Office of the
Governor - Press Office| FOR RELEASE Thursday, December 18, 2003 |
CONTACT: Dan Hopkins 303-866-6324 Kristen Hubbell 303-866-6323 |
STATE REVENUE PROJECTIONS INCREASE BY $77 MILLION
Gov. Owens: State revenues show positive sign of recovery for Colorado's economy
(DENVER) - In another sign of a brightening state economic picture, the Office of State Planning and Budgeting (OSPB) forecast for the 2003-04 fiscal year, which began on July 1, is $77 million higher than had been forecast in September, Gov. Bill Owens announced today.
"These figures suggest that Colorado is well on its way toward an economic recovery," said Owens. "Here in Colorado and around the nation the signs of increased economic vitality are strong and promising. We're seeing that good news reflected in the state's revenues."
Further, OSPB said revenues projected for the 2004-05 fiscal year exceeded September's forecast by $35 million. The positive numbers were included in the OSPB December Revenue Forecast.
In addition to the growth in revenues, the forecast also highlights a number of upbeat trends for the Colorado economy, including an 80 percent rise in venture capital investments in the third quarter of 2003 and increasing employment numbers. The forecast also cites data showing that the national economy is in recovery and solidly accelerating.
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NOTE: Executive Summary of the December Revenue Forecast is available in .pdf.
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last modified December 18, 2003
