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Tourism Industry Contributes $28.5 Billion to Colorado Economy and Supports Over 188,000 Jobs

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DENVER — Today the Colorado Tourism Office (CTO), a division of the Colorado Office of Economic Development and International Trade (OEDIT), announced that tourism contributed $28.5 billion to the Colorado economy and supported 188,510 jobs across the state in 2024. Annual research compiled by Dean Runyan Associates and Longwoods International Travel USA shows that tourism continues to be an important economic driver across Colorado, however combined with early 2025 data, indicators suggest that increasing competition and uncertainty related to federal policy changes are putting pressure on Colorado's thriving tourism industry

"Colorado's unparalleled beauty, endless adventure, and rich arts and culture offer something for everyone to love. When we welcome visitors to our state, we support the state's thriving economy and the livelihoods of Coloradans," said Governor Polis. "Despite the dangerous federal tariffs and inconsistent federal policies, Colorado is open for business and visitors from across the world."

According to Dean Runyan Associates, traveler spending in Colorado increased from $28.4 billion in 2023 to $28.5 billion in 2024. Direct travel-generated employment created approximately 4,020 new jobs. Additionally, state and local tax revenue grew to a combined $1.9 billion in 2024, a 1.3% increase from the previous year. According to Longwoods International Travel USA, visitation to Colorado increased by 2.3%, from 93.3 million in 2023 to 95.4 million visitors in 2024. That growth is primarily attributed to day travelers.

"The 2024 impact numbers underscore the importance of Colorado's tourism industry as a vital economic engine, fueling communities across the state and supporting over 188,000 jobs. A thriving tourism industry translates to strong local economies across Colorado," said Eve Lieberman, Executive Director of OEDIT.

To promote Colorado's strong tourism economy, the CTO utilizes the landmark Destination Stewardship Strategic Plan and Do Colorado Right messaging to balance quality of life for residents with the visitor experience while safeguarding the state's natural resources, cultural heritage and vibrant communities. Leading travel and market research company SMARI found that Colorado's 2024 winter marketing campaign earned the highest return on investment ever for a winter campaign when compared to all destinations they evaluate across the United States.

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At the same time, competition for travelers and the associated traveler spending is increasing across the U.S. While travel-related spending increased 0.3% in Colorado in 2024, the same metric increased 4.2% nationally. Colorado's market share has also decreased in recent years, dropping from a high of 2.1% in 2019 to 1.8% in 2024. And visitors who stayed overnight in a hotel, motel, or short-term vacation rental spent a combined $17.6 billion in 2024, a decrease of 0.4% compared to 2023. Additionally, federal policy changes in 2025 have created uncertainty related to the tourism industry.

So far, 2025 numbers indicate that the increasing competition and uncertainty are impacting the tourism industry. Year to date through June 2025, hotel occupancy has declined 2%, while total hotel revenues have decreased 2.7%. Short-term rental occupancy also decreased nearly 10% during the first quarter of the year.

"Colorado's 2024 tourism numbers demonstrate the strength of our industry and its importance to our economy," said Timothy Wolfe, Colorado Tourism Office Director. "However, we recognize that increased competition and uncertainty are impacting communities across our state in varied ways. We are committed to bringing forward innovative ways to mitigate these changes while continuing to inspire the world to explore Colorado responsibly and respectfully."

Other notable results from the Longwoods International and Dean Runyan Associates studies included:
  • Every $1 million in traveler spending led to the creation of 7 jobs for the industry.
  • For 2024 overnight visitors, the average length of stay was 3.4 nights.
  • The top activities and experiences for overnight visitors were outdoor and entertainment activities, followed by cultural and sporting activities.
  • 23% of travel parties had a member that required accessibility services, notably above the US norm of 18%.
  • Direct travel-generated earnings grew from $9.7 billion in 2023 to $10.4 billion in 2024, an increase of 7.2%.
  • Earnings from Accommodation & Food Services grew from $4.4 billion to $4.6 billion, an increase of 4.4%.
  • Travelers spent approximately $13.9 billion in the Denver region alone in 2024, making up 48.8% of the statewide total.
  • 20% of visitors used electric vehicles to get to the state, double the US average of 10%.

To view the full reports for Colorado Travel Impacts 2024 (Dean Runyan Associates) and Colorado Travel Year Report 2024 (Longwoods International), visit https://oedit.colorado.gov/tourism-research.

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About the Colorado Tourism Office:

The Colorado Tourism Office (CTO) is a division of the Governor's Office of Economic Development and International Trade. The vision of the CTO is to empower the tourism industry by inspiring the world to explore Colorado responsibly and respectfully. The CTO seeks to advance the strength and resilience of the entire industry through collaboration, inclusivity, innovation and leadership. For more information about tourism offerings in Colorado and for a free Colorado Official State Visitor's Guide, visit www.colorado.com.

About the Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado's economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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