2024 Taxable Sales In Colorado
Introduction
This report analyzes taxable sales data from the Colorado Department of Revenue to understand the dynamics of taxable sales at the state and county level, and where policymakers may soon need to fill gaps.
Colorado imposes a sales tax on retail sales of tangible personal property except when such sales qualify for an exemption specifically authorized by law. Taxable sales of tangible personal property include, but are not limited to, the amount charged for mainframe computer access, photocopying, and packing and crating. Sales of services are generally not subject to Colorado sales tax. However, sales of the following services are specifically taxable under Colorado law:
- gas and electric service for commercial use and,
- intrastate telephone and telegraph services. Additionally, sales tax applies to prepared food and drink sold by restaurants, bars, and other similar establishments. Short-term rentals of rooms and accommodations are also subject to Colorado sales tax.
As shown in Figure 1, nominal taxable sales in Colorado have increased 62.5% from 2016 to 2024. However, when adjusted for population growth and inflation, they have increased only 17%. They began to decline in 2022 and continued to decline through 2024. Adjusting for population alone showed a 0.2% increase in taxable sales from 2023 to 2024. Population and inflation adjusted taxable sales declined 1.9% from 2023 to 2024 indicating that the real taxable sales per person declined.
Figure 1 - Taxable Sales (Nominal and Adjusted for Population Growth and Inflation)
Over the period 2011 to 2021, revenue from sales taxes accounted for 35.8% of state & local government revenue on average in Colorado. Since 2017, revenue from sales taxes as a share of total state & local government revenue has been declining, though it rebounded in 2022 to 35.4% after falling to 33.2% in 2021 (see Figure 2). Data for 2023 will be available in October 2025.
Figure 2 - Sales Tax Revenue as a Percentage of Total State & Local Tax Revenue
The sharp decline in sales tax revenue as a share of total state & local government tax revenue in 2021 and 2022 is likely attributable to the large increases in price levels coming out of the Covid-19 pandemic. The decline may also be the result of changes in consumer spending patterns, both in terms of what goods and services they purchase and where they purchase them.
Key Findings
- Statewide, taxable sales in 2024 dollars, adjusted for inflation and population, declined 1.9% from $144.9 billion in 2023 to $142.1 billion in 2024. Nominal taxable sales increased 1.1% from $150.6 billion in 2023 to $152.2 billion in 2024.
- Among Colorado’s 64 counties, 38 (59.4%) experienced a decline in inflation and population-adjusted taxable sales from 2023 to 2024.
- Revenue from sales taxes as a share of total state and local government tax revenue has declined from 37.1% in 2017, to 35.4% in 2022.
- Taxable sales in 2024 dollars adjusted for inflation and population in Denver County fell 2.5% from $21.8 billion in 2023 to $21.3 billion in 2024.
Taxable Sales by County
From 2023 to 2024, taxable sales adjusted for population growth and inflation declined in 38 counties and rose in 26 counties (see Figure 3). Declines were as low as -9.4% in Huerfano County, and increases were as high as 17.1% in Baca County. The largest percentage changes occurred in counties with small populations, where small changes in either direction can produce large percentage changes. Declining population and inflation-adjusted taxable sales are problematic for county budgets, as they are a major source of funding for local government.
