Denver’s job market has continued to improve, with a growth rate that is better than the national average. With this job growth have come other improvements to Denver’s economy, including retail sales and the real estate market. With a decrease in foreclosures and an increase in home sales, Denver has become a seller’s market.
Employment Rates Increase
Employment rates have been increasing over the last several years. Employment rose 2.8 percent in 2014 and Denver saw total jobs increase to 2.4 million in June of last year. More companies opened their doors last year, which helped improve the job rate last year. Those new jobs will also help improve employment conditions in Denver as these companies continue to hire employees.
Personal Income Improves
With a 2.75 percent job growth and a 5.2 percent unemployment rate, the economy has improved in Denver, including personal income. Personal income rose to $252.6 billion in 2014, showing a five percent increase in income from 2013. With more income, consumers are spending more money. Retail sales were up one percent in the second quarter of last year, and showed a continuing upward trend for the remainder of 2014.
Real Estate Changes
Because more people had job security and income, they were able to stay out of foreclosure. Foreclosure filings fell 24 percent in 2014 and there were fewer foreclosure sales last year as well. Not only are people staying out of foreclosure, they are also looking to purchase homes.
Home values increased 10 percent in 2013 and saw a similar increase in 2014. In addition, demand for homes is beginning to outstrip supply, with homes only on the market for 28 days.
As the economy continues to improve, the real estate market will see continued enhancement. This means an increase in home values and a better return on investment for those who purchase homes in the Denver area. As the job market improves, more people will be attracted to Denver, income will continue to rise and more Denver residents will be looking to purchase real estate.
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