In July, the Colorado Tourism Office (CTO) 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.
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“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.
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.
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.”
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.