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.
January 2022 Overview
53.2%
Hotel Occupancy
884.7
Bloomberg Colorado Index
$614,800
Median Home Price (Denver-Aurora MSA)
Full Indicator Reports
January MEI 2022
Monthly Key Insights
Employment
The Metro Denver labor force reached a new record with more than 1,895,000 people employed or looking for work in November.
Housing Sentiment
The National Association for Home Builders/Wells Fargo Housing Market Index for builder confidence increased to 84 in December and tied with February as the highest reading of the year.
Construction
Metro Denver has a strong pipeline for new industrial and flex space construction, with 54 industrial buildings and 14 flex space buildings under construction at the end of 2021.
Nonfarm Employment Growth
Current Month
Employment up 0.6% from October to November
9,700
Year-Over-Year
Employment up 5.3% from November 2020 to 2021
87,700
YTD
YTD employment up 2.9% through November
47,700
Manpower Net Employment (West Region)
Current Month
Net employment down 2 percentage points from 4Q 2021 to 1Q 2022
47%
Year-Over-Year
Net employment increased 34 percentage points from 1Q21 to 1Q22
47%
YTD
YTD average up 34 percentage points compared with 2021
47%
Unemployment Rate
Current Month
Unemployment down 0.1 percentage points from October to November
4.4%
Year-Over-Year
Unemployment down from November 2020 to 2021
-2.5 percentage points
YTD
Down 1.7 percentage points from 2020 YTD average
5.8%
Initial Unemployment Insurance Claims
Current Month
Claims increased from October to November
3.9%
Year-Over-Year
Claims decreased from November 2020 to 2021
-90.1%
YTD
YTD average claims decreased through November 2021
-18.9%
Total Retail Sales
Current Month
National sales increased from September to October
4.3%
Year-Over-Year
National sales increased from October 2020 to 2021
14.6%
YTD
YTD sales increased through October 2021
19.6%
Mountain Region Consumer Confidence Index
Current Month
Index down 1.5 percent from November to December
117.3
Year-Over-Year
Index up from December 2020 to 2021
16.4%
YTD
YTD average up 10% through December 2021
115.0
Hotel Occupancy
Current
Decreased 12.9 percentage points from October to November
53.2%
Year-Over-Year
Occupancy increased from November 2020 to 2021
20.0 percentage points
YTD
YTD occupancy up from last year
58.5%
Denver International Airport Passengers
Current Month
Passengers up from September to October
4.3%
Year-Over-Year
Passengers up from October 2020 to 2021
71.9%
YTD
YTD passengers increased through October 2021
73.9%
Bloomberg Colorado Index
Current Month
Index up 4.3% from November to December
884.7
Year-Over-Year
Index up from December 2020 to 2021
16.5%
YTD
YTD return up through December 2021
16.5%
Dow Jones Industrial Average
Current Month
Index up 5.4% from November to December
36,338.3
Year-Over-Year
Index up from December 2020 to 2021
18.7%
YTD
YTD return up through December 2021
18.7%
Home Sales
Home Sales (closed)
Sales up 3% from October to November
5,875
Year-Over-Year
Sales up from November 2020 to 2021
17.3%
YTD
YTD sales up 17.6% through November 2021
62,196
Median Home Price (Denver-Aurora MSA)
Current Month
Down 0.6% from 2Q 2021 to 3Q 2021
$614,800
Year-Over-Year
Price up from 3Q 2020 to 3Q 2021
21.5%
YTD
YTD price 22.6% higher through 3Q 2021
$595,900
Foreclosures
Current Month
Down 12.3 percent from November to December
50
Year-Over-Year
Up from December 2020 to 2021
28.2%
YTD
Down 48% YTD through December 2021
512
Residential Building Permits (Total)
Current Month
Permits increased 9.4% from October to November
2,517
Year-Over-Year
Permits up from November 2020 to November 2021
97.9%
YTD
YTD permits up 53.8% through November 2021
26,889
Apartment Vacancy Rate
Current Month
Vacancy increased 0.1 percentage points from 2Q 2021 to 3Q 2021
3.8%
Year-Over-Year
Vacancy decreased from 3Q 2020 to 3Q 2021
-1.1 percentage points
YTD
YTD average down 1 percentage point from last year
4.3%
Office Vacancy Rate (with Sublet)
Current Month
Vacancy rate up 0.2 percentage points from 3Q 2021 to 4Q 2021
14.1%
Year-Over-Year
4Q 2021 vacancy up from 12.3% one year ago
+1.8 percentage points
YTD
4Q 2021 vacancy up from 12.3% one year ago
+1.8 percentage points
Industrial Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 1 percentage point from 3Q 2021 to 4Q 2021
5.3%
Year-Over-Year
4Q 2021 vacancy down from 5.7% one year ago
-0.4 percentage points
YTD
4Q 2021 vacancy down from 5.7% one year ago
-0.4 percentage point
Retail Space Vacancy Rate (with Sublet)
Current Month
Vacancy rate decreased 0.4 percentage points from 3Q 2021 to 4Q 2021
4.7%
Year-Over-Year
4Q 2021 vacancy down from 5.2% one year ago
-0.5 percentage points
YTD
4Q 2021 vacancy down from 5.2% one year ago
-0.5 percentage points