March 2023 MEI Snapshot
10,600
Employment was up 0.6% from November to December
2.7%
Unemployment fell 0.5 percentage points from November to December
2,112
Permits increased 51% from December to January
Full Indicator Reports
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