Colorado’s population growth has slowed as many people reach retirement age and fewer babies are born, the state’s demographer said Thursday, warning its economic future will hinge on its ability to maintain its workforce.

“We can’t waste a person, we’re going to need them more and more,” said Elizabeth Garner, the Colorado’s state demographer, at the Adams County Regional Economic Partnership’s State of the Region event Thursday.

The annual event celebrates all things business in the Adams County region, according to its website. 

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Each year, the event spotlights economic accomplishments, demographic trends, employment growth and new business. 

Much of Colorado’s economic future will be dependent on its population, which is growing at a slowing rate despite the popular narrative that the state is seeing exponential growth, Garner said.

In 2007, both the United States and Colorado saw their peak birth rates.

But in the past decade, the population under the age of 18 has declined by more than one million people, Garner said. 

With most of Colorado’s growth being people over age 65, the state’s economic future may face some workforce challenges, she said. 

However, the state is also growing more racially and ethnically diverse, with about 31% of its 18 and older population being people of color and 48% of its under-18 population being people of color. 

Garner urged business leaders in the room at Thursday’s event to increase the range of participants in their company’s labor force. 

“How do we add people to the labor force?” Garner said. “Really start looking at … those under 25 and looking at those over 55. Looking at our people of color. Looking at people with disabilities. Looking at the formerly incarcerated. All all can increase that labor force.”

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While some population predictions show Colorado will increase by 1.8 million people by 2050, there are also uncertainties.

International immigration, water and other factors will play a pivotal role in how the state’s population changes in future years and will, in turn, impact the state’s economy, Garner said. 

Boosting Colorado’s economy relies on boosting its workforce, Gov. Jared Polis said. Along with other efforts to bolster its workforce, the state will offer $1,500 scholarships to the graduating high school class members of 2024.

The state is also moving closer to its goal of 100% renewable energy and recognizes the need to continue the fight to make housing more affordable, all factors in building and maintaining a workforce, Polis said.

“We need to take action, not just in Adams County but across the region, to be able to reduce barriers to home construction…and thoughtful ability to grow along transit-oriented corridors,” he said.

While the administration had some setbacks this year, he said, officials hope to continue working on its increasing housing goals. Polis was referring the rare defeat he suffered after the General Assembly effectively rejected his land-use housing proposal – which, as originally introduced, sought to impose state mandates and effectively strip local governments of their authority over land use and zoning for housing.

“We need to make sure Adams County doesn’t become Boulder and Colorado doesn’t become California with regard to home affordability and we still have that important work ahead,” Polis said. 

Lack of “livability and affordability” could negatively impact Colorado’s economy and the Polis administration will continue to work on the state’s public transportation access and opportunities for people to affordably live closer to where jobs are, Polis said. 

“I always look forward to making sure that what we do for the state will work for Adams County and help make sure that … the state of Colorado can help you write the next chapter of Adams County’s success.”

Adams County Commissioner Steve O’Dorisio said the county has economic challenges, such as addressing homelessness and housing affordability, but also that it is growing and remains an attractive place to live, play and work. 

Adams County is one of the youngest counties in the state, O’Dorisio said. It is also the most diverse and among the least affluent.

“We have a lot of challenges in our county, but as you know, we have a lot of opportunities,” O’Dorisio said. 

With so much of Adams county’s population being younger, it has a leg up in its economic future, Garner said. 

Efforts to address increasing housing costs include helping people facing eviction hire attorneys, investing in housing for homeless people and investing in home care to help people stay in homes longer, O’Dorisio said. 

The county is also investing in infrastructure to help businesses, O’Dorisio said. 

“We’re going to continue to work on all of these areas together,” O’Dorisio said.  

The Adams County Regional Economic Partnership (AC-REP) is a public/private nonprofit economic development organization serving the Greater Adams County region with more than 10,000 companies and just over half a million residents. 

“With opportunities for innovative businesses in a variety of industries, our region is on the rise,” Lisa Hough, the president and CEO of AC-REP said. “We look forward to spotlighting our communities and the opportunities we can continue to sustain a growing and thriving economy for everyone.”