A recently published Denver South EDP Economic Profile Report includes updated data and summaries about industry clusters, tax rates, commercial real estate, cost of living, and more. Throughout the report, a steady theme emerges: growth.
Over the past year, Denver South has grown in population, commercial space, and jobs. With more new construction and more companies moving into the area, the growth isn’t expected to slow down anytime soon.
The region saw a 2.4 percent increase in overall employment base between the third quarters of 2016 and 2017, equivalent to an expansion of over 5,500 total jobs. Average annual wages in the Denver South region are 24 percent higher than Metro Denver averages.
Other highlights from the report include:
● Aerospace industry employment grew 4 percent between 2016 and 2017
● Aerospace employees earned an average annual salary of $129,730, which was 21 percent higher than the national average.
● Denver South’s energy industry represents nearly 400 companies employing over 2,980 workers. Between 2012 and 2017, employment in the energy industry cluster rose 6.9 percent.
● Denver South has one of the highest concentrations of engineering services workers out of the 50 largest metropolitan areas.
● Financial services in Denver South grew 3.2 percent in 2017, rising for the third-consecutive year
● Employment growth in the region’s healthcare and life sciences cluster averaged 8.9 percent per