• State GDP: $307 billion
• Growth in 2014: 4.7%

Colorado was the sixth fastest growing U.S. state in 2013 and it jumped up to position No. 5 in 2014.

Mining is still very much in the front seat for Colorado's economy. The square state, however, is diversifying its economic attention towards other industries like aerospace and renewable energy.

According to Colorado's international trade office, the state is ranked second for private sector aerospace employment in the country. Companies like Army Space Command and other Department of Defense facilities have set up base in Colorado.

International firms like telecommunication giants Siemens (SIEGY) and Vodafone (VOD), have invested and built facilities in the state.

Unemployment in Colorado is well below the national average, which may explain why people are flocking to the state. Colorado is one of the fastest growing populations in the country.

Related: The pot effect on Denver's housing market

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