Friday 19 April, 2013
If you’re thinking about running a business somewhere, Denver is a great choice. It’s had a strong economy for nearly all of its existence and during times when the rest of the nation’s economy was suffering, it managed to thrive. Downtown Denver’s 17th Street has been dubbed the ‘Wall Street of the West’ and there’s good reason for it.
A New Growth Path for Denver
The Metro Denver Economic Development Corporation and Denver Chamber of Commerce, in their forecast for 2013, predict that Denver will recover fully from the recent recession in the coming year. The forecast predicts that employment growth will surpass that of the rest of the country. It says that there will be significant growth in education and health services, business and professional services, and mining and natural resources throughout the year.
Much of the forecast is based on trends in 2012 that appear to be continuing into 2013, including more consumer spending, increased home sales, and an increase in residential building permits, all indicators that things are going well. Denver’s recovery from the economic turmoil of the last few years has been surprisingly fast compared to other metro areas.
Progress and Diversity
The 2010 ALEC-Laffer State Economic Competitiveness Index gave Denver the sixth best economic outlook in the nation and the Brookings Institution listed Colorado’s Front Range among five regions that have growing business and social influence. One of the reasons given for this praise is the diversity of the city’s economy. Denver has always had a bit of every industry, including high-tech telecommunications, alternative energy development and the aerospace industry.
In fact, Denver is so ahead of the game that many other regions have sent delegations to the Mile High City to learn how to turn their economies around. Economic development leadership missions from Minnesota, Wisconsin, Nevada and other states have come to Denver to learn its unique collaborative approach to developing its economy.
The Demographics of Denver
Much of the economic health of the Denver metro area is due to its demographic make-up. It has had steady economic growth for decades, as people flock to the unique beauty of the Rocky Mountain Front Range. The entire metro area encompasses nine counties with a total population of 3.5 million, making it one of the country’s biggest metropolitan areas. Its infrastructure is well planned and designed to support the massive population that uses its resources each day.
Here to Stay
The history of Denver’s economy is one of periodic booms, steady growth, and constant innovation. This is why economists are so optimistic about the future of the Mile High City. It’s not a boomtown that’s going to go bust anytime soon. By all indications, Denver will only command a more formidable presence as an economic center in the future.