(The Center Square) – The cost of crime in Colorado was over $27 billion in 2022, equivalent to $4,623 per person in the state, according to new research.
The Common Sense Institute published a 25-page report, “The Cost of Crime and its Economic Impact on Colorado: Crime’s Impact on the Economy and Residents,” which said the state saw an 18% increase in homicides during the first half of 2023 when compared to the same period in 2022. The organization estimates each murder carries an $8.8 million cost to society.
“The goal of policymakers who want to see Colorado thrive should be to take immediate steps to reduce crime,” the report stated in its conclusion. “There are massive economic benefits to all Coloradans when crime is low.”
The research found the crime rate in Colorado is 28% higher than in 2008. Adams County and the City and County of Denver account for a combined 40% of all crimes, but have 21% of the state’s population, the report stated. CSI concluded criminal justice system policy, despite its intention to be more humane, is adversely affecting the quality of life of most of the state’s law-abiding citizens.
“Victims should be prioritized, not perpetrators,” the report said. “It is time for legislators and leaders to act to reverse current trends, recognize the need to punish illegal behavior, and impose strong penalties on criminals at all levels of crime. Failure to do so will only cause Colorado to become a less attractive location for people and businesses.”
The report found the overall cost of crime declined from 2021 levels as rape and other sexual assault crimes decreased 12%. However, increases in aggravated assault and auto theft offset any gains from the reduction.
“Reports such as this underscore the significance of crime and safety policy in relation to job creation and economic influence,” J.J. Ament, president and CEO of the Denver Metro Chamber of Commerce and a member of CSI’s board, said in a statement. “It’s crucial that both policymakers and the general public understand the immediate and long-term economic implications of high crime rates. This knowledge allows for a balanced evaluation of benefits and drawbacks, thereby enabling more informed decision-making processes.”
The report estimates the state adds 474 jobs and $56.2 million in gross domestic product for every 1% decrease in crime.
“Our analysis sheds essential light on the intricate relationship between crime rates and economic prosperity,” Steven Byers, an economist with CSI, said in a statement. “It is our hope that these critical insights inform and inspire effective strategies, driving a stronger and safer Colorado for all.”
