The comprehensive Monthly Economic Indicator report is emailed monthly to EDC Investors. If you'd like to access the most recent full report, please email us at meredith.moon@metrodenver.org.

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
November 2023
Monthly Key Insights
GDP Growth
The BEA released their advanced report for Q3 2023 GDP, reporting an annualized growth rate of 4.9 percent. The increase was driven by increases in consumer spending, residential investment, government spending and exports. The last time the U.S. GDP rose at 4.9 percent or higher was Q3 2014. The United States’ economy has consistently overperformed relative to expectations in 2023. In January, the IMF forecast an annual growth rate of 1.4 percent, which the U.S. economy has outperformed each quarter so far this year.
Residential Building Permits
Through the first three quarters of 2023, new housing permits are down 22.1 percent from 2022 levels. Fewer than 16,000 permits have been approved through the end of September, down from more than 20,000 last year. According to a report by Up for Growth, Colorado’s housing stock is already short by more than 100,000 units, and more construction activity is needed to meet the current and future demand for housing.
Tourism
Visitors to Red Rocks Amphitheater pumped $717 million in economic output into Colorado’s economy in 2022 according to a new report from BBC Research & Consulting. Overall, the venue employed 1,500 people during the season and generated more than $20 million in lodging and sales tax revenue. In 2022, the world-famous venue hosted approximately 1.6 million visitors, 532,000 of whom came from out of state.
Nonfarm Employment Growth
Current Month
Employment was down 0.4% from August to September
-7,700
Year-Over-Year
Employment up 0.5% from September2022 to 2023
8,700
YTD
YTD employment up 0.8% through August
14,200
Unemployment Rate
Current Month
Unemployment fell 0.3 percentage points from August to September
3.2%
Year-Over-Year
Unemployment up from September 2022 to 2023
0.8 percentage points
YTD
Unemployment rate unchanged from 2022 YTD average
3.0%
Initial Unemployment Insurance Claims
Current Month
Claims decreased from August to September
-4.9%
Year-Over-Year
Claims increased from September 2022 to 2023
37.7%
YTD
YTD average claims increased through September 2023
27.9%
Total Retail Sales
Current Month
National sales increased from July to August
3.3%
Year-Over-Year
National sales increased from August 2022 to 2023
3.4%
YTD
YTD sales increased through August 2023
3.1%
Mountain Region Consumer Confidence Index
Current Month
Index unchanged from September to October
104.3
Year-Over-Year
Index up from October 2022 to 2023
1.3%
YTD
YTD average up 3.3% through October 2023
109.2
Hotel Occupancy
Current
Increased 3.9 percentage points from August to September
81.0%
Year-Over-Year
Occupancy increased from September 2022 to 2023
2.3 percentage points
YTD
YTD occupancy up from last year
72.1%
Denver International Airport Passengers
Current Month
Passengers up from August to September
-3.1%
Year-Over-Year
Passengers up from September 2022 to 2023
9.2%
YTD
YTD passengers increased through September 2023
12.8%
Bloomberg Colorado Index
Current Month
Index up 0.2 percent from September to October
708.0
Year-Over-Year
Index up from October2022 to 2023
8.6%
YTD
YTD return up through October 2023
9.3%
Dow Jones Industrial Average
Current Month
Index down 1.4 percent from September to October
33,052.8
Year-Over-Year
Index up from October 2022 to 2023
1.0%
YTD
YTD return down through October 2023
-0.3%
Home Sales
Home Sales (closed)
Sales down 20.9% from August to September
3,175
Year-Over-Year
Sales down from September 2022 to 2023
-28.2%
YTD
YTD sales down 20.6% from last year
32,921
Median Home Price (Denver-Aurora MSA)
Current Month
Up 6.0% from 1Q 2023 to 2Q 2023
$674,500
Year-Over-Year
Prices are down from 2Q 2022 to 2Q 2023
-3.1%
YTD
YTD price 3.5% lower through 2Q 2023
$655,300
Foreclosures
Current Month
Down 1.0% from September to October
199
Year-Over-Year
Up from October 2022 to 2023
30.1%
YTD
Down 5.0% YTD through October 2023
2,047
Residential Building Permits (Total)
Current Month
Permits decreased 38.0% from August to September
1,170
Year-Over-Year
Permits down September 2022 to 2023
-46.4%
YTD
YTD permits down 22.1% through September 2023
15,784
Apartment Vacancy Rate
Current Month
Vacancy decreased from 1Q 2023 to 2Q 2023
5.5%
Year-Over-Year
Vacancy increased from 2Q 2022 to 2Q 2023
+0.9 percentage points
YTD
YTD average up 0.9 percentage points from last year
5.6%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.7 percent from 2Q 2023 to 3Q 2023
15.6%
Year-Over-Year
Q3 2023 vacancy up from 14.2% one year ago
+1.4 percentage points
YTD
Q3 2023 vacancy up from 14.2% one year ago
+1.4 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.2 percentage points from Q2 2023 to Q3 2023
6.5%
Year-Over-Year
3Q 2023 vacancy up from 5.5% one year ago
+1.0 percentage points
YTD
Q3 2023 vacancy up from 5.5% one year ago
+1.0 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.1 percentage points from Q2 2023 to Q3 2023
4.1%
Year-Over-Year
Q3 2023 vacancy down from 4.4% one year ago
-0.3 percentage points
YTD
Q3 2023 vacancy down from 4.4% one year ago
-0.3 percentage points
October 2023
Monthly Key Insights
Home Ownership
According to data released by the US Census Bureau, only 30.3 percent of homeowners in Colorado have paid off their mortgage, which ranks Colorado 49th among all states. This datapoint highlights the population growth in the state over the last two decades. The state population increased by 1.5 million during that time, and it is assumed that the relatively newer Coloradans are still paying off their homes.