Figure 3 - Taxable Sales by County
|
Taxable Sales Adjusted for Population Growth and Inflation (2024 Dollars)
|
|
2016
|
2023
|
2024
|
Change
2023 to 2024
|
Change
2016 to 2024
|
|
Colorado
|
$121.46B
|
$144.92B
|
$142.11B
|
-1.9%
|
17.0%
|
|
Adams
|
$10.99B
|
$13.77B
|
$13.39B
|
-2.8%
|
21.8%
|
|
Alamosa
|
$0.34B
|
$0.38B
|
$0.38B
|
1.8%
|
14.4%
|
|
Arapahoe
|
$14.59B
|
$16.35B
|
$15.94B
|
-2.5%
|
9.3%
|
|
Archuleta
|
$0.26B
|
$0.33B
|
$0.33B
|
1.1%
|
29.9%
|
|
Baca
|
$0.03B
|
$0.08B
|
$0.09B
|
17.1%
|
175.5%
|
|
Bent
|
$0.02B
|
$0.04B
|
$0.04B
|
2.2%
|
66.1%
|
|
Boulder
|
$6.86B
|
$8.27B
|
$8.08B
|
-2.3%
|
17.7%
|
|
Broomfield
|
$1.49B
|
$1.87B
|
$1.73B
|
-7.5%
|
15.9%
|
|
Chaffee
|
$0.42B
|
$0.59B
|
$0.57B
|
-2.7%
|
35.5%
|
|
Cheyenne
|
$0.04B
|
$0.09B
|
$0.08B
|
-6.3%
|
86.9%
|
|
Clear Creek
|
$0.14B
|
$0.23B
|
$0.22B
|
-3.7%
|
58.1%
|
|
Conejos
|
$0.05B
|
$0.11B
|
$0.11B
|
3.9%
|
129.4%
|
|
Costilla
|
$0.02B
|
$0.03B
|
$0.03B
|
-3.1%
|
55.3%
|
|
Crowley
|
$0.02B
|
$0.03B
|
$0.03B
|
-7.0%
|
60.2%
|
|
Custer
|
$0.04B
|
$0.07B
|
$0.07B
|
-1.6%
|
79.3%
|
|
Delta
|
$0.32B
|
$0.42B
|
$0.43B
|
2.0%
|
33.0%
|
|
Denver
|
$20.74B
|
$21.84B
|
$21.29B
|
-2.5%
|
2.7%
|
|
Dolores
|
$0.02B
|
$0.03B
|
$0.03B
|
-4.0%
|
89.8%
|
|
Douglas
|
$7.23B
|
$8.59B
|
$8.38B
|
-2.4%
|
16.0%
|
|
Eagle
|
$2.23B
|
$3.06B
|
$3.03B
|
-1.0%
|
36.3%
|
|
El Paso
|
$12.47B
|
$14.99B
|
$14.86B
|
-0.9%
|
19.1%
|
|
Elbert
|
$0.18B
|
$0.37B
|
$0.37B
|
0.7%
|
105.1%
|
|
Fremont
|
$0.47B
|
$0.66B
|
$0.65B
|
-1.9%
|
38.4%
|
|
Garfield
|
$1.55B
|
$1.96B
|
$1.87B
|
-4.8%
|
20.6%
|
|
Gilpin
|
$0.10B
|
$0.20B
|
$0.19B
|
-0.7%
|
102.4%
|
|
Grand
|
$0.45B
|
$0.79B
|
$0.76B
|
-3.2%
|
70.5%
|
|
Gunnison
|
$0.39B
|
$0.59B
|
$0.59B
|
0.4%
|
52.3%
|
|
Hinsdale
|
$0.02B
|
$0.03B
|
$0.03B
|
3.6%
|
87.9%
|
|
Huerfano
|
$0.06B
|
$0.10B
|
$0.09B
|
-9.4%
|
49.8%
|
|
Jackson
|
$0.03B
|
$0.04B
|
$0.05B
|
6.2%
|
80.3%
|
|
Jefferson
|
$11.14B
|
$13.07B
|
$12.91B
|
-1.2%
|
15.9%
|
|
Kiowa
|
$0.01B
|
$0.03B
|
$0.03B
|
1.5%
|
251.9%
|
|
Kit Carson
|
$0.13B
|
$0.25B
|
$0.24B
|
-3.6%
|
90.8%
|
|
La Plata
|
$1.27B
|
$1.61B
|
$1.58B
|
-1.8%
|
24.2%
|
|
Lake
|
$0.08B
|
$0.20B
|
$0.21B
|
6.7%
|
160.9%
|
|
Larimer
|
$7.23B
|
$8.40B
|
$8.34B
|
-0.8%
|
15.3%
|
|
Las Animas
|
$0.24B
|
$0.27B
|
$0.27B
|
-1.3%
|
10.6%
|
|
Lincoln
|
$0.09B
|
$0.11B
|
$0.11B
|
-5.5%
|
20.8%
|
|
Logan
|
$0.34B
|
$0.41B
|
$0.40B
|
-0.7%
|
18.0%
|
