December 2005
Economic factors enhance Metro Denver's competitiveness for job growth
Metro Denver's economy continues to outpace national economic growth, according to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for December 2005.
Metro Denver employment levels slipped by 1,200 positions from September to October, but still stand 2% higher for the year compared to the same period last year. Employment in Metro Denver has grown at a faster pace than the nation for ten consecutive months on an average year-to-date basis.
On an annualized basis, about 26,100 positions have been added to the Metro Denver economy in 2005. The largest percentage gains for the year have occurred in Natural Resources & Construction (+4.0%), Education & Health Services (+3.3%), and Professional & Business Services (+3.3%). The Information sector has experienced the only percentage loss for the year with a 6.1% decline, representing the loss of 3,800 positions.
The unemployment rate in Metro Denver fell to 4.7% in October, the lowest monthly unemployment rate since September 2001. Douglas and Boulder counties reported the lowest metro unemployment rates of 3.6% and 4% respectively. Denver County reported the highest rate of 5.5% followed by 5.3% in Adams County. All seven Metro Denver counties reported slightly lower unemployment rates in October compared to September.
In Metro Denver, only eight of the 18 indicators moved in a positive direction for the month, up from seven last month. Annualized activity remains fairly consistent with 15 economic variables are now posting positive changes for the year, up from 14 indicators last month. The three indicators which are not currently posting annual improvements are all related to the residential real estate market: home sales activity, home foreclosures, and home construction.
“Factors like the steadying of home appreciation costs and steady office rates are positive elements in our competitive ability to attract new employers to the region,“ said Tom Clark, executive vice president of the Metro Denver EDC. “All of our industry sectors continue to show promising growth, with the exception of the telecommunications industry, which continues to show a loss of jobs.“
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends.