Barack Obama may have won the state of Colorado in 2008 but it’s by no means a reliable blue state. Recall that George W. Bush won the state in 2000 and 2004. According to a new study conducted by professors at the University of Colorado, Mitt Romney will win the presidency in 2012.

A University of Colorado analysis of state-by-state factors leading to the Electoral College selection of every U.S. president since 1980 forecasts that the 2012 winner will be Mitt Romney.

The key is the economy, say political science professors Kenneth Bickers of CU-Boulder and Michael Berry of CU Denver. Their prediction model stresses economic data from the 50 states and the District of Columbia, including both state and national unemployment figures as well as changes in real per capita income, among other factors.

“Based on our forecasting model, it becomes clear that the president is in electoral trouble,” said Bickers, also director of the CU in DC Internship Program.

According to their analysis, President Barack Obama will win 218 votes in the Electoral College, short of the 270 he needs. And though they chiefly focus on the Electoral College, the political scientists predict Romney will win 52.9 percent of the popular vote to Obama’s 47.1 percent, when considering only the two major political parties.

“For the last eight presidential elections, this model has correctly predicted the winner,” said Berry.