September 2010
As Metro Denver goes back to school, economy continues to show signs of improvement
Numerous economic indicators for Metro Denver suggest conditions are better now than at this time last year, according to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for September 2010.
Improving conditions relative to one of the nation's deepest recessions could still make for a weak economy, but the fact that many indicators are gradually strengthening is important to note.
"In fact, the number of indicators showing annual improvement has not been this high since the September 2006 report," stated Patty Silverstein, president of Development Research Partners and chief economist for the Metro Denver EDC.
Weakness in employers' hiring expectations, however, is still a concern for recovery. Just one-in-ten Denver area employers that participated in the most recent Manpower Employment Outlook Survey plans to add jobs between October and December, and three-quarters of surveyed employers plan no staffing changes.
"The large number of employers in a 'wait-and-see' hiring mode is not surprising given the uncertainty facing business," said Silverstein.
Major policy changes are pending for healthcare, banking, and taxes, all key considerations in the cost of doing business. Government data also suggest that small businesses - which are a key source of jobs in Colorado - are in many cases still struggling to access the financing they need to expand.
Quality higher education is a key selling point for the region's relocating and growing companies, however. Numerous rankings in the past month exemplify the state's prestigious research universities and resulting highly skilled workforce.
Popular Science magazine recently named the Engines and Energy Conversion Laboratory (EECL) at Colorado State University among "30 Awesome College Labs." University spokespeople say the EECL gives students hands-on experience with clean energy technology that will prove invaluable in the green workforce.
Metro Denver's major research universities are a key resource for the region's industry clusters, and sponsored research awards to the schools are valuable to the regional economy. The University of Colorado (CU) earned a record $847 million in research awards in the 2009-2010 fiscal year. Researchers will use the awards to promote advances in healthcare and biotechnology, space technology, environmental studies, and renewable energy.
Spokespeople for the University of Northern Colorado also reported on the school's 2009-2010 sponsored research activity, which amounted to $3.3 million in total awards for projects in education, nursing, and science. Colorado State University and the Colorado School of Mines have not yet released sponsored research reports.
News website The Daily Beast ranks Boulder first among "America's Brainiest Metros." Contributors ranked metro areas using the "Brainiest Metros Index," which reflects each area's share of adult population with advanced degrees and the number of scientists, computer scientists, and mathematicians as a share of total employment. Prestigious science programs at the University of Colorado at Boulder and several key federal labs contributed to Boulder's high rank.
The 2010-2011 edition of the "Best Colleges" rankings by U.S. News & World Report named five Metro Denver schools among the top national universities. Colorado School of Mines ranked highest (72nd), followed by the University of Colorado at Boulder (86th), the University of Denver (86th), Colorado State University (124th), and the University of Colorado-Denver (191st). The U.S. Air Force Academy and the University of Colorado at Boulder both received top-10 rankings for undergraduate engineering programs and for various engineering specialties.
The 2010 edition of Forbes' "America's Best Colleges" list also ranks six Metro Denver schools among the nation's best.
Eleven economic indicators moved in a positive monthly direction in this report, while 13 indicators moved in a positive monthly direction last month. Sixteen indicators moved in a positive annual direction in this report and in the previous report.
The Monthly Economic Summary provides a snapshot of metro area economic activity, as well as its relationship to national and regional economic trends.