|
Mesa
|
$3.03B
|
$3.60B
|
$3.56B
|
-1.1%
|
17.7%
|
|
Mineral
|
$0.03B
|
$0.04B
|
$0.04B
|
5.4%
|
30.7%
|
|
Moffat
|
$0.25B
|
$0.33B
|
$0.31B
|
-6.2%
|
23.8%
|
|
Montezuma
|
$0.41B
|
$0.49B
|
$0.50B
|
0.7%
|
22.2%
|
|
Montrose
|
$0.73B
|
$1.02B
|
$1.03B
|
0.8%
|
41.4%
|
|
Morgan
|
$0.46B
|
$0.61B
|
$0.69B
|
12.6%
|
48.2%
|
|
Otero
|
$0.19B
|
$0.26B
|
$0.26B
|
-0.7%
|
35.8%
|
|
Ouray
|
$0.08B
|
$0.15B
|
$0.16B
|
2.5%
|
87.8%
|
|
Park
|
$0.11B
|
$0.24B
|
$0.25B
|
1.7%
|
123.7%
|
|
Phillips
|
$0.04B
|
$0.07B
|
$0.07B
|
1.8%
|
64.2%
|
|
Pitkin
|
$1.21B
|
$2.11B
|
$2.16B
|
2.2%
|
78.6%
|
|
Prowers
|
$0.17B
|
$0.22B
|
$0.22B
|
-0.5%
|
29.6%
|
|
Pueblo
|
$2.73B
|
$3.12B
|
$3.06B
|
-1.8%
|
11.9%
|
|
Rio Blanco
|
$0.09B
|
$0.16B
|
$0.18B
|
12.4%
|
96.5%
|
|
Rio Grande
|
$0.13B
|
$0.24B
|
$0.22B
|
-7.1%
|
70.4%
|
|
Routt
|
$0.86B
|
$1.25B
|
$1.24B
|
-1.2%
|
44.9%
|
|
Saguache
|
$0.04B
|
$0.06B
|
$0.06B
|
1.8%
|
79.7%
|
|
San Juan
|
$0.03B
|
$0.04B
|
$0.04B
|
5.6%
|
37.0%
|
|
San Miguel
|
$0.34B
|
$0.59B
|
$0.59B
|
-0.7%
|
75.0%
|
|
Sedgwick
|
$0.02B
|
$0.03B
|
$0.03B
|
4.3%
|
29.9%
|
|
Summit
|
$1.68B
|
$2.36B
|
$2.29B
|
-3.1%
|
36.0%
|
|
Teller
|
$0.32B
|
$0.54B
|
$0.49B
|
-8.3%
|
53.5%
|
|
Washington
|
$0.03B
|
$0.05B
|
$0.05B
|
0.6%
|
84.4%
|
|
Weld
|
$6.02B
|
$7.23B
|
$6.98B
|
-3.4%
|
16.0%
|
|
Yuma
|
$0.14B
|
$0.20B
|
$0.21B
|
6.4%
|
51.58
|
Taxable Sales by Industry
From 2023 to 2024 taxable sales decreased in 17 out of 28 industries as shown in Figure 4. The largest increases over this time occurred in:
- Educational services (+7.6%);
- Administrative and support and waste management and remediation services (+3.7%); and
- Information (+3.6%).
The largest declines occurred in:
- Mining, quarrying and oil and gas extraction (-16.7%);
- Sporting goods, hobby, musical instrument, book, and miscellaneous retailers (-6.7%); and
- Furniture, home furnishings, electronics, and appliance retailers (-6.4%).
Since 2016, several industries have experienced profound changes in taxable sales. Industries with the largest increases were:
- Transportation and warehousing (+192.1%);
- Administrative and support and waste management and remediation services (+155.1%); and
- General merchandise retailers (+115.9%).
The largest declines occurred in:
- Health and personal care retailers (-45.7%);
- Finance and insurance (-32.2%); and
- Healthcare and social assistance (-23.1%).
