Colorado Still Growing Really Fast: Report

Colorado is still growing — and fast. In fact, we were the 8th-fastest growing state in the country, according to a new new report published last week by the personal finance site 24/7 Wall St.

In order to identify the fastest growing and shrinking states, the researchers reviewed net population change by state from July 2016 to July 2017. While the U.S. population grew by about 0.7 percent in the time frame, some states grew at twice that rate and others saw their population actually drop.

Colorado saw its population grow 1.39 percent or by around 77,000 residents over those 12 months, the authors found. Colorado's current population is about 5.6 million (the 21st largest population in the U.S.). The median home value in Colorado climbed by about 11 percent during that time.

Here’s what the authors had to say specifically about Colorado:

"The state’s population boom is largely due to migration — people moving in from other states and countries," the article said. "Nearly 47,000 more people moved to Colorado than left in the last year. Additionally, about 30,000 more people were born in the state than died over the same period.

"Much of the influx may be due to employment opportunities. The state’s 2017 annual unemployment rate of 2.8% is well below the comparable 4.4% national rate."

Meanwhile, a possibly less scientific "National Movers Study," conducted by United Van Lines showed that Colorado's red-hot immigration patterns didn't even make the top 10 in 2018.

States in the West dominated the growth list, nabbing the top four spots. Idaho was named the fastest growing state in the country and saw its population grow by 2.2 percent to about 1.7 million. The authors noted the vast majority of new residents in Idaho moved there from other states. And they’re particularly interested in the state’s capital of Boise, where the tech sector is growing.

“Several factors are drawing Americans to the state. For one, Idaho is relatively affordable. Goods and services are 7 percent less expensive in the state than the they are nationwide on average — a lower cost of living than in any of the six states Idaho borders,” the authors wrote.

But Colorado still didn't make it into the top five fastest growing states:

1. Idaho
2. Nevada
3. Utah
4. Washington
5. Florida

On the flip side, Wyoming earned the dubious honor of being named the fastest shrinking state. The state, with an overall population of about 579,000, actually saw its population decline by almost 5,600. That’s nearly .5 percent. The typical Wyoming home also increased in value by about 2.3 percent — among the lowest in the country.

West Virginia, Illinois, Alaska and Hawaii rounded out the bottom five. In each of the fastest shrinking states, people moving out drove the population decline, the authors noted, with West Virginia being the only state to report more deaths than births.

The researchers said population decline appears “closely tied” to the overall economy.

“Wyoming and West Virginia are the only states with declining populations to report faster annual GDP growth than the U.S. growth of 2.3 percent. Meanwhile, five of the eight fastest growing states reported faster than national GDP growth,” the report said.

The researchers used data from the U.S. Census Bureau, Bureau of Economic Analysis and Bureau of Labor Statistics.

Related: Fewer People Are Flocking To Colorado Than You Think: Here's Why

Patch national staffer Dan Hampton contributed to this report.

Photo credit: Spencer Platt/Getty Images

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