Denver ranked as the 10th best U.S. market in the On Numbers Economic Index for the month of October.
This index, which was published on Thursday October 24th, is designed to be a monthly snapshot of the economic performance of 102 large U.S. metro areas. G. Scott Thomas, who covers demographic trends in his On Numbers blog for the Denver Business Journal, compiles the index.
His 18-part formula includes:
- Five year changes in private sector employment, unemployment rates, weekly earnings per private sector worker, construction-sector employment, retail-sector employment and house values (calculated between the latest available data and the corresponding data for the same month/quarter one year ago)
- One year change in private sector employment, unemployment rates, weekly earnings per private sector worker, construction-sector employment, retail-sector employment and house values (calculated between the latest available data and the corresponding data for the same month/quarter one year ago)
- Long term trend in private sector employment, weekly earnings per private sector worker, construction-sector employment, retail-sector employment and house values (calculated over five one-year intervals)
- Current unemployment rates (latest rate available)
In October, Denver was ranked 10th overall, up from 14th in September. In key areas, Denver ranked:
- 26th in 5 year private sector job growth (2.01%)
- 19th in 1 year private sector job growth (2.88%)
- 27% in lowest unemployment rate (6.5%)
The 16-day federal government shutdown affected the entire state of Colorado, but Colorado Springs –which has a larger percentage of federal workers in its workforce – was more affected than any other Colorado metro area.
The shutdown also affected local home sales as consumers struggled to maintain their confidence throughout the political battle in Washington. Economists expect consumer confidence to remain unsteady as the government shutdown was solved with only a temporary resolution vs. a permanent solution.
Despite this temporary setback, the economy is poised to rebound in coming month, barring any additional shocks. Several national accolades have recognized both Denver and Colorado as highly desired locations. A Harris poll found that Colorado was the fifth-most desired state to live in, with Denver ranking as the seventh most-desired city to live in nationally. Forbes predicts that Denver will be part of the fastest-growing region in the nation over the next decade, as businesses and workers look to take advantage of the region’s robust job growth and high quality of life.
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