Denver International Airport
Denver International Airport (DEN) reported their busiest month on record in July, serving nearly
7.3 million passengers during the month. This is the first time the DEN passenger count has surpassed
7 million. During the same period, the percent of hotel rooms occupied increased to 81.3 percent, up
2.9 percentage points from July 2022 but not yet back at pre-pandemic levels.
Poverty
The U.S. poverty rate jumped to 12.4 percent in 2022, up from 7.8 percent in 2021 as federal pandemic aid programs ended and inflation ate away at consumers’ spending power. Poverty among children more than doubled to 12.4 percent, up from 5.2 percent the year before, due in part to the expiration of the Child Tax Credit program which provided monthly payments to families with children. According to the Census Bureau, these are the largest one-year increases on record coming off of the largest decreases in 2021.
Nonfarm Employment Growth
Current Month
Employment was down 0.4% from July to August
-1,300
Year-Over-Year
Employment up 0.5% from August 2022 to 2023
4,000
YTD
YTD employment up 0.9% through August
14,800
Unemployment Rate
Current Month
Unemployment rose 0.1 percentage points from July to August
3.5%
Year-Over-Year
Unemployment up from August 2022 to 2023
0.8 percentage points
YTD
Down 0.1 percentage points from 2022 YTD average
3.0%
Initial Unemployment Insurance Claims
Current Month
Claims increased from July to August
8.2%
Year-Over-Year
Claims increased from August 2022 to 2023
33.0%
YTD
YTD average claims increased through August 2023
26.8%
Total Retail Sales
Current Month
National sales decreased from June to July
-1.0%
Year-Over-Year
National sales increased from July 2022 to 2023
2.0%
YTD
YTD sales increased through July 2023
3.1%
Mountain Region Consumer Confidence Index
Current Month
Index down 5.2 percent from August to September
103.2
Year-Over-Year
Index up from September 2022 to 2023
3.0%
YTD
YTD average up 3.4% through September 2023
109.6
Hotel Occupancy
Current
Decreased 4.2 percentage points from July to August
77.1%
Year-Over-Year
Occupancy decreased from August 2022 to 2023
-0.3 percentage points
YTD
YTD occupancy up from last year
70.9%
Denver International Airport Passengers
Current Month
Passengers up from June to July
7.6%
Year-Over-Year
Passengers up from July 2022 to 2023
12.9%
YTD
YTD passengers increased through July 2023
13.5%
Bloomberg Colorado Index
Current Month
Index down 6.6 percent from August to September
706.7
Year-Over-Year
Index up from September 2022 to 2023
10.2%
YTD
YTD return up through September 2023
9.6%
Dow Jones Industrial Average
Current Month
Index down 3.5 percent from August to September
33,507.5
Year-Over-Year
Index up from September2022 to 2023
16.6%
YTD
YTD return up through September 2023
1.1%
Home Sales
Home Sales (closed)
Sales down 2.0% from July to August
3,792
Year-Over-Year
Sales down from August2022 to 2023
-16.1%
YTD
YTD sales down 20.4% from last year
29,511
Median Home Price (Denver-Aurora MSA)
Current Month
Up 6.0% from 1Q 2023 to 2Q 2023
$674,500
Year-Over-Year
Prices are down from 2Q 2022 to 2Q 2023
-3.1%
YTD
YTD price 3.5% lower through 2Q 2023
$655,300
Foreclosures
Current Month
Up 5.8% from August to September
201
Year-Over-Year
Down from September 2022 to 2023
-1.5%
YTD
Down 7.6% YTD through September2023
1,848
Residential Building Permits (Total)
Current Month
Permits increased 24.4% from July to August
1,886
Year-Over-Year
Permits down August 2022 to 2023
-1.8%
YTD
YTD permits down 18.9% through August 2023
14,649
Apartment Vacancy Rate
Current Month
Vacancy decreased from 1Q 2023 to 2Q 2023
5.5%
Year-Over-Year
Vacancy increased from 2Q 2022 to 2Q 2023
+0.9 percentage points
YTD
YTD average up 0.9 percentage points from last year
5.6%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.7 percent from 2Q 2023 to 3Q 2023
15.6%
Year-Over-Year
Q3 2023 vacancy up from 14.2% one year ago
+1.4 percentage points
YTD
Q3 2023 vacancy up from 14.2% one year ago
+1.4 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.2 percentage points from Q2 2023 to Q3 2023
6.5%
Year-Over-Year
3Q 2023 vacancy up from 5.5% one year ago
+1.0 percentage points
YTD
Q3 2023 vacancy up from 5.5% one year ago
+1.0 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.1 percentage points from Q2 2023 to Q3 2023
4.1%
Year-Over-Year
Q3 2023 vacancy down from 4.4% one year ago
-0.3 percentage points
YTD
Q3 2023 vacancy down from 4.4% one year ago
-0.3 percentage points
September 2023
Monthly Key Insights
Inflation
Inflation in the Metro Denver registered 4.7 percent in July. Regional inflation was 1.5 percentage points higher than the national level of 3.2 percent.
Denver International Airport
Denver International Airport reported serving 36.5 million passengers in the first six months of 2023, their highest ever figure for the first two quarters.
Labor Force
Metro Denver’s labor force is growing. Each of the seven counties posted year over year increases in the number of people employed or looking for work. Across the region, the labor force grew by 1.7 percent, equating to almost 32,000 people in the labor force.
