August 2005
Sixteen of 18 Indicators Move in Positive Direction
Economic activity continued to strengthen in Metro Denver this month with 16 of 18 economic indicators posting a positive change. Metro Denver employment levels increased by 10,700 positions in June and the hiring pace is expected to continue at a strong pace in the third quarter of 2005.
According to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for August 2005, for the third month, 15 of the 18 economic indicators are moving in a positive annual direction.
Both Metro Denver and Colorado employment growth has outpaced the nation through the first six months of the year. The year-to-date unemployment rate of 5.3 percent remains well below the 2004 level of 6 percent for the same period.
“With the increased hiring trends and the low unemployment rate, Metro Denver is gaining significant economic momentum," said Tom Clark, vice president of the Metro Denver EDC.
National studies point to Metro Denver as one of the nation's top centers for business. A study by the San Diego Economic Development Corp. found Metro Denver to be the second most competitive place in the U.S. to do business.
In addition, venture capital investment in Colorado companies grew 40.4 percent over the previous year, ranking the state in the top five most active regions in the country, according to the MoneyTree Survey by PricewaterhouseCoopers.
“Nationally, business decision makers are again taking a serious look at Metro Denver. There is certainly a positive 'buzz' about Metro Denver," explains Clark.
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends.