Metro Denver EDC's Top 10 Trends & Takeaways for 2020
The Metro Denver EDC tracks factors that drive economic growth in order to facilitate competition, foster a culture of impact and innovation, support the business community and ensure that life and work are thriving in the Denver Metro area.
Situated on the outskirts of the Denver metro area, the Estes Valley and other Northern Colorado communities will be impacted by regional economic development efforts. Keeping our finger on the pulse of these trends and takeaways will enable us to position ourselves to capitalize on and benefit from regional economic development activities.
We’re on a winning streak.
As of December 2019, the U.S. has seen 126 months of positive economic growth - the largest expansion on record. This trend is expected to continue in 2020, although GDP growth is expected to slow to 1.8%.
Jobs, jobs and more jobs.
Total employment in the Denver Metro will increase by 1.6% in 2020, which translates to about 28,000 new jobs. Professional & business services will add the majority of new positions; wholesale and retail trade will add the fewest.
Keep a pulse on state policy.
2019 was a hectic year for legislation impacting the business community, and 2020 is expected to be no different. Proposed legislation surrounding family medical leave insurance, transportation funding, public-health option insurance and union formation are on the agenda this year.
Welcome home!
Metro Denver is expected to welcome 38,000 new residents in 2020.
Better sweeten the deal.
Businesses will continue to face strong competition for workers as the average annual unemployment rate will rise only slightly - from 2.7% in 2019 to 2.9% in 2020.
Where tech meets talent.
In 2019, coastal tech companies like Amazon, Robinhood, Snapdocs and Salesforce expanded or increased investment in our region. Metro Denver will continue to attract these companies in 2020 as they look to access the region’s highly educated workforce.
Plenty of space to expand.
Nearly 10 million square feet of new office, industrial and retail space will be completed in 2020 in the Denver metro.
Increasingly global.
Internationally-based companies are looking beyond U.S. coastal regions for investment opportunities. These high-growth markets will continue to deliver foreign investment opportunities to the Denver metro in 2020.
Housing prices keep climbing.
The median home price in Metro Denver will reach $478,000 in 2020 - a 3.5% increase from 2019. (The median home price in Estes Park is higher - $486,825)
Election years create uncertainty.
Federal, state, and local elections will keep companies on their toes in 2020. Be sure to monitor the November ballot measures to track potential impacts on the business community.
Stay informed on all things economic development in 2020! Sign up for our newsletter or follow us on your favorite social platform today.