These days Denver is on a steady incline of growth. In fact, according the U.S. Census Bureau, Colorado was the second-fastest growing state. The growth in people goes hand-in-hand for Denver, who is experiencing a budding and robust economy as well. These two melded together undeniably are creating a strong city to relocate to and people are beginning to flock to Denver to reap the benefits.
The Denver area economy is in phenomenal shape. The metro-Denver area currently has a labor force of 1,649,882 and a median income level of $60,260. Additionally, Colorado is the nation’s second-most highly educated state for residents. Roughly 39.2% of the people in Colorado have earned their bachelor’s degree or higher.
Below are a few of the many indicators in the Denver area that prove that this city is on the rise, and the economy will be continuing this upwards trend for much of the unforeseen future.
Construction is at an all-time high.
The metro Denver area is clearly on the move. When looking around, one can’t help but to notice all the construction cranes that are sprinkling the horizon. According to CoStar, commercial development is moving at a face pace, with 5.66 million square feet of office and 4.21 square feet of industrial space planned.
Many companies are moving to the Denver to take advantage of their talented population. As of recent, the Denver area has reported job growth of 2.1% adding 33,000 new job positions between April 2016 and 2017. Companies moving into Denver include Vertafore, Amazon and Swisslog – not to mention, many others.
Overall, there is a positive vibe to the growth of the Denver area. In fact, the most recent Leed Business Confidence Index by the University of Colorado Boulder discovered that companies are tremendously optimistic about the State of Denver and their economy.
New Companies in The Denver Area
An interesting fact that attributes to the overall economic growth in Colorado is the amount of new companies planting their feet in the ground. The Colorado Secretary of State reported that in the first quarter of 2017 the state had 32,450 new business filings. This is a 31% increase from the prior year. The U.S. Chamber of Commerce even touts that Colorado ranks 3rd in the U.S. for startups.
The Colorado region is currently seeing an unemployment rate of 2.3% – the lowest in the U.S. for the past two months and the lowest since tracking began in 1976. The businesses in Colorado are beginning to become competitive with their offerings for new talent to grab the best of the workforce in this highly competitive job market.