Nonfarm Employment Growth
Current Month
Employment was down 0.4% from June to July
-7,000
Year-Over-Year
Employment up 0.5% from July 2022 to 2023
8,600
YTD
YTD employment up 0.9% through July
16,400
Unemployment Rate
Current Month
Unemployment rose 0.1 percentage points from June to July
3.4%
Year-Over-Year
Unemployment up from July 2022 to 2023
0.6 percentage points
YTD
Down 0.2 percentage points from 2022 YTD average
2.9%
Initial Unemployment Insurance Claims
Current Month
Claims increased from June to July
15.1%
Year-Over-Year
Claims increased from July 2022 to 2023
17.2%
YTD
YTD average claims increased through July 2023
25.9%
Total Retail Sales
Current Month
National sales decreased from May to June
-2.7%
Year-Over-Year
National sales increased from June 2022 to 2023
1.8%
YTD
YTD sales increased through June 2023
3.2%
Mountain Region Consumer Confidence Index
Current Month
Index up 2.7 percent from July to August
109.8
Year-Over-Year
Index up from August2022 to 2023
7.4%
YTD
YTD average up 3.6% through July 2023
110.6
Hotel Occupancy
Current
Decreased 1.8 percentage points from June to July
81.3%
Year-Over-Year
Occupancy increased from July 2022 to 2023
2.9 percentage points
YTD
YTD occupancy up from last year
70.0%
Denver International Airport Passengers
Current Month
Passengers up from May to June
2.6%
Year-Over-Year
Passengers up from June 2022 to 2023
8.2%
YTD
YTD passengers increased through June 2023
13.6%
Bloomberg Colorado Index
Current Month
Index down 2.4 percent from July to August
756.4
Year-Over-Year
Index up from August 2022 to 2023
8.1%
YTD
YTD return up through August2023
17.3%
Dow Jones Industrial Average
Current Month
Index down 2.4 percent from July to August
34,721.9
Year-Over-Year
Index up from August 2022 to 2023
10.2%
YTD
YTD return up through August 2023
4.8%
Home Sales
Home Sales (closed)
Sales down 16.3% from June to July
3,677
Year-Over-Year
Sales down from July 2022 to 2023
-18.5%
YTD
YTD sales down 21.6% from last year
25,511
Median Home Price (Denver-Aurora MSA)
Current Month
Up 6.0% from 1Q 2023 to 2Q 2023
$674,500
Year-Over-Year
Prices are down from 2Q 2022 to 2Q 2023
-3.1%
YTD
YTD price 3.5% lower through 2Q 2023
$655,300
Foreclosures
Current Month
Up 15.9% from July to August
190
Year-Over-Year
Down from August 2022 to 2023
-7.3%
YTD
Down 8.3% YTD through August 2023
1,647
Residential Building Permits (Total)
Current Month
Permits decreased 1.1% from June to July
1,526
Year-Over-Year
Permits down July 2022 to 2023
-21.3%
YTD
YTD permits down 20.7% through July 2023
12,806
Apartment Vacancy Rate
Current Month
Vacancy decreased from 1Q 2023 to 2Q 2023
5.5%
Year-Over-Year
Vacancy increased from 2Q 2022 to 2Q 2023
+0.9 percentage points
YTD
YTD average up 0.9 percentage points from last year
5.6%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate was unchanged from 1Q 2023 to 2Q 2023
14.8%
Year-Over-Year
Q2 2023 vacancy up from 13.8% one year ago
+1.0 percentage points
YTD
Q1 2023 vacancy up from 13.8% one year ago
+1.0 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.1 percentage points from 1Q 2023 to 2Q 2023
6.2%
Year-Over-Year
2Q 2023 vacancy up from 4.9% one year ago
+1.3 percentage points
YTD
1Q 2023 vacancy up from 4.9% one year ago
+1.3 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.1 percentage points from 1Q 2023 to 2Q 2023
4.2%
Year-Over-Year
2Q 2023 vacancy down from 4.6% one year ago
-0.4 percentage points
YTD
2Q 2023 vacancy down from 4.6% one year ago
-0.4 percentage points
Monthly Key Insights
GDP
The Colorado tourism industry reported $26.1 in travel spending in 2022,welcoming 90 million visitors to the state.
Consumer Confidence
The first estimate for second quarter GDP growth reported a 2.4 percent expansion, coming in well above expectation.
Labor Force
The Metro Denver labor force grew 1 percent between June 2023 and the same period last year. During the period Colorado's labor force grew 1.5 percent, and the national stock of workers increased by 1.8 percent.
