Colorado’s economy was the 13th most-competitive in the nation in 2023, according to a study from Common Sense Institute.

The study from the nonprofit research firm for “advancing Colorado’s economy” compares the state’s gross domestic product, median household income, its labor force, business creation, inequality, poverty and migration with others across the U.S.

Colorado’s competitiveness peaked in 2017 and dropped in 2021, according to the report. The state saw improvements in 2023 and did well with four metrics: income, inequality, poverty and labor force.

Median household income in Colorado went up 53% to nearly $85,000 from 2011. It outpaced 45% inflation in the last two decades and puts Colorado at ninth-best for income.

Inequality — measuring how income is distributed across a population — fell 4% in the same time period. Poverty rates also improved in the last two decades as Colorado ranked 17th in the nation in 2011 and is now one of the top states.

“Colorado shines best in the share of its people in poverty,” said CSI senior economist Steven Byers in a news release, “ranking 4th best among U.S. states.”

Here are the Colorado industries that ranked among the best in the nation, according to CSI:

• Real estate (#1)

• Manufacturing (#3)

• Professional, scientific and technical services (#4)

• Health care and social assistance (#5)

• Government (#2)

While there have been improvements for Colorado’s competitiveness, there aren’t enough people moving in to offset the droves moving out. Colorado ranked 36th in migration.

Migration has fallen in the state consistently for 13 years, according to the report. The state gained more than 41,000 people in 2011. But in 2023, it lost 9,300 people.

“Unfortunately, Colorado’s darkest economic spot is people are leaving the state,” Byers said.

A copy of the study can be found here.