Employment around the United States has been a topic of concern since the economic crash of 2008. Jobs were lost, businesses were bankrupt and the country was in a state of panic. Now, 6 years later, the pendulum is finally swinging towards progress. Across the country new jobs are being born. Our nation is getting back to work, and the economy is on the mend. The Denver, Colorado metro area is notably one of the more successful locations with the highest employment rates in the state of Colorado and in the entire country. Take a look.
The Denver-Metro Area
The Denver-Metro area holds a population of 2,687,300 people. This area contains the following counties; Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties. The area is noted for being a major industrial location for the fields of aerospace, telecommunications and technology. Home to the Rocky Mountains the Denver-Metro area is rich in minerals and the energy industry has further developed interests there.
In October of 2014, the Metro Denver Economic Development Corporation released the 2014 Economic Update highlighting the area’s employment growth and development in the recent year. The study found marked improvements in employment when compared to the previous years.
Between September 2013 and September 2014 the Denver-Metro area saw a job growth of 3.2% and was on set to add a total of 46,000 new jobs in 2014. The Bureau of Labor Statistics found that the largest job development was in the field of business and professional services which added 10,900 jobs this year, followed by the field of education adding 8,900 new jobs, and then the leisure and hospitality field added 7,300 new jobs. Other areas where a significant amount of new positions were added include government, manufacturing, mining, logging, construction, trade, transportation and utilities. Forbes lists Metro-Denver as #4 in their list of best places for business and careers.
What Did the Numbers Look Like Before 2014?
The last two years have certainly been noted for their growth. In 2012, the Metro Denver Annual Employment Growth Rate represented 2.9%, for 2014, this figure is 3.2%. The Average Unemployment Rate for 2012 was 7.6%, and for 2014 is 5.3%. In 2012, 45,203 home sales were closed in the Denver-Metro area. In 2014, this number is up to 51,500 residential home sales closed. In 2012 the median home price in the area was $252,400 and by 2014 this number has risen to $304,000. The last two years have brought positive change to the Denver-Metro area.
Denver-Metro Compared to the State of Colorado
The state of Colorado saw a job growth of 3% in the last year, and the United States as a whole saw a 1.8% growth. Denver-Metro came in at a growth of 3.2%, which is of significance when compared with the rest of the country.
What Sets Denver-Metro Apart from Other Metropolitan Areas?
The Denver-Metro area has been a location of interest to many economic experts as they try to determine what exactly sets this area apart from other metropolitan areas. Why are jobs in the Denver-Metro area growing at such rapid rates, while the rest of the country struggles to keep up? There are several elements particular to this area that have supported its economic growth in recent years.
The Denver-Metro housing market has remained significantly more stable than the markets in other areas. Homes are continuing to sell and housing prices continue to rise. These elements contribute to an economy that is more easily able to recover.
In addition to personal housing, commercial real-estate in the area has maintained its value more than commercial real-estate in other areas. This is a combination of a healthy business economy and the hesitancy to build when the recession began.
Metro-Denver continues to gain the interest of national media. Forbes included the area in its ranking for “Best Places for Business” citing its diverse economy and outdoor recreation. Furthermore, the website WalletHub, identified Denver as being the 4th most recovered city since the recession.
Who’s Moving to Denver-Metro?
The largest population in the Denver-Metro are young professionals born between the years 1980 and 1990. This population currently totals over 883,000 people. This group, known as “Millennials” are expected to dominate the work force within the next 10 years, as Baby Boomers and Generation X begin the retirement process. Having a large population of Millennials will further promote the Denver-Metro area as a top business location, driving more relocations and expansions to the area.
The Denver-Metro area has gained national attention for its remarkable recovery since the economic crisis of 2008. This area is ahead of the rest of the nation in terms of employment growth. Analysis of this reveals a number of factors contributing to area’s quick recovery including a stable residential and commercial real-estate market as well as a resilient business market.
The area continues to attract young professionals and is named one of the top locations for careers in the United States. A large population of young employees will further support the employment growth and business development in the area. The Denver-Metro area anticipates growth into the future, expecting an annual job growth of 47,000 per year from 2010-2020.