Nonfarm Employment Growth
Current Month
Employment was up 0.7% from May to June
12,000
Year-Over-Year
Employment up 0.5% from June 2022 to 2023
8,800
YTD
YTD employment up 1.0% through June
17,600
Manpower Net Employment (West Region)
Current Month
Net employment rose from 2Q 2023 to 3Q 2023
43%
Year-Over-Year
Net employment increased 1 percentage point from 3Q22 to 3Q23
43%
YTD
YTD average down 9 percentage points compared with 2022
35%
Unemployment Rate
Current Month
Unemployment rose 0.5 percentage points from May and June
3.3%
Year-Over-Year
Unemployment up from June 2022 to 2023
0.4 percentage points
YTD
Down 0.4 percentage points from 2022 YTD average
2.9%
Initial Unemployment Insurance Claims
Current Month
Claims decreased from May to June
-15.4%
Year-Over-Year
Claims increased from June 2022 to 2023
20.3%
YTD
YTD average claims increased through June 2023
27.4%
Total Retail Sales
Current Month
National sales decreased from April to May
7.0%
Year-Over-Year
National sales increased from May 2022 to 2023
3.2%
YTD
YTD sales increased through May 2023
3.6%
Mountain Region Consumer Confidence Index
Current Month
Index down 14.9 percent from June to July
110.6
Year-Over-Year
Index up from July 2022 to 2023
21.7%
YTD
YTD average up 3.6% through July 2023
111.3
Hotel Occupancy
Current
Increased 9.1 percentage points from May to June
83.1%
Year-Over-Year
Occupancy increased from June 2022 to 2023
1.2 percentage points
YTD
YTD occupancy up from last year
68.1%
Denver International Airport Passengers
Current Month
Passengers up from April to May
10.0%
Year-Over-Year
Passengers up from May 2022 to 2023
10.3%
YTD
YTD passengers increased through May 2023
15.0%
Bloomberg Colorado Index
Current Month
Index down 3.6 percent from June to July
775.2
Year-Over-Year
Index up from July 2022 to 2023
7.3%
YTD
YTD return up through July 2023
20.3%
Dow Jones Industrial Average
Current Month
Index up 3.3 percent from June to July
35,559.5
Year-Over-Year
Index up from July 2022 to 2023
8.3%
YTD
YTD return up through July 2023
7.3%
Home Sales
Home Sales (closed)
Sales down 7.0% from May to June
4,109
Year-Over-Year
Sales down from June 2022 to 2023
-24.9%
YTD
YTD sales down 23.9% from last year
21,534
Median Home Price (Denver-Aurora MSA)
Current Month
Down 0.6% from 4Q 2022 to 1Q 2023
$636,100
Year-Over-Year
Prices are down from 1Q 2022 to 1Q 2023
-3.9%
YTD
YTD price 3.9% lower through 1Q 2023
$636,100
Foreclosures
Current Month
Down 18.4% from June to July
164
Year-Over-Year
Down from July 2022 to 2023
-31.7%
YTD
Down 8.5% YTD through July 2023
1,457
Residential Building Permits (Total)
Current Month
Permits decreased 22.4% from May to June
1,543
Year-Over-Year
Permits down June 2022 to 2023
-45.2
YTD
YTD permits down 14.5% through June 2023
11,248
Apartment Vacancy Rate
Current Month
Vacancy decreased from 1Q 2023 to 2Q 2023
5.5%
Year-Over-Year
Vacancy increased from 2Q 2022 to 2Q 2023
+0.9 percentage points
YTD
YTD average up 0.9 percentage points from last year
5.6%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate was unchanged from 1Q 2023 to 2Q 2023
14.8%
Year-Over-Year
Q2 2023 vacancy up from 13.8% one year ago
+1.0 percentage points
YTD
Q1 2023 vacancy up from 13.8% one year ago
+1.0 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.1 percentage points from 1Q 2023 to 2Q 2023
6.2%
Year-Over-Year
2Q 2023 vacancy up from 4.9% one year ago
+1.3 percentage points
YTD
1Q 2023 vacancy up from 4.9% one year ago
+1.3 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.1 percentage points from 1Q 2023 to 2Q 2023
4.2%
Year-Over-Year
2Q 2023 vacancy down from 4.6% one year ago
-0.4 percentage points
YTD
2Q 2023 vacancy down from 4.6% one year ago
-0.4 percentage points
Monthly Key Insights
Foreclosures
In the first half of 2023, foreclosures in Metro Denver fell 4.4 percent from the first half of 2022.
Consumer Confidence
Both the national and mountain region consumer confidence indexes shot up in June, rising 11.5 and 36.0 percent respectively from June 2022.
Employment
While employment rose from April to May, more people entered the labor force, which pushed up the unemployment rate 0.3 percentage points from April to May.
Nonfarm Employment Growth
Current Month
Employment was up 0.1% from April to May
1,900
Year-Over-Year
Employment down 0.2% from May2022 to 2023
-1,000
YTD
YTD employment up 1% through May
18,600
Manpower Net Employment (West Region)
Current Month
Net employment rose from 2Q 2023 to 3Q 2023
43%
Year-Over-Year
Net employment increased 1 percentage point from 3Q22 to 3Q23
43%
YTD
YTD average down 9 percentage points compared with 2022
35%
Unemployment Rate
Current Month
Unemployment rose 0.3 percentage points from April to May
2.8%
Year-Over-Year
Unemployment up from May2022 to 2023
0.1 percentage points
YTD
Down 0.6 percentage points from 2022 YTD average
2.8%
Initial Unemployment Insurance Claims
Current Month
Claims decreased from April to May
-9.6%
Year-Over-Year
Claims increased from May 2022 to 2023
37.5%
YTD
YTD average claims increased through May 2023
28.7%
Total Retail Sales
Current Month
National sales decreased from March to April
-2.6
Year-Over-Year
National sales increased from April 2022 to 2023
-0.3%
YTD
YTD sales increased through April 2023
3.7%
Mountain Region Consumer Confidence Index
Current Month
Index up 14.9 percent from May to June
127.6
Year-Over-Year
Index up from June 2022 to 2023
36%
YTD
YTD average up 1.4% through June 2023
111.7
Hotel Occupancy
Current
Increased 7.3 percentage points from April to May
74.0%
Year-Over-Year
Occupancy increased from May 2022 to 2023
2.0 percentage points
YTD
YTD occupancy up from last year
65.2%
Denver International Airport Passengers
