Businesses Fleeing State Which Once Led Job Creation
SEE-THROUGH BUILDINGS: One third of the office space in Downtown Denver, seen here in June 2025, remains empty six years after the Covid pandemic. (Getty)
By Shaun Boyd
Colorado is losing businesses and jobs at an alarming rate.
Now, the ones who've stuck around are calling on state leaders to make changes before things get even worse.
The Colorado Chamber of Commerce has been sounding an alarm for years about excessive regulation and, last year, more people moved out of Colorado than into the state.
The chamber says companies are also relocating out-of-state. It released data showing, since 2019, 98 companies have either left the state, expanded elsewhere, or scrapped plans to move here.
Since 2022, Colorado has also had a net loss of 34 public company headquarters. Some of the states seeing gains from Colorado's losses included Texas, California and North Carolina.
More than 200 business and civic leaders signed a letter to Gov. Jared Polis, Sen. John Hickenlooper, Denver Mayor Mike Johnston, and Democratic gubernatorial candidates Michael Bennet and Phil Weiser. It warns of dire consequences if Colorado doesn't become a more welcoming place for job creators.
"We are going to be hurting Colordans not just now, but the next generation, the next generation after that. And we just want to course correct," said tech entrepreneur and investor Dan Caruso.
Caruso led the letter that calls for a "bipartisan 20-year strategy" aimed at making Colorado the "premier technology and innovation ecosystem."
"Certain states are winning and other states are losing. And let's make no mistake about it, we're in the losing camp right now," Caruso said.
While U.S. News & World Report found Colorado is the 11th best state for business -- down from fourth best in 2022 -- a study commissioned by the Colorado chamber found we are also the sixth most regulated state.
Polis says he's in favor of reviewing regulations.
"The lack of predictability is absolutely a problem -- not knowing what comes next. I think it speaks to more than just the legislature. It goes to the fact that people can put things on the ballot and sometimes they can pass," the governor said.
Tech entrepreneur and investor Dan Caruso, left, and Colorado Gov. Jared Polis, right (CBS)
A bill led by the chamber and supported by the governor will require state agencies review their rules and regulations every five years and do a cost-benefit analysis. The chamber says 45% of state regulations are duplicative or redundant.
The letter recommends a "thorough and honest assessment" of all factors impacting competitiveness.
"This is not about one issue or one bill. This is about a vision, diagnostics and solutions that really speak to the entire issue of making Colorado the most competitive state and the best state to do business," said Polis.
Tech entrepreneur and investor Dan Caruso, left, and Colorado Gov. Jared Polis, right (CBS)
The governor and Caruso say that starts with changing the rhetoric coming from some Democratic lawmakers.
"Every time I look at a Twitter (X) post, one of our -- and I know they're just following their party line, but it's like ... when tech leaders see that and they're trying to figure out where do we want to invest? Where do we want to be? They just cross Colorado off the list," Caruso said.
The governor hopes the 20-year strategy will serve as a roadmap for his successor.
"A vision that hopefully goes well beyond my time as governor, well even beyond the next person's time as governor -- because I care deeply about Colorado. I've started businesses here and maybe I will in the future, and I want to make sure that this is the best place to do business in the country," Polis said.
While Colorado has lost a lot of businesses, the governor's office says 25 businesses that received support from the Office of Economic Development, announced expansions last year that are projected to create more than 6,700 new jobs.
Original Here
|
|
⭐⭐⭐⭐⭐