Basic industry.

• Position: Economic conditions of agriculture, energy, manufacturing and tourism sectors

THE FOUR SECTORS that underlie the state economy are agriculture, energy, manufacturing and tourism. These sectors bring new dollars into the state, and with a big multiplier effect, create jobs.

AGRICULTURE: According to the Department of Agriculture, only 13.2 percent of Colorado's population lives in rural areas, where per capita income is lower and the poverty rate is higher. Employment has been flat, with unemployment slightly below the urban level. Almost half of all farms are less than 100 acres, with only 10 percent larger than 2,000 acres. Half of total farm receipts are from Weld County, one of the largest agricultural counties in the country.

Ron Carleton, Colorado deputy commissioner of agriculture, recently told the Denver Business Economists that he expects farm income to decline in 2013, due to a combination of declining corn prices and drought.

ENERGY: Even at the peak of the energy boom 30 years ago, the mining industry (including oil and gas) accounted for less than 4 percent of Colorado's jobs. Last year it was 1.3 percent. Nevertheless, it still provides almost 4 percent of the state's GDP.

With the exception of 2008, jobs have grown steadily since 2000.

Gary Horvath believes the extractive industries are likely to decline in 2014: "Despite the governor's pro-fracking stance, Colorado has positioned itself as not friendly to the extractive industries. Other states, such as North Dakota, are more receptive to drilling, and companies will follow the path of least resistance. Although the drop in gas prices is a relief to the consumer, demand and prices are not favorable to growth in the industry."

TOURISM' Expanding national and local economies, along with an improving employment climate, is important to the tourism industry. Travel is a discretionary expense for individuals and businesses alike, and is one of the first budget items cut when times are tough.

As the economy recovered from the Great Recession, total direct travel spending in Colorado rose to $16.7 billion in 2012, up 5.7 percent over 2011. The number of travelers set a record - more than 60 million. Business travel rebounded but remained below peaks recorded in 2000...