DENVER
Market Overview
The Denver-Aurora-Lakewood metro is at the center of Colorado’s Front Range, nestled at the convergence of the Great Plains and the majestic Rocky Mountains. The market consists of 10 counties: Broomfield, Arapahoe, Denver, Adams, Douglas, Jefferson, Clear Creek, Elbert, Gilpin and Park counties. Denver, which is both a county and a city, is the largest of each, with approximately 713,000 residents. Denver also houses the state capitol. The eastern and northern reaches of the metro are expected to receive the majority of future development, as land in these areas is relatively flat and more affordable. Denver’s elevation of 5,280 feet above sea level provides it with the nickname “Mile-High City.”
Metro Highlights
Major Transportation Center - Denver serves as the vital transportation gateway to the West, with a well-developed infrastructure. The region is accessed by three interstates and two freight rail lines.
Emphasis on Skilled Jobs - Denver’s highly educated labor force attracts tech employers. Roughly 41 percent of residents age 25 and older hold at least a bachelor’s degree.
Growing Alternative-Energy Sector - The National Renewable Energy Laboratory located in Golden helps lure energy-related businesses to the region.
Economy
Key drivers of the region’s economy include aerospace, bioscience, energy, financial services, healthcare, aviation, information technology and telecommunications.
Denver’s economy is expanding, with the annual change in gross metropolitan product (GMP) expected to reach 2.7 percent this year.
Many of Denver’s largest employers are in population-serving businesses such as retail and healthcare, and their expansion will track population and income growth.
There are 10 Fortune 500 companies located in the metro, including Newmont Mining, DISH Network, DaVita Healthcare, Molson-Coors Brewing and Liberty Media.
Major Colorado Employers
Demographics
Rapid employment growth fuels in-migration. The metro is expected to add roughly 172,000 new residents during the next five years.
Gains in higher-paying employment sectors will raise the median household income approximately 10 percent through 2023, well above the national median.
Elevated incomes have allowed nearly 63 percent of households to own their homes, slightly below the national rate, maintaining rental demand.
Quality of Life
The Denver metro area offers residents urban and rural surroundings, in addition to exciting nightlife and outdoor fun. Five professional sports teams play in venues within a short walk or drive of downtown Denver. The local arts community is vibrant and the city’s large park system provides relaxing opportunities to enjoy the outdoors. The allure of the Rocky Mountains keeps residents active. Rocky Mountain National Park is less than two hours from the metro and offers numerous campsites and hiking trails. Avid skiers and snowboarders are close to world-class ski resorts, such as Vail, Beaver Creek and Copper Mountain. The Denver metro will continue to grow as the area’s high quality of life attracts new residents.
