The lowering unemployment rate is good news for people who live and work in Denver. This upward trend is likely to continue as new businesses open in the area and seek qualified candidates. Denver’s booming economy means more than just better jobs. It also means that the housing market is stabilizing, the hospitality industry is growing and the retail industry is seeing an upward trend.
Now that more of Denver’s residents are employed, they are able to spend more money. Statistics show consumer confidence is up 52 percent and retail sales have increased 3.4 percent from May 2013 to May 2014. With consumer spending increasing, more stores will see Denver as a viable location and retail outlets in the area will be less likely to close their doors.
With a booming Denver economy also comes an increase in tourism. The hospitality industry has seen a 75 percent increase in hotel occupancy from 2013. Denver has always attracted skiers and those who love winter sports, but with more improvements and expansion in the city, tourists are able to do and see more in the area.
Real Estate Industry
The improvements in Denver’s economic outlook has reduced foreclosures by 29 percent and increased home sales by three percent. The median home price is up 10.35 percent, improving home values in the area. Consumer confidence has also improved the “do it yourself” market. Home building permits are up 15 percent as homeowners begin those improvement projects they put on hold when the economy was on the decline.
Growth encourages growth. As Denver’s economy improves, it creates a ripple effect in other areas. Businesses are attracted to the area, residents spend more money and more tourists will visit this beautiful area. With more tourists and an increase in the hospitality industry, the government will be able to inject more money into tourist attractions and local business. An improvement in local business means more high quality jobs for Denver residents.
With the growth in the economy and the job market, more businesses are looking to staffing agencies in Denver for help with filling open positions. If you are a candidate looking for a new position, contact us for help. In addition, if you are a company looking to fill seasonal or permanent positions, call us to learn about how we can help you find the perfect candidate.