Each month, the Metro Denver EDC releases a Monthly Economic Indicators report offering partners, investors and regional business leadership a comprehensive analysis of the economic conditions in Metro Denver and more broadly, Colorado overall. Research that is sponsored by Pinnacol Assurance, these reports offer data, recent activity and trends in four main categories: labor force and employment, the consumer sector, residential real estate, and commercial real estate.
October 2021 Overview
+6%
Mountain Region Consumer Confidence Index
+40.5%
Residential Building Permits
+6,828
Home Sales (Closed)
+49%
Manpower Net Employment
+11.4%
Denver International Airport Passangers
Full Indicator Reports
October 2021
Monthly Key Insights
Unemployment Rate
The unemployment rate in Metro Denver was 5.4 percent in August, the lowest rate recorded since March 2020.
Denver International Airport Passengers
Almost 6.4 million airline passengers passed through Denver International Airport in July, the highest level since August 2019.
Home Price Index
The S&P/Case-Schiller Home Price Index posted record-breaking gains for the fourth month in a row in July, rising 21.3 percent from July 2020.
Nonfarm Employment Growth
Current Month
Employment up 0.3% from July to August
5,100
Year-Over-Year
Employment up 5.4% from August 2020 to 2021
88,700
YTD
YTD employment up 2.1% through August
34,500
Manpower Net Employment (West Region)
Current Month
Net employment up 22 percentage points from 3Q 2021 to 4Q 2021
49%
Year-Over-Year
Net employment increased 38 percentage points from 4Q20 to 4Q21
49%
YTD
YTD average up 14 percentage points compared with 2020
27%
Unemployment Rate
Current Month
Unemployment down 0.6 percentage points from July to August
5.4%
Year-Over-Year
Unemployment down from August 2020 to 2021
-2.0%
YTD
Down 1.4 percentage points from 2020 YTD average
6.2%
Initial Unemployment Insurance Claims
Current Month
Claims decreased from July to August
-14.0%
Year-Over-Year
Claims decreased from August 2020 to 2021
-50.2%
YTD
YTD average claims decreased through August 2021
-2.6%
Total Retail Sales
Current Month
National sales decreased from June to July
-0.3%
Year-Over-Year
National sales increased from July 2020 to 2021
15.3%
YTD
YTD sales increased through June 2021
21.8%
Mountain Region Consumer Confidence Index
Current Month
Index up 6 percent from August to September
117.7
Year-Over-Year
Index up from August 2020 to 2021
19%
YTD
YTD average up 8.7% through September 2021
114.3
Hotel Occupancy
Current Month
Decreased 6.5 percentage points from July to August
70.3%
Year-Over-Year
Occupancy increased from August 2020 to 2021
24.7%
YTD
YTD occupancy up from last year
56.8%
DIA Passengers
Current Month
Passengers up from June to July
11.4%
Year-Over-Year
Passengers up from July 2020 to 2021
145.7%
YTD
YTD passengers increased through July 2021
67.9%
Home Sales (Closed)
Current Month
Sales up 3.6% from July to August
6,828
Year-Over-Year
Sales up from August 2020 to 2021
20.8%
YTD
YTD sales up 25.6% through August 2021
44,566
Median Home Price (Denver-Aurora MSA)
Current Month
Up 11.6% from 1Q 2021 to 2Q 2021
$618,600
Year-Over-Year
Price up from 2Q 2020 to 2Q 2021
29.3%
YTD
YTD price 23.2% higher through 2Q 2021
$586,500
Foreclosures
Current Month
Up 58.6 percent from August to September
92
Year-Over-Year
Up from September 2020 to 2021
196.8%
YTD
Down 61.1% YTD through September 2021
344
Residential Building Permits (Total)
Currrent Month
Permits increased 40.5% from July to August
3,232
Year-Over-Year
Permits up from August 2020 to August 2021
50.3%
YTD
YTD permits up 59.9% through August 2021
18,976
Apartment Vacancy Rate
Current Month
Vacancy decreased 1.8 percentage points from 1Q 2021 to 2Q 2021
3.7%
Year-Over-Year
Vacancy decreased from 2Q 2020 to 2Q 2021
-1.4 percentage points
YTD
YTD average down 0.9 percentage points from last year
4.6%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate unchanged from 2Q 2021 to 3Q 2021
13.9%
Year-Over-Year
3Q 2021 vacancy up from 11.4% one year ago
+2.5 percentage points
YTD
3Q 2021 vacancy up from 11.4% one year ago
2.5 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.5 percentage point from 2Q 2021 to 3Q 2021
6.4%
Year-Over-Year
3Q 2021 vacancy up from 5.5% one year ago
+0.9 percentage points
YTD
3Q 2021 vacancy up from 5.5% one year ago
+0.9 percentage points
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate unachanged from 2Q 2021 to 3Q 2021
5.2%
Year-Over-Year
3Q 2021 vacancy up from 5% one year ago
+0.2 percentage points
YTD
3Q 2021 vacancy up from 5% one year ago
+0.2 percentage points
Bloomberg Colorado Index
Current Month
Index down 2.4% from August to September
926.2
Year-Over-Year
Index up from September 2020 to 2021
43.7%
YTD
YTD return up through September 2021
21.9%
Dow Jones / Industrial Average
Current Month
Index down 4.3% from August to September
33,843.9
Year-Over-Year
Index up from September 2020 to 2021
21.8%
YTD
YTD return up through September 2021
10.6%