Survey: Colorado businesses prioritize growth despite economic uncertainty

TACOMA, Wash. — About two-thirds of Colorado businesses are prioritizing growth investments over cost-cutting, while half plan to wait before making major business decisions because of tariffs, inflation and rising energy costs, according to Columbia Bank‘s 2026 Business Barometer.

The annual survey of nearly 1,200 small and midsize businesses found Colorado companies are generally more willing than their national counterparts to borrow for expansion, pursue acquisitions and increase hiring over the next year.

Among Colorado respondents, 77% said they are very or somewhat likely to borrow to finance expansion compared with 70% nationally. Another 58% said they are likely to acquire another business, compared with 36% nationwide. About 66% expect to expand their real estate footprint compared with 62% nationally.

While 51% of Colorado businesses said they expect to delay major decisions for about 6 months due to economic pressures, that was lower than the national average of 59%. The survey also found 51% of Colorado businesses expect to increase headcount during the next 12 months.

Artificial intelligence ranked among the top three priorities for 69% of Colorado businesses. Nearly three-quarters, or 73%, said AI will strengthen their business compared with 59% nationally. More than four in five respondents expect AI to improve employee satisfaction and retention.

Tariffs remain a concern for Colorado businesses despite declining nationally. The survey found that 50% of Colorado respondents expect trade volatility and tariff impacts to continue for 1 to 2 years, while 59% plan to seek tariff refunds. Respondents said uncertainty surrounding tariff implementation, including delays, exemptions and changing rates, has made business planning more difficult than the direct costs of tariffs.

The Columbia Bank 2026 Business Barometer surveyed 1,186 owners, executives and financial decision-makers at U.S. businesses with annual revenue ranging from $500,000 to $500 million. The survey was conducted online from April 28 through May 7, 2026, and has a margin of error of 2.7%.