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
August 2023
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