Denver ranked in Top Ten for November Economic Index
Denver ranks in Top Ten for large U.S. markets in Economic Index for November.
According to G. Scott Thomas, who covers demographic trends in the On Numbers blog for American City Business Journals, the Denver Business Journal’s parent company, metro Denver saw 2.91 percent growth in private-sector employment, and 5.86 percent earnings growth over the last five years. This month, only Oklahoma City; Austin, Texas; Tulsa, Okla.; Houston; Omaha, Neb.; and Columbus, Ohio surpassed Denver. The Monthly Economic Summary for November 2012, compiled by the Metro Denver Economic Development Corporation, further supports this information.
The Consumer Confidence Index increased in November by 5.6 percent month-over-month. The index is at its highest level since February 2008, as consumers pointed to improved confidence in the job market as the main factor.
Metro Denver employers added 2,100 jobs between August and October. Employment increased 2.5 percent in October year-over-year and rounded out a strong third quarter with a 2.7 percent increase over the third quarter of 2011. Also, the report’s Market Trends section for the third quarter suggests industrial real estate markets in the Metro Denver area continued to recover due to the balance of supply and steady demand for space. The Denver market is faring better than the national market, with vacancy rates 1.5 percentage points lower than the national number of 7.4 percent.