In response to what it calls a “growing regulatory burden,” the chamber said it is launching a Regulatory Affairs Policy Council to engage regulatory agencies and help lead the organization’s advocacy efforts.
Other key findings of the study:Â
Business restrictions affecting Colorado’s private industries grew by over 7% from 2020 to 2023, while federal regulations increased by only 1.3% during the same period.Â
For every 10% increase in state regulations, there is a direct loss of 36,000 jobs and 9,000 firms in Colorado.
Excessive business restrictions slow productivity and economic growth by 1%-2% and increase consumer costs by 1% each year. These higher costs have an 18% higher impact on lower-income Coloradans.
The study made several recommendations, such as establishing a “hard cap” on the number of regulations, setting a concrete reduction target — such as 30% fewer regulations over three to five years — and regulatory sunsets.
A separate report released this week noted how Colorado has slipped compared to other states in terms of economic strength.
Indeed, over the last 15 years, Colorado had been among the strongest economies in the U.S. Not anymore.
The 60th annual outlook from the Business Research Division at the University of Colorado Boulder said that, between 2008 and 2023, Colorado topped the country across major economic indicators.
The state had the 5th fastest-growing gross domestic product (GDP) and employment growth, as well as the 3rd-fastest personal income growth rates in the country over the 15-year span. It also had the fastest-growing home appreciation.
Lang Sias, a former legislator, on Tuesday noted how Colorado’s “free enterprise” competitiveness — a set of metrics developed by the Common Sense Institute, where he serves as a fellow — has been declining.
That, he said, doesn’t bode well for Colorado or low-income residents, who often bear the brunt of slower economic growth.
Sias said it’s important for policymakers to conduct a “dynamic analysis” of each legislation that, among other things, examines its potential impact on Colorado’s ability to compete with other states before passing one.   Â
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Publish date : 2024-12-10 04:13:00
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