Current Month
Passengers up from April to May
10.0%
Year-Over-Year
Passengers up from May 2022 to 2023
10.3%
YTD
YTD passengers increased through May 2023
15.0%
Bloomberg Colorado Index
Current Month
Index down 0.1 percent from May to June
804.0
Year-Over-Year
Index up from June 2022 to 2023
25.8%
YTD
YTD return up through June 2023
24.7%
Dow Jones Industrial Average
Current Month
Index up 4.6 percent from May to June
34,407.6
Year-Over-Year
Index up from June 2022 to 2023
11.8%
YTD
YTD return up through June 2023
3.8%
Home Sales
Home Sales (closed)
Sales up 6.7% from April to May
4,167
Year-Over-Year
Sales down from May 2022 to 2023
-28.7%
YTD
YTD sales down 23.9% from last year
17,164
Median Home Price (Denver-Aurora MSA)
Current Month
Down 0.6% from 4Q 2022 to 1Q 2023
$636,100
Year-Over-Year
Prices are down from 1Q 2022 to 1Q 2023
-3.9%
YTD
YTD price 3.9% lower through 1Q 2023
$636,100
Foreclosures
Current Month
Down 8.6% from May to June
201
Year-Over-Year
Down from June 2022 to 2023
-2.9%
YTD
Down 4.4% YTD through June 2023
1293
Residential Building Permits (Total)
Current Month
Permits increased 69.6% from April to May
2,394
Year-Over-Year
Permits up May 2022 to 2023
1.3%
YTD
YTD permits down 14.5% through May 2023
9,742
Apartment Vacancy Rate
Current Month
Vacancy was unchanged from 4Q 2022 to 1Q 2023
5.6%
Year-Over-Year
Vacancy increased from 1Q 2022 to 1Q 2023
+0.9 percentage points
YTD
YTD average up 0.9 percentage points from last year
5.6%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate was unchanged from 1Q 2023 to 2Q 2023
14.8%
Year-Over-Year
Q2 2023 vacancy up from 13.8% one year ago
+1.0 percentage points
YTD
Q1 2023 vacancy up from 13.8% one year ago
+1.0 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.1 percentage points from 1Q 2023 to 2Q 2023
6.2%
Year-Over-Year
2Q 2023 vacancy up from 4.9% one year ago
+1.3 percentage points
YTD
1Q 2023 vacancy up from 4.9% one year ago
+1.3 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.1 percentage points from 1Q 2023 to 2Q 2023
4.2%
Year-Over-Year
2Q 2023 vacancy down from 4.6% one year ago
-0.4 percentage points
YTD
2Q 2023 vacancy down from 4.6% one year ago
-0.4 percentage points
Monthly Key Insights
Residential Building Permits
Residential Building Permits in Metro Denver rose almost 70 percent between March and April.
Metro Denver Unemployment
The Metro Denver Unemployment rate fell 0.4 percentage points from April 2022 to 2023, coming in at 2.4 percent.
National GDP
The Bureau of Economic Analysis revised GDP growth in the first quarter up to 1.3 percent due to increased private inventory investment.
Nonfarm Employment Growth
Current Month
Employment was up0.6% from March to April
10,800
Year-Over-Year
Employment down 0.2% from April 2022 to 2023
-2,700
YTD
YTD employment up 0.9% through April
15,400
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 0.2 percentage points from March to April
2.4%
Year-Over-Year
Unemployment down from April 2022 to 2023
-0.4 percentage points
YTD
Down 0.7 percentage points from 2022 YTD average
2.8%
Initial Unemployment Insurance Claims
Current Month
Claims increased from March to April
36.5%
Year-Over-Year
Claims increased from April 2022 to 2023
59.7%
YTD
YTD average claims increased through April2023
26.7%
Total Retail Sales
Current Month
National sales increased from February to March
14.4%
Year-Over-Year
National sales increased from March 2022 to 2023
2.3%
YTD
YTD sales increased through March 2023
4.7%
Mountain Region Consumer Confidence Index
Current Month
Index up 4.3 percent from April to May
110.7
Year-Over-Year
Index down from May2022 to 2023
-4.6%
YTD
YTD average down 4.4% through May2023
108.4
Hotel Occupancy
Current
Decreased 0.6 percentage points from March to April
66.7%
Year-Over-Year
Occupancy increased from April 2022 to 2023
0.1 percentage points
YTD
YTD occupancy up from last year
62.9%
Denver International Airport Passengers
Current Month
Passengers down from March to April
-6.2%
Year-Over-Year
Passengers up from April 2022 to 2023
9.9%
YTD
YTD passengers increased through April 2023
16.4%
Bloomberg Colorado Index
Current Month
Index down 0.6 percent from April to May
804.7
Year-Over-Year
Index up from May2022 to 2023
14.5%
YTD
YTD return up through May2023
24.8%
Dow Jones Industrial Average
Current Month
Index down 3.5 percent from April to May
32,908.3
Year-Over-Year
Index down from May 2022 to 2023
-0.2%
YTD
YTD return down through May 2023
-0.7%
Home Sales
Home Sales (closed)
Sales down 7.9% from March to April
3,701
Year-Over-Year
Sales down from April 2022 to 2023
-29.9%
YTD
YTD sales down 23.6% from last year
12,769
Median Home Price (Denver-Aurora MSA)
Current Month
Down 0.6% from 4Q 2022 to 1Q 2023
$636,100
Year-Over-Year
Prices are down from 1Q 2022 to 1Q 2023
-3.9%
YTD
YTD price 3.9% lower through 1Q 2023
$636,100
Foreclosures
Current Month
Up 4.8% from April to May
220
Year-Over-Year
Up from April 2022 to 2023
0.9%
YTD
Down 4.6% YTD through May 2023
1092
Residential Building Permits (Total)
Current Month
Permits increased 69.6% from March to April
2,029
Year-Over-Year
Permits up April2022 to 2023
12.3%
YTD
YTD permits down 19.1% through April 2023
7,308
Apartment Vacancy Rate
Current Month
Vacancy was unchanged from 4Q 2022 to 1Q 2023
5.6%
Year-Over-Year
Vacancy increased from 1Q 2022 to 1Q 2023
+0.9 percentage points
YTD
YTD average up 0.9 percentage points from last year
5.6%
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
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
April 2023 MEI
Monthly Key Insights
Unemployment Rate
For the tenth consecutive month, unemployment in Metro Denver is under 3 percent.
