2010 Denver Economic Forecast is Encouraging
The Metro Denver Economic Development Corporation (Metro Denver EDC) recently released its 2010 Economic Forecast for Metro Denver and the news is encouraging.
As we’ve reported numerous times during this recession, the report suggests that Metro Denver’s economy has fared better than many other regions throughout the recession. This can be attributed the region’s diverse base of industries and strong economic fundamentals.
While the Denver-area’s outlook for 2010 is far from rosy, there are many positive factors, including its relocation desirability, and the fact that the Denver housing market has been predicted to be one of the first markets to recover numerous times.
All of this suggests that there is no better time than the present to purchase a Denver home. For more information on Denver’s economy, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Colorado’s Unemployment Rate Remains Flat
While Colorado’s employment picture is far from rosy this summer, it is much better than most other states in the country. Our state’s unemployment rate has remained steady since March, hovering between 7.4 percent and 7.6 percent. Colorado was among only 12 states in June, where unemployment has not increased, a great feat in this recession. Most metro Denver counties are reporting similiar numbers: 10-County Metro Denver (7.9 percent), Arapahoe County (7.7 percent), and Douglas County (6.7 percent).
One Colorado resident being out of work is still too high, though, so we have our fingers crossed for a job market recovery in the near future.
If you are a distressed Denver homeowner who has lost your job and is falling behind on your mortgage payments, please contact us so we can help. We are one of the few Certified Property Distressed Property Experts (CDPE) in the Denver area, who is trained to help Denver-area homeowners avoid foreclosure after a job loss, or any other hardship that they may be facing.
For more information on the state of the Denver economy, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060.
Denver Real Estate Update (August 2008)
Denver Real Estate Market is Warming Up!
Conditions are ripe for a recovery in the Denver real estate market this summer. There are several indicators, including stabilizing home prices, increasing home sales, decreasing inventory, and a declining average number of days on the market. Metrolist released its July numbers this week, which indicate a 2.9 percent increase in the number of homes sold in July from last year. Other pieces of positive news include that the number of homes for sale in Denver plunged 15.9 percent from last year and it even dipped slightly from June.
While the report revealed that Denver home prices have declined an estimated 10 percent from last year, this likely a result of investors buying foreclosed properties. This trend is likely to be temporary, since according to a recent article the Rocky Mountain News, experts are predicting Denver foreclosures to peak in 2008.
Other good news is that the Denver real estate market is outperforming the national one. Because of its strong employment market, Denver continues to weather the economic downturn better than most cities. This is expatiating the real estate market’s recovery. The S&P/Case-Shiller Home Price Indices report was released this week, revealing that the Denver real estate market had one of the largest price increases. While most cities saw a decline in home prices, the Denver area had a price increase of 1 percent from April to May. In addition to Denver, Boston, Dallas, and Charlotte, also posted 1 percent gains during the same time period.
If you are a prospective homebuyer, it is time to find your dream home while conditions are still optimal for buyers. If you wait, it may be too late! For more information on navigating through the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
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Colorado Recognized as a Top State for Business
Colorado Ranked High in CNBC’s, "America’s Top States for Business"
Colorado has been recognized once again as a great place to do business. CNBC revealed its annual list of, “America’s Top Place for Business 2008,” yesterday – Colorado was 5th on the list, following Texas, Virginia, Utah, and Idaho. All 50 states were scored based on a variety of factors, including the cost of doing business, workforce quality, economy, education, quality of life, technology and innovation, transportation, business friendliness, and access to capital.
This is certainly good news, since a strong Colorado economy is vital to a quick recovery in the Denver real estate market. For more information on the state of Denver’s economy, please contact Team Cox Realtors at 303-400-6060.
Looking on the Bright Side of Denver’s Economic Picture
There is Good News about Colorado’s Economy!
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If you are like me, you are starting to dread the doom and gloom of the national economic news reports. Well, it’s time to focus on some positive news – both the Denver and Colorado economies have many bright spots, including:
· The University of Colorado at Boulder’s Leeds School of Business released its annual Business Economic Outlook mid-year update today. While there are a few concerns, including high gas prices and inflation, the report is still optimistic that Colorado will see job growth of 1.5 percent (revised downward from 1.9 percent). The report emphasizes Colorado’s booming energy industry that continues to fuel job growth. CU economists believe that Colorado’s economy will be much less impacted than most states in the midst of a national economic downturn.
· According to Mayor Hickenlooper’s State of the City address last week, Denver has added 30,000 new jobs and 1,500 new local businesses over the past five years. The Mayor is committed to,” expanding and strengthening our small-business sectors.” Hickenlooper also mentioned that 2007 was Denver’s best tourism year ever – there were a record 12.2 million overnight visitors last year.
· Metro Denver Economic Development Corporation’s Monthly Economic Summary for June 2008 indicates that many of Metro Denver’s economic indicators are favorable, including a relatively healthy job market and an improving real estate market. Denver’s unemployment rate was only 4.3% in April.
A sturdy Denver economy is key to a strong Denver real estate market rebound. For more information on the state of Denver’s economy, please contact TeamCox Realtors at 303-400-6060.
Denver Real Estate Market Once Again Outperforms National One
Major Companies Announce Relocation Plans to the Denver Area
ConocoPhillips Among Diverse Companies Planning Relocations to Denver
The Denver metropolitan area will be adding some new residents in the very near future. Several major companies have announced plans to expand or relocate to Denver area suburbs.
