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I caught wind of a recent report from the Bureau of Economic Analysis from the U.S. Department of Commerce touting growth in GDP across a multitude of states. Leading the charge? Mining. The mining industry grew by 28.6 percent in the second quarter of 2017, and contributed to growth in 49 states. The reason cited—increases in oil and gas production.
We on the West Slope have been through multiple booms and busts of the oil and gas industry, but it’s important to remember even in the slower times, how profound the ripple effects of oil and gas production are. We have a rich history of mining in this part of the state, and the fact that oil and gas is driving growth in that sector is remarkable. I think we should all feel blessed to live in a state so abundant in natural resources.
Editor’s Note: Colorado experienced a 3.8 percent increase in real GDP (Gross Domestic Product) in the second quarter of 2017, 0.56 percent of which is attributed to mining. The greatest percentage of increase for the state came from “information” at 0.97 percent. Here’s the link to the full report. https://www.bea.gov/newsreleases/regional/gdp_state/2017/pdf/qgsp1117.pdf