Denver International Airport Passengers
DEN continues to grow, with passengers served in January up 29.1 percent over the year.
Unemployment Claims
Initial unemployment claims in Metro Denver fell 26.8 percent from January to February.
Nonfarm Employment Growth
Current Month
Employment was up 0.8% from January to February
14,000
Year-Over-Year
Employment up 1.3% from February 2022 to 2023
22,700
YTD
YTD employment up 1.4% through February
24,200
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 rose 0.2 percentage points from January to February
2.9%
Year-Over-Year
Unemployment down from February 2021 to 2022
-1.2 percentage points
YTD
Down 1.2 percentage points from 2022 YTD average
2.9%
Initial Unemployment Insurance Claims
Current Month
Claims decreased from January to February
-26.8%
Year-Over-Year
Claims increased from February 2022 to 2023
7.6%
YTD
YTD average claims decreased through February 2022
-74.2%
Total Retail Sales
Current Month
National sales decreased from December to January
-15.1%
Year-Over-Year
National sales increased from January 2022 to 2023
8.1%
YTD
YTD sales increased through January 2023
8.1%
Mountain Region Consumer Confidence Index
Current Month
Index up 7.5 percent from February to March
113.6
Year-Over-Year
Index up from March 2022 to 2023
15.8%
YTD
YTD average down 3.3% through March 2023
109.4
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 down from December to January
-3.0%
Year-Over-Year
Passengers up from January 2022 to 2023
29.1%
YTD
YTD passengers increased through January 2023
29.1%
Bloomberg Colorado Index
Current Month
Index up 4 7. percent from February to March
740.7
Year-Over-Year
Index down from March 2022 to 2023
-9.8%
YTD
YTD return up through March 2023
14.9%
Dow Jones Industrial Average
Current Month
Index up 2 percent from February to March
33,274.2
Year-Over-Year
Index down from March 2022 to 2023
-4.0%
YTD
YTD return up through March 2023
0.4%
Home Sales
Home Sales (closed)
Sales up 22.5% from January to February
2,661
Year-Over-Year
Sales down from February 2022 to 2023
-24.9%
YTD
YTD sales down 26.9% from last year
4,833
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
Up 20.4% from February to March
242
Year-Over-Year
Down from March 2022 to 2023
-27.3%
YTD
Up 15.9% YTD through March 2023
662
Residential Building Permits (Total)
Current Month
Permits decreased 11.2% from January to February
1,986
Year-Over-Year
Permits down from February 2022 to 2023
-27.3%
YTD
YTD permits down 45.6% through February 2023
4,098
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 4.9% one year ago
+1.1 percentage points
YTD
1Q 2023 vacancy up from 4.9% 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
March 2023 MEI
Monthly Key Insights
Retail Sales
Metro Denver retail sales activity increased 11.4% from 2021 to 2022 compared with the national increase of 9.1%.
Denver International Airport Passengers
DEN set a record for passenger volume in 2022, passing the pre-pandemic record set in 2019. With 69.3 million passengers in 2022, activity was 17.8% higher than 2021.
Home Prices
Although the median home price decreased from 3Q 2022 to 4Q 2022 in Metro Denver, home prices increased an average of 10.4% from 2021 to 2022.
Nonfarm Employment Growth
Current Month
Employment was up 0.6% from November to December
10,600
Year-Over-Year
Employment up 3.8% from December 2021 to 2022
66,600
YTD
YTD employment up 4.4% through December
74,400
Manpower Net Employment (West Region)
Current Month
Net employment fell from 4Q 2022 to 1Q 2023
33%
Year-Over-Year
Net employment decreased 14 percentage points from 1Q22 to 1Q23
33%
YTD
YTD average down 14 percentage points compared with 2022
33%
Unemployment Rate
Current Month
Unemployment fell 0.5 percentage points from November to December
2.7%
Year-Over-Year
Unemployment down from December 2021 to 2022
-0.9 percentage points
YTD
Down 2 percentage points from 2021 YTD average
3.3%
Initial Unemployment Insurance Claims
Current Month
Claims decreased from November to December
-24.9%
Year-Over-Year
Claims increased from December 2021 to 2022
38.0%
YTD
YTD average claims decreased through December 2022
-81.1%
Total Retail Sales
Current Month
National sales increased from October to November
7.9%
Year-Over-Year
National sales increased from December 2021 to 2022
5.1%
YTD
YTD sales increased through December 2022
9.1%
Mountain Region Consumer Confidence Index
Current Month
Index up 0.6 percent from January to February
109.6
Year-Over-Year
Index down from February 2022 to 2023
-11.9%
YTD
YTD average down 9.4% through February 2023
109.3
Hotel Occupancy
Current
Increased 2.5 percentage points from December to January
55.5%
Year-Over-Year
Occupancy increased from January 2022 to 2023
3.9 percentage points
YTD
YTD occupancy up from last year
55.5%
Denver International Airport Passengers
Current Month
Passengers down from November to December
-2.7%
Year-Over-Year
Passengers up from December 2021 to 2022
5.7%
YTD
YTD passengers increased through December 2022
17.8%
Bloomberg Colorado Index
Current Month
Index down 7.2 percent from January to February
689.7
Year-Over-Year
Index down from February 2022 to 2023
-12.5%
YTD
YTD return up through February 2023
7.0%
Dow Jones Industrial Average
Current Month
Index down 4.3 percent from January to February
32,636.4
Year-Over-Year
Index down from February 2022 to 2023
-3.7%
YTD
YTD return down through February 2023
-1.5%
Home Sales
Home Sales (closed)
