Moderate economic growth forecasted for 2008
Today, the Metro Denver Economic Development Corporation (Metro Denver EDC) presented the 2008 Economic Forecast for Metro Denver at Vectra Bank's 15th Annual Economic Forecast Breakfast. Chief Economist Patty Silverstein and Executive Vice President Tom Clark presented 2008 economic projections and a five-year outlook for the regional economy. The event was sponsored by the Metro Denver EDC, the Denver Metro Chamber of Commerce, and the Rocky Mountain News.
According to Silverstein, as the national economy softens in 2008, Metro Denver’s economy will follow suit. The area’s many business assets, however, will make for a subtler slowdown. Silverstein forecasted that 21,800 jobs will be added in Metro Denver during 2008, a 1.6 percent growth rate.
Metro Denver was probably hit hard by the mortgage industry upset in 2007. Nonetheless, the metro region’s economic performance in 2007 speaks to the area’s stability, even through challenging conditions.
"The local housing market has seen the same struggles as other metro areas, but our home price trends over the past several years have been more stable," stated Silverstein. "Overall, the stability of the local housing market will make for a milder correction in 2008."
On the other hand, Metro Denver’s commercial real estate market had a strong year in 2007, and real estate analysts expect further investment in 2008.
Metro Denver will also have stable population growth between 2007 and 2008 with the Colorado Demographer expecting a 1.6 percent gain.
"A well-educated workforce, stable housing market, and award-winning transportation infrastructure are building Metro Denver’s reputation as one of America’s top spots for business," stated Clark. The area’s healthy population and many eco-friendly businesses are also drawing attention as the national focus on conservation and sustainability grows. For these and many other reasons, Metro Denver is frequently highlighted in the national media, he added.
The region is the home of nationally recognized transportation infrastructure. The Transportation Expansion (T-REX) Project recently received the National Partnership for Highway Quality’s coveted National Achievement Award. Construction on the West Corridor phase of FasTracks, Metro Denver’s $6.1-billion transit improvement project, is set to begin this year with build-out of the other phases to be completed by 2017.
A summary can be found on metrodenver.org.