Figure 4 - Taxable Sales by Industry
|
Industry Taxable Sales Adjusted for Inflation and Population (2024 Dollars)
|
|
|
2016
|
2023
|
2024
|
Change
2023 - 2024
|
Change
2016-2024
|
|
Agriculture, Forestry, Fishing and Hunting
|
$ 114.5M
|
$ 114.9M
|
$ 111.6M
|
-2.9%
|
-2.5%
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
$ 1,715.9M
|
$ 1,758.1M
|
$ 1,464.4M
|
-16.7%
|
-14.7%
|
|
Utilities
|
$ 3,041.3M
|
$ 3,285.3M
|
$ 3,292.9M
|
0.2%
|
8.2%
|
|
Construction
|
$ 2,074.8M
|
$ 3,031.6M
|
$ 2,977.3M
|
-1.8%
|
43.5%
|
|
Manufacturing
|
$ 5,295.5M
|
$ 6,789.5M
|
$ 6,484.6M
|
-4.5%
|
22.5%
|
|
Wholesale Trade
|
$ 6,844.5M
|
$ 9,647.9M
|
$ 9,394.8M
|
-2.6%
|
37.3%
|
|
Motor Vehicle and Parts Dealers
|
$ 16,116.4M
|
$ 17,005.1M
|
$ 16,332.6M
|
-4.0%
|
1.3%
|
|
Building Material and Garden Equipment and Supplies Dealers
|
$ 7,662.2M
|
$ 8,725.0M
|
$ 8,134.7M
|
-6.8%
|
6.2%
|
|
Food and Beverage Retailers
|
$ 7,674.6M
|
$ 7,500.9M
|
$ 7,471.2M
|
-0.4%
|
-2.7%
|
|
Furniture, Home Furnishings, Electronics, and Appliance Retailers
|
$ 5,671.9M
|
$ 5,455.6M
|
$ 5,104.5M
|
-6.4%
|
-10.0%
|
|
Health and Personal Care Retailers
|
$ 3,193.9M
|
$ 1,811.4M
|
$ 1,735.2M
|
-4.2%
|
-45.7%
|
|
Gasoline Stations and Fuel Dealers
|
$ 1,217.7M
|
$ 1,279.6M
|
$ 1,302.0M
|
1.8%
|
6.9%
|
|
Clothing, Clothing Accessories, Shoes, and Jewelry Retailers
|
$ 4,593.3M
|
$ 4,896.9M
|
$ 4,967.6M
|
1.4%
|
8.1%
|
|
Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers
|
$ 7,288.9M
|
$ 8,555.5M
|
$ 7,980.8M
|
-6.7%
|
9.5%
|
|
General Merchandise Retailers
|
$ 10,352.9M
|
$ 22,058.7M
|
$ 22,353.6M
|
1.3%
|
115.9%
|
|
Transportation and Warehousing
|
$ 268.4M
|
$ 799.5M
|
$ 784.0M
|
-1.9%
|
192.1%
|
|
Information
|
$ 4,970.9M
|
$ 4,192.5M
|
$ 4,342.1M
|
3.6%
|
-12.7%
|
|
Finance and Insurance
|
$ 764.8M
|
$ 527.6M
|
$ 518.3M
|
-1.8%
|
-32.2%
|
|
Real Estate and Rental and Leasing
|
$ 4,615.6M
|
$ 5,391.7M
|
$ 5,446.9M
|
1.0%
|
18.0%
|
|
Professional, Scientific, and Technical Services
|
$ 1,637.4M
|
$ 2,603.6M
|
$ 2,663.8M
|
2.3%
|
62.7%
|
|
Administrative and Support and Waste Management and Remediation Services
|
$ 635.8M
|
$ 1,563.8M
|
$ 1,621.8M
|
3.7%
|
155.1%
|
|
Educational Services
|
$ 129.2M
|
$ 120.6M
|
$ 129.8M
|
7.6%
|
0.5%
|
|
Health Care and Social Assistance
|
$ 235.4M
|
$ 177.5M
|
$ 181.1M
|
2.1%
|
-23.1%
|
|
Arts, Entertainment, and Recreation
|
$ 696.3M
|
$ 890.5M
|
$ 878.6M
|
-1.3%
|
26.2%
|
|
Accommodation
|
$ 5,024.4M
|
$ 6,776.2M
|
$ 6,718.9M
|
-0.8%
|
33.7%
|
|
Food Services and Drinking Places
|
$ 15,123.7M
|
$ 16,262.7M
|
$ 16,122.3M
|
-0.9%
|
-6.6%
|
|
Management of Companies and Enterprises;
Other Services (except Public Administration)
|
$ 2,678.7M
|
$ 3,558.5M
|
$ 3,454.4M
|
-2.9%
|
29.0%
|
|
Public Administration
|
$ 151.1M
|
$ 134.8M
|
$ 139.8M
|
3.7%
|
-7.5%
|
|
Total
|
$ 121.46B
|
$ 144.92B
|
$ 142.11B
|
-1.9%
|
17.0%
|
Industry Share of Taxable Sales
The industry share of taxable sales is shown in Figure 5. The largest decline in industry share from 2023 to 2024 was a 0.3-percentage point decline in building materials and garden equipment supplies and dealers. The largest increase was 0.51-percentage points in general merchandise retailers.