Sales down 29.2% from December to January
2,041
Year-Over-Year
Sales down from January 2022 to 2023
-33.6%
YTD
YTD sales down 33.6% from last year
2,041
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 8.2% from January to February
201
Year-Over-Year
Up from February 2022 to 2023
34.0%
YTD
Up 76.5% YTD through February 2023
420
Residential Building Permits (Total)
Current Month
Permits increased 51% from December to January
2,112
Year-Over-Year
Permits up from January 2022 to 2023
37.6%
YTD
YTD permits up 37.6% through January 2023
2,112
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 was unchanged from 3Q 2022 to 4Q 2022
14.2%
Year-Over-Year
4Q 2022 vacancy up from 13.9% one year ago
+0.3 percentage points
YTD
4Q 2022 vacancy up from 13.9% one year ago
+0.3 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.2 percentage points from 3Q 2022 to 4Q 2022
5.7%
Year-Over-Year
4Q 2022 vacancy up from 5.2% one year ago
+0.5 percentage points
YTD
4Q 2022 vacancy up from 5.2% one year ago
+0.5 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.3 percentage points from 3Q 2022 to 4Q 2022
4.2%
Year-Over-Year
4Q 2022 vacancy down from 4.6% one year ago
-0.4 percentage points
YTD
4Q 2022 vacancy down from 4.6% one year ago
-0.4 percentage points
February 2023 MEI
Monthly Key Insights
Unemployment
Initial unemployment claims fell 24.9 percent from November to December.
Apartment Rental Rates
The apartment rental rate in Metro Denver fell by $32 from 3Q 2022 to 4Q 2022, the largest over-the-quarter drop in four decades.
Stock Market Index
All four major stock market indices rose from December to January.
Nonfarm Employment Growth
Current Month
Employment was up 0.6% from November to December
10,600
Year-Over-Year
Employment up 3.8% from December 2021 to 2022
66,600
YTD
YTD employment up 4.4% through December
74,400
Manpower Net Employment (West Region)
Current Month
Net employment fell from 4Q 2022 to 1Q 2023
33%
Year-Over-Year
Net employment decreased 14 percentage points from 1Q22 to 1Q23
33%
YTD
YTD average down 14 percentage points compared with 2022
33%
Unemployment Rate
Current Month
Unemployment fell 0.5 percentage points from November to December
2.7%
Year-Over-Year
Unemployment down from December 2021 to 2022
-0.9 percentage points
YTD
Down 2 percentage points from 2021 YTD average
3.3%
Initial Unemployment Insurance Claims
Current Month
Claims decreased from November to December
-24.9%
Year-Over-Year
Claims increased from December 2021 to 2022
38.0%
YTD
YTD average claims decreased through December 2022
-81.1%
Total Retail Sales
Current Month
National sales increased from October to November
1.0%
Year-Over-Year
National sales increased from November 2021 to 2022
6.2%
YTD
YTD sales increased through November 2022
9.6%
Mountain Region Consumer Confidence Index
Current Month
Index down 0.7 percent from December to January
110.7
Year-Over-Year
Index down from January 2022 to 2023
-5.2%
YTD
YTD average down 5.2% through January 2023
110.7
Hotel Occupancy
Current
Decreased 6.4 percentage points from November to December
53.0%
Year-Over-Year
Occupancy increased from December 2021 to 2022
0.5 percentage points
YTD
YTD occupancy up from last year
68.0%
Denver International Airport Passengers
Current Month
Passengers down from October to November
-10.8%
Year-Over-Year
Passengers up from November 2021 to 2022
10.3%
YTD
YTD passengers increased through November 2022
19.0%
Bloomberg Colorado Index
Current Month
Index up 15.3 percent from December to January
743.0
Year-Over-Year
Index down from January 2022 to 2023
-5.0%
YTD
YTD return up through January 2023
15.3%
Dow Jones Industrial Average
Current Month
Index up 2.8 percent from December to January
34,086.0
Year-Over-Year
Index down from January 2022 to 2023
-3.0%
YTD
YTD return up through January 2023
2.8%
Home Sales
Home Sales (closed)
Sales down 7.6% from November to December
2,730
Year-Over-Year
Sales down from December 2021 to 2022
-45.5%
YTD
YTD sales down 23.8% from last year
51,232
Median Home Price (Denver-Aurora MSA)
Current Month
Down 4.3% from 2Q 2022 to 3Q 2022
$666,000
Year-Over-Year
Prices are up from 3Q 2021 to 3Q 2022
8.3%
YTD
YTD price 13.2% higher through 3Q 2022
$674,700
Foreclosures
Current Month
Up 21.7% from December to January
219
Year-Over-Year
Up from January 2022 to 2023
148.9%
YTD
Up 148.9% YTD through January 2023
219
Residential Building Permits (Total)
Current Month
Permits decreased 3.3% from November to December
1,399
Year-Over-Year
Permits down from December 2021 to December 2022
-62.9%
YTD
YTD permits down 19.4% through December 2022
24,568
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 was unchanged from 3Q 2022 to 4Q 2022
14.2%
Year-Over-Year
4Q 2022 vacancy up from 13.9% one year ago
+0.3 percentage points
YTD
4Q 2022 vacancy up from 13.9% one year ago
+0.3 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.2 percentage points from 3Q 2022 to 4Q 2022
5.7%
Year-Over-Year
4Q 2022 vacancy up from 5.2% one year ago
+0.5 percentage points
YTD
4Q 2022 vacancy up from 5.2% one year ago
+0.5 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.3 percentage points from 3Q 2022 to 4Q 2022
4.2%
Year-Over-Year
4Q 2022 vacancy down from 4.6% one year ago
-0.4 percentage points
YTD
4Q 2022 vacancy down from 4.6% one year ago
-0.4 percentage points
January 2023 MEI
Monthly Key Insights
Consumer Confidence
Consumer Confidence improved from November to December as inflation showed signs of moderating.
