State economy outpacing nation, says S&P

Colorado’s economy is outpacing the nation, according to a new report from ratings agency Standard & Poor’s.

The report cites the state’s “better-than-average” income level, employment and population growth as reasons the recession hasn’t taken as big of a toll in the state as other parts of the country.

“Echoing national trends, the Colorado economy has slowed in 2009 with increased job losses, declining retail sales, and housing market softness,´ said Standard & Poor’s credit analyst Matthew Reining, in a prepared statement. “However, the state has stayed on the positive side of most of these trends.”

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Colorado’s relatively healthy indicators include an unemployment rate consistently below the national average — 7.6 percent versus 9.4 percent in May. The state’s GDP growth in 2008 was the fourth fastest in the U.S. at 2.9 percent. On the other hand, the report points out that the recession has impacted the state’s financial situation.