The largest changes in the share of taxable sales by industry since 2016 include a 7.21 percentage point increase in general merchandise retailers, and a 1.78-percentage point decrease in motor vehicle and parts dealers, a 1.41-percentage point decrease in health and personal care retailers, and a 1.11-percentage point decrease in food service & drinking places.
Figure 5 - Industry Share of Taxable Sales
|
Industry Share of Taxable Sales
|
|
|
2016
|
2023
|
2024
|
Change 2023 -2024 (ppt)
|
Change 2016 -2024 (ppt)
|
|
Agriculture, Forestry, Fishing and Hunting
|
0.09%
|
0.08%
|
0.08%
|
0.00
|
-0.01
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
1.41%
|
1.21%
|
1.03%
|
-0.18
|
-0.38
|
|
Utilities
|
2.50%
|
2.27%
|
2.32%
|
0.05
|
-0.18
|
|
Construction
|
1.71%
|
2.09%
|
2.10%
|
0.01
|
0.39
|
|
Manufacturing
|
4.36%
|
4.69%
|
4.56%
|
-0.13
|
0.20
|
|
Wholesale Trade
|
5.64%
|
6.66%
|
6.61%
|
-0.05
|
0.97
|
|
Motor Vehicle and Parts Dealers
|
13.27%
|
11.73%
|
11.49%
|
-0.24
|
-1.78
|
|
Building Material and Garden Equipment and Supplies Dealers
|
6.31%
|
6.02%
|
5.72%
|
-0.30
|
-0.59
|
|
Food and Beverage Retailers
|
6.32%
|
5.18%
|
5.26%
|
0.08
|
-1.06
|
|
Furniture, Home Furnishings, Electronics, and Appliance Retailers
|
4.67%
|
3.76%
|
3.59%
|
-0.17
|
-1.08
|
|
Health and Personal Care Retailers
|
2.63%
|
1.25%
|
1.22%
|
-0.03
|
-1.41
|
|
Gasoline Stations and Fuel Dealers
|
1.00%
|
0.88%
|
0.92%
|
0.04
|
-0.08
|
|
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers
|
3.78%
|
3.38%
|
3.50%
|
0.12
|
-0.28
|
|
Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers
|
6.00%
|
5.90%
|
5.62%
|
-0.28
|
-0.38
|
|
General Merchandise Retailers
|
8.52%
|
15.22%
|
15.73%
|
0.51
|
7.21
|
|
Transportation and Warehousing
|
0.22%
|
0.55%
|
0.55%
|
0.00
|
0.33
|
|
Information
|
4.09%
|
2.89%
|
3.06%
|
0.17
|
-1.03
|
|
Finance and Insurance
|
0.63%
|
0.36%
|
0.36%
|
0.00
|
-0.27
|
|
Real Estate and Rental and Leasing
|
3.80%
|
3.72%
|
3.83%
|
0.11
|
0.03
|
|
Professional, Scientific, and Technical Services
|
1.35%
|
1.80%
|
1.87%
|
0.07
|
0.52
|
|
Administrative and Support and Waste Management and Remediation Services
|
0.52%
|
1.08%
|
1.14%
|
0.06
|
0.62
|
|
Educational Services
|
0.11%
|
0.08%
|
0.09%
|
0.01
|
-0.02
|
|
Health Care and Social Assistance
|
0.19%
|
0.12%
|
0.13%
|
0.01
|
-0.06
|
|
Arts, Entertainment, and Recreation
|
0.57%
|
0.61%
|
0.62%
|
0.01
|
0.05
|
|
Accommodation
|
4.14%
|
4.68%
|
4.73%
|
0.05
|
0.59
|
|
Food Services and Drinking Places
|
12.45%
|
11.22%
|
11.34%
|
0.12
|
-1.11
|
|
Management of Companies and Enterprises;
Other Services (except Public Administration)
|
2.21%
|
2.46%
|
2.43%
|
-0.03
|
0.22
|
|
Public Administration
|
0.12%
|
0.09%
|
0.10%
|
0.01
|
-0.02
|
|
Total
|
100%
|
100%
|
100%
|
|
|
Bottom Line
The share of statewide total tax revenue from taxable sales has declined from 37.5% in 2017 to 35.4% in 2022. Additionally, in 2024 38 out of 64 counties saw declines in population and inflation adjusted taxable sales.
If these trends persist, state and local governments may be forced to identify alternative revenue sources. However, efforts to increase existing sales taxes or introduce new ones must account for potential changes in consumer behavior, as individuals are likely to shift purchases to jurisdictions with lower tax rates.