: The Wells Fargo Center, Denver, CO
context_page_description: The economy of Colorado is ranked 20th largest in the United States in 2008. According to The Bureau of Economic Analysis, the gross state product estimates for 2008 was $248.6 billion. Colorado's per capita personal income in 2003 was $34,561, putting Colorado 8th in the nation.
  The state's economy broadened from its mid-19th century roots in mining when irrigated agriculture developed, and by the late 19th century, raising livestock had become important. Early industry was based on the extraction and processing of minerals and agricultural products. Current agricultural products are cattle, wheat, marijuana, dairy products, corn, and hay.
  In the second half of the 20th century, the industrial and service sectors have expanded greatly. The state's economy is diversified and is notable for its concentration of scientific research and high-technology industries. Other industries include food processing, transportation equipment, machinery, chemical products, minerals such as gold and molybdenum, and tourism. Denver is an important financial center.
context_section_description: Many federal agencies are based or have offices in the Denver area. In addition to federal agencies, there are many companies based on federal defense and space projects. Lockheed-Martin and Ball Aerospace & Technologies Corp. are examples. Being the capital of the state of Colorado also gives many state jobs to Denver.
  Denver's position as the largest city in a mineral-rich and fossil fuel-rich area leads mining and energy companies to maintain offices in the metro area. In the early days of the city, gold and silver booms and busts played a large role in the economic success of the city. In the 1970s and early 1980s, the energy crisis in America created an energy boom in Denver captured in the soap opera Dynasty. Downtown Denver was built up considerably during this time; many new downtown skyscrapers were built. Eventually the oil prices dropped from $34 a barrel in 1981 to $9 a barrel in 1986, and the Denver economy dropped with it, leaving almost 15,000 oil industry workers in the area unemployed (including mayor John Hickenlooper, a former geologist), and the highest office vacancy rate in the nation (30%). Energy and mining are still important in Denver's economy today, with companies such as Newmont Mining, Patina Oil and Gas, and Antero Resources.
  Denver's west-central geographic location in the Mountain Time Zone (UTC −7) also benefits the telecommunications industry by allowing communication with both North American coasts, South America, Europe, and Asia in the same business day. Denver's location on the 105th meridian west at over 1 mile in elevation also enables it to be the largest city in the U.S. to offer a 'one-bounce' real-time satellite uplink to six continents in the same business day. Qwest Communications, EchoStar, Starz-Encore, and Comcast are just a few of the telecommunications companies with operations in the Denver area. These and other high-tech companies had a boom in Denver in the mid to late 1990s, but the technology bust in the new millennium caused Denver to lose many of those technology jobs. Recently the Denver area has started making a comeback, with the October 2005 unemployment at 4.7% the lowest since September 2001. Denver government and industry leaders are attempting to diversify the Denver economy so that it is less susceptible to boom and bust cycles.
caption: The Wells Fargo Center (also known as "The Cash Register Building") in downtown Denver.
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