ConocoPhillips recently announced one of the largest real estate transactions in Colorado history. The company plans to operate a global technology center and worldwide training facility out of its newly acquired Louisville property, the site of former Sun Microsoft facility. The center is slated to be fully functional by 2011-2012.
The Rocky Mountain News recently reported that Charles Schwab is considering adding approximately 500-1,000 jobs to the southeast Denver corridor. The expansion, which would require approximately 100,000 square feet of new office space along the southeast office corridor, would have an estimated $50 million impact on the local economy.
And, the good news just keeps on coming. Earlier this week, Renewable Energy Systems Americas, Inc., a leader in the renewable wind energy sector, announced the relocation of its corporate headquarters from Austin, Texas, to Broomfield, Colorado. This move further cements Colorado as an emerging as a leader in the development of renewable energy and alternative resources.
These corporate relocations, obviously great news for the local economy, are vital to the Denver real estate market’s long-awaited recovery. If you have plans to relocate to the Denver metro area, please contact TeamCox Realtors. We would love to introduce you to our great city – and maybe help you find your dream home along the way!
Related Links
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Find out why you should relocate to the Denver area!
Colorado’s Economic Picture is Brighter than the National One
It is important to analyze the local economic picture in addition to the national one
While the national news headlines are reporting doom and gloom regarding the United States economy, it is important to also analyze the local economic picture in addition to the national one. And, it may make you feel better about things if you look at Colorado’s economic picture versus the national one. The good news is that Colorado’s economy has been faring a bit better than many other areas of the country. Here are just a few examples:
-The Denver Post reports that Thomas Hoenig, president of the Federal Reserve Bank of Kansas City which oversees Colorado, told state legislators and bankers this week that Colorado is in a better economic position than many other states, including California and Florida. While weak, the Denver housing market is much stronger than many other areas. The local economy is also supported by a diverse industry case including aerospace, energy, tourism, bioscience, etc.
-While it has increased a bit, Colorado’s unemployment rate of around 4.5%, continues to hover below the national average.
-The Post also reports that the National Association of Realtors has reported a positive outlook for the Denver real estate market and even went so far is to predict that Denver may be among the next markets to possibly “boom.”
-In addition, The Denver Post reports that a new risk-index model shows a less-than-5-percent chance that home prices in Denver will be down by 2010. In contrast, there is an 89 percent chance that Las Vegas home prices will be down by 2010.
All of these reports are great news for the Denver real estate market. If Denver’s economy remains strong, then a rebound is on the horizon. Don’t miss your opportunity to buy into the current Denver buyer’s market. For more information on the Denver’s economic picture or regarding the state of the Denver housing market, please contact TeamCox Realtors.
Related Links
Denver Real Estate Update (January 2008)
Take Advantage of the Denver Buyer's Market - Search for Denver Real Estate!
Denver, Colorado, Continues to be a Flourishing Business Center
MarketWatch.com Picks Denver as the Second Center for Business in the Country!
Denver, Colorado, continues to be a flourishing business center. With its strong entrepreneurial spirit, highly educated workforce and excellent quality of life, top-notch employers and employees love to call Denver home.
Metro Denver has been recognized by MarketWatch.com, a well-known business website, as the second best business center among the country’s 50 largest metropolitan areas. This honor was bestowed based on numerous factors including concentration of company headquarters, population growth, and unemployment rates. Amazingly, Denver placed in the top 20 of all categories with the exception of job growth, which was ranked 28th. Denver did particularly well in the small business and Russell 2000 categories. In the overall rankings, Denver was sandwiched between Minneapolis, Minnesota, the top-rated city and Richmond, Virginia, the third-ranked city.
This is a great accomplishment for Denver since was absolutely devastated during the late 1980s by the mass departure of the oil industry. It has gradually rebuilt has a more diverse economy anchored by the telecommunications, aerospace, information technology, financial services and energy industries.
This is all great news for the struggling Denver real estate market. It is vital that the Denver economy continues to thrive to support the housing market’s inevitable recovery. For more information on the business environment in Denver, Colorado, please contact TeamCox Realtors.
Denver Boasts a Low Unemployment Rate and Steady Job Growth
Colorado's Job Market is Relatively Strong Compared to National Numbers
Thinking of relocating to Denver, Colorado? Denver is not only a wonderful place to live, but also boasts a strong employment base that fueled by its highly educated workforce. In particular, Denver is a hotbed for companies in the aerospace, energy, bioscience, financial services and information technology sectors.
A strong Colorado employment market is absolutely critical to the eagerly anticipated recovery of the Denver real estate market. So, how is Denver’s job market faring? The overall Colorado job market remains strong, especially in comparison to other parts of the country. The Colorado Department of Labor and Employment (CDLE) current labor statistics show that Colorado’s unemployment rate is 3.8%, which is low in comparison to the national average of 4.6%. This is the 14th lowest unemployment rate in the United States, which is good news for the Denver economy. The CDLE also reports that 45,000 Colorado jobs were added from July 2007 through July 2007.
The majority of Denver’s main employment sectors saw increases in the number of jobs from July 2006 to July 2007. According to the Metro Denver Economic Development Corporation’s September Monthly Economic Summary, the professional and business services sector had a 4.3% increase in positions followed by the leisure and hospitality sector (4.2%), education and health services (3.2%), and government (1.8%). Overall, Colorado had a 2% increase in the number of jobs from last year while Denver saw a 1.8 increase, This is in comparison to the national average of 1.5%.
Since employment such a crucial economic indicator, these positive numbers mean good things are in store for Denver’s economy. For more information on the Denver job market or overall economy, please contact TeamCox Realtors.