May 2004
Metro Denver benefits from national economic recovery
Despite sluggish growth on the state economic front, metropolitan Denver is benefiting from advances on the national economic front, according to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for May 2004.
Although Colorado’s recovery continues to fall behind the nation, eight indicators moved in a positive direction for the month, up from seven last month. Further, eight indicators show annual gains versus last month when just seven indicators moved in a positive annual direction.
Notable increases in passenger traffic at Denver International Airport, coupled with gains in the average hotel occupancy rates and per night hotel charges in Metro Denver point to improvement in the area's tourism industry. The local tourism industry expects further gains when the expanded Colorado Convention Center opens in late 2004.
“Metro Denver and its businesses are benefiting from increased travel and tourism spending," said Tom Clark, executive vice president of the Metro Denver EDC. “These are reasons to be optimistic that recovery is also headed toward Colorado."
In addition, there was a positive gain in nonfarm employment of 7,800 jobs for the previous month in Metro Denver and a significant drop in unemployment from 5.8% in February to 5.3% in March.
The Monthly Economic Summary provides a snapshot of metro area economic activity, as well as its relationship to national and regional economic trends.