Colorado Real Estate Journal - June 1, 2016
The Metro Denver region, which includes the seven-county Metro Denver and two-county Northern Colorado area, has all the things expanding or relocating companies needs to flourish, including a young, healthy, and highly educated workforce, affordable business costs, and a multimodal transit system that will support us years into the future. With a dynamic and diversified economy, the region is the center of commerce and industry for the Rocky Mountain West. It’s easy to attract highly skilled employees and expand your operations in Metro Denver and Northern Colorado. The area is a magnet for young, diverse, and well-educated workers. Colorado was the fourth-fastest growing state from 2013 to 2014. The region’s population increased at a rate of 1.5 percent per year between 2010 and 2014. More than 42 percent of our residents have a bachelor’s degree or better. While Metro Denver attracts workers from all over the world, it is also growing its own energetic minds. A robust educational system – from preschool to post doctorate – prepares a workforce that’s well matched to the evolving needs of today’s workplace. The qualities that make Metro Denver a great place to live also make it the perfect location for business. Colorado continues to outpace much of the country in the economic recovery. In 2015, the Denver area ranked as Forbes’ best place for business and careers and Fort Collins ranked 10th. According to the report, Denver is a top place to recruit a talented workforce and has business costs that are below the national average. Nine major industry clusters drive economic growth in Metro Denver and Northern Colorado: • Aerospace – With 19,520 private aerospace workers, the region ranked first in absolute aerospace employment and second out of the 50 largest metro areas for private aerospace employment concentration. • Aviation – Denver International Airport (DEN) and the surrounding regional airports contribute more than $28 billion to the region’s economy annually. With approximately 16,880 aviation employees, the region ranked 11th in absolute employment. • Beverage Production – With a broad range of beverage producers including malt beverages, wines, distilled liquors, bottled drinks, and ice products, the Metro Denver and Northern Colorado region ranked third among the 50 largest metro areas for employment concentration. The nine-county region’s 8,640 employees and 180 companies contribute to the region’s cultural depth and economic growth. • Bioscience –The bioscience cluster offers numerous opportunities in both academic and clinical discovery with more than 15,230 bioscience workers in 670 companies. The region’s research universities and numerous innovation assets support industry growth. • Broadcasting & Telecommunications –With 41,970 broadcasting and telecommunications workers, the region had the nation’s sixth-highest employment concentration. The region is the largest in the United States to offer one-bounce satellite uplinks due to its unique location in the Mountain Time Zone. • Energy – The region is a world-class energy hub with 54,720 energy workers in 3,140 companies. Ranking fifth in the nation for employment concentration, the cleantech subcluster grew nearly 24 percent from 2010 to 2015, compared with almost 20 percent growth nationally. The fossil fuels subcluster ranked fourth in the nation for employment concentration. • Financial Services – Financial services is one of Metro Denver’s largest industry clusters with 96,960 employees in banking and finance, investments, and insurance. Metro Denver ranked 10th in banking and finance and 12th for investments in employment concentration, and is the major financial center between Los Angeles and Chicago. • Health Care & Wellness – Employment in the health care and wellness cluster has grown every year in the last decade. With more than 202,550 health care and wellness workers in about 19,450 companies, the region ranked 13th in absolute employment. • Information Technology Software –The region is a global hub of innovation and entrepreneurship for information technology companies. Software firms employed 48,610 workers, 2.5 percent of the region’s total employment base compared with 2.1 percent employment concentration nationwide. A center for innovation, the Metro Denver region is home to one of four U.S. Patent and Trademark satellite offices located throughout the United States. The office opened in downtown Denver in 2014, and houses 20 patent judges to handle appeals. The site added 120 jobs in its first year of operation and is expected to generate an economic impact of $440 million in the first five years of operation. The Metro Denver region’s central location and growing economy combine to make the area one of the country’s most important transportation hubs. The region’s transportation system is among the best in the country—with a modern and efficient airport, an expanding multimodal infrastructure, and long-established rail service. Denver International Airport (DEN), one of the world’s most modern and efficient airports, is 23 miles from downtown Denver. DEN continually implements its vision of a modern, globally connected airport and recently opened the 519-room Westin Denver International Airport Hotel and Conference Center and the University of Colorado A line commuter rail line to Denver Union Station.