DENVER BUSINESS JOURNAL - Coloradans picked up the pace in consumer spending in 2016.
Personal consumption expenditures — the measure for consumer spending on goods and services — was up 5.4 percent in 2016, making Colorado one of the states with the fastest growth in consumer spending. The details were revealed today in an annual report form the Bureau of Economic Analysis.
Colorado experienced above average growth in housing and utilities expenditures at 5.6 percent, the report says. The state also experienced above average growth in health care expenditures, with 6.7 percent growth.
Coloradans per capita personal consumption expenditure was $42,648, compared to the national average of $39,664.
Across the country, consumer spending was up 4 percent — roughly the same rate as the year prior.
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