May 2023 MEI Snapshot
2.6%
The unemployment rate in Metro Denver fell 0.5 percentage points from February to March
-74.2%
Initial unemployment claims in the first quarter of 2023 fell compared to the same quarter in 2022
5.7%
Inflation in the Metro Denver region fell 0.7 percentage points from February to March
Full Indicator Reports
May 2023
Monthly Key Insights
Bloomberg Colorado Index
The index rose 9.4% between the end of March and April.
Metro Denver Unemployment
The Metro Denver Unemployment rate fell 0.7 percentage points from March 2022 to 2023, coming in at 2.6 percent.
Unemployment Claims
Initial unemployment claims in Metro Denver fell 26.8 percent from January to February.
Nonfarm Employment Growth
Current Month
Employment was down 0.1% from February to March
-1,700
Year-Over-Year
Employment up 0.9% from March2022 to 2023
15,600
YTD
YTD employment up 1.2% through March
21,500
Manpower Net Employment (West Region)
Current Month
Net employment fell from 1Q 2023 to 2Q 2023
29%
Year-Over-Year
Net employment decreased 13 percentage points from 2Q22 to 2Q23
29%
YTD
YTD average down 14 percentage points compared with 2022
31%
Unemployment Rate
Current Month
Unemployment fell 0.5 percentage points from February to March
2.6%
Year-Over-Year
Unemployment down from March 2022 to 2023
-0.7 percentage points
YTD
Down 0.8 percentage points from 2022 YTD average
2.9%
Initial Unemployment Insurance Claims
Current Month
Claims decreased from February to March
-13.2%
Year-Over-Year
Claims increased from March 2022 to 2023
37.4%
YTD
YTD average claims decreased through March 2023
-74.2%
Total Retail Sales
Current Month
National sales decreased from January to February
-3.3%
Year-Over-Year
National sales increased from February 2022 to 2023
5.4%
YTD
YTD sales increased through February 2023
6.6%
Mountain Region Consumer Confidence Index
Current Month
Index up 0.8 percent from March to April
111.5
Year-Over-Year
Index down from April 2022 to 2023
-0.2%
YTD
YTD average down 3.2% through April 2023
109.2
Hotel Occupancy
Current
Increased 6.6 percentage points from January to February
62.1%
Year-Over-Year
Occupancy increased from February 2022 to 2023
3.5 percentage points
YTD
YTD occupancy up from last year
58.7%
Denver International Airport Passengers
Current Month
Passengers up from February to March
20.8%
Year-Over-Year
Passengers up from March 2022 to 2023
13.9%
YTD
YTD passengers increased through March 2023
18.8%
Bloomberg Colorado Index
Current Month
Index up 9.3 percent from March to April
809.7
Year-Over-Year
Index up from April 2022 to 2023
10.7%
YTD
YTD return up through April 2023
25.6%
Dow Jones Industrial Average
Current Month
Index up 2.5 percent from March to April
34,098.2
Year-Over-Year
Index up from April 2022 to 2023
3.4%
YTD
YTD return up through April 2023
2.9%
Home Sales
Home Sales (closed)
Sales up 32.3% from February to March
3,790
Year-Over-Year
Sales down from March 2022 to 2023
-21.2%
YTD
YTD sales down 22.7% from last year
8,833
Median Home Price (Denver-Aurora MSA)
Current Month
Down 3.9% from 3Q 2022 to 4Q 2022
$640,000
Year-Over-Year
Prices are up from 4Q 2021 to 4Q 2022
3.6%
YTD
YTD price 10.4% higher through 4Q 2022
$670,100
Foreclosures
Current Month
Down 13.2% from March to April
210
Year-Over-Year
Down from April 2022 to 2023
-41.0%
YTD
Down 5.9% YTD through April 2023
872
Residential Building Permits (Total)
Current Month
Permits decreased 39.8% from February to March
1,196
Year-Over-Year
Permits down March 2022 to 2023
-59.6%
YTD
YTD permits down 27% through March 2023
5,280
Apartment Vacancy Rate
Current Month
Vacancy increased from 3Q 2022 to 4Q 2022
5.6%
Year-Over-Year
Vacancy increased from 4Q 2021 to 4Q 2022
+0.9 percentage points
YTD
YTD average down 0.1 percentage points from last year
4.9%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate rose from 4Q 2022 to 1Q 2023
14.8%
Year-Over-Year
Q1 2023 vacancy up from 13.9% one year ago
+0.9 percentage points
YTD
Q1 2023 vacancy up from 13.9% one year ago
+0.9 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.6 percentage points from 4Q 2022 to 1Q 2023
6.4%
Year-Over-Year
1Q 2023 vacancy up from 5.3% one year ago
+1.1 percentage points
YTD
1Q 2023 vacancy up from 5.3% one year ago
+1.1 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.1 percentage points from 4Q 2022 to 1Q 2023
4.1%
Year-Over-Year
4Q 2022 vacancy down from 4.6% one year ago
-0.5 percentage points
YTD
4Q 2022 vacancy down from 4.6% one year ago
-0.5 percentage points