Monday 08 April, 2013
As the nation struggles to pull itself out of a recession, Denver seems to be getting back on its feet faster than other major cities. All of the predictions for the city’s economic outlook in the next few years are as sunny as the Rocky Mountain Front Range. There are a number of reasons why economic predictors are so good, including low inflation, low interest rates, and a city government that’s dead set on developing its small businesses.
Another reason that’s particularly beneficial for businesses is its labor surplus. An economy with a large number of workers is a good place for any business to call home.
The Tech Worker Surplus
It’s been recently reported that neighboring Boulder has the highest number of tech workers in the United States. This is why it’s full of tech start-ups and innovation. Denver has a surplus of tech workers as well. Many of them came to the city during the dotcom boom and couldn’t leave after it went leveled off.
Denver and Its Suburbs
Boulder isn’t the only nearby place with a surplus that spills over into the Mile High City. One of the reasons Denver has such a surplus of workers is because it includes the surrounding suburbs. A high number of Denver’s workers commute to the city each day from Jefferson, Arapahoe, and Adams counties.
A Wide Talent Pool
What does it mean when there’s a surplus of highly skilled and specialized workers in a particular area? It means that you have a wide pool of talent from which to draw. For anything you need done, there’s someone who can do it for you. You can easily find people with the skills, attitude and experience to help your small company achieve its goals. This wide talent pool also means more innovation and development of new ideas.
A Growing Workforce
A survey by the Metro Denver Economic Development Corporation and the Denver Metro Chamber of Commerce says that the city’s workforce is growing. As much of the country faces a declining skilled labor force or a stagnant numbers of workers, employment growth in the Denver metropolitan area is expected to exceed that of the state of Colorado and the nation as a whole.
More employment means more opportunity, which in turn draws more talent to the city. This has been the pattern during each of Denver’s economic booms since its early days as a mining town.
Much of this growth, predictors say, will be in professional and technical services, which means these new potential employees will be skilled. It means that Denver will become an even more ideal place for new businesses to call home. When you add that Denver has a pro-business government, a legacy of technological innovation, and a growing locally-based venture capital scene, it looks like an even better place for business opportunities.