Stock Market Index
All four stock market indices declined in 2022, with all four posting their worst year since 2008.
Commercial Real Estate
9.51 million square feet of commercial real estate space was completed in 2022, with 12.63 million square feet under construction at the beginning of 2023.
Nonfarm Employment Growth
Current Month
Employment was down 0.1% from October to November
-2,500
Year-Over-Year
Employment up 3.5% from November 2021 to 2022
60,300
YTD
YTD employment up 4.4% through November
74,900
Manpower Net Employment (West Region)
Current Month
Net employment fell from 3Q 2022 to 4Q 2022
38%
Year-Over-Year
Net employment decreased 11 percentage points from 4Q21 to 4Q22
38%
YTD
YTD average up 15 percentage points compared with 2021
42%
Unemployment Rate
Current Month
Unemployment fell 0.2 percentage points from October to November
3.2%
Year-Over-Year
Unemployment down from November 2021 to 2022
-0.7 percentage points
YTD
Down 2.1 percentage points from 2021 YTD average
3.4%
Initial Unemployment Insurance Claims
Current Month
Claims increased from October to November
30.8%
Year-Over-Year
Claims increased from November 2021 to 2022
35.2%
YTD
YTD average claims decreased through November 2022
-82.5%
Total Retail Sales
Current Month
National sales increased from September to October
3.6%
Year-Over-Year
National sales increased from October 2021 to 2022
7.9%
YTD
YTD sales increased through October 2022
9.9%
Mountain Region Consumer Confidence Index
Current Month
Index up 9.2 percent from November to December
111.5
Year-Over-Year
Index down from December 2021 to 2022
-6.2%
YTD
YTD average down 8% through December 2022
105.9
Hotel Occupancy
Current
Decreased 14.4 percentage points from October to November
59.4%
Year-Over-Year
Occupancy increased from November 2021 to 2022
6.2 percentage points
YTD
YTD occupancy up from last year
69.4%
Denver International Airport Passengers
Current Month
Passengers down from October to November
-10.8%
Year-Over-Year
Passengers up from November 2021 to 2022
10.3%
YTD
YTD passengers increased through November 2022
19.0%
Bloomberg Colorado Index
Current Month
Index down 9.4 percent from November to December
644.6
Year-Over-Year
Index down from December 2021 to 2022
-27.1%
YTD
YTD return down through December 2022
-27.1%
Dow Jones Industrial Average
Current Month
Index down 4.1 percent from November to December
33,147.3
Year-Over-Year
Index down from December 2021 to 2022
-8.8%
YTD
YTD return down through December 2022
-8.8%
Home Sales
Home Sales (closed)
Sales down 10.8% from October to November
2,954
Year-Over-Year
Sales down from November 2021 to 2022
-49.7%
YTD
YTD sales down 22% from last year
48,502
Median Home Price (Denver-Aurora MSA)
Current Month
Down 4.3% from 2Q 2022 to 3Q 2022
$666,000
Year-Over-Year
Prices are up from 3Q 2021 to 3Q 2022
8.3%
YTD
YTD price 13.2% higher through 3Q 2022
$674,700
Foreclosures
Current Month
Down 4.8% from November to December
180
Year-Over-Year
Up from December 2021 to 2022
260.0%
YTD
Up 392.8% YTD through December 2022
2,523
Residential Building Permits (Total)
Current Month
Permits decreased 1.9% from October to November
1,460
Year-Over-Year
Permits down from November 2021 to November 2022
-40.3%
YTD
YTD permits down 13.1% through November 2022
23,202
Apartment Vacancy Rate
Current Month
Vacancy increased from 1Q 2022 to 2Q 2022
4.8%
Year-Over-Year
Vacancy increased from 2Q 2021 to 2Q 2022
+1.1 percentage points
YTD
YTD average unchanged from last year
4.6%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate was unchanged from 3Q 2022 to 4Q 2022
14.2%
Year-Over-Year
4Q 2022 vacancy up from 13.9% one year ago
+0.3 percentage points
YTD
4Q 2022 vacancy up from 13.9% one year ago
+0.3 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate increased 0.2 percentage points from 3Q 2022 to 4Q 2022
5.7%
Year-Over-Year
4Q 2022 vacancy up from 5.2% one year ago
+0.5 percentage points
YTD
4Q 2022 vacancy up from 5.2% one year ago
+0.5 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.3 percentage points from 3Q 2022 to 4Q 2022
4.2%
Year-Over-Year
4Q 2022 vacancy down from 4.6% one year ago
-0.4 percentage points
YTD
4Q 2022 vacancy down from 4.6% one year ago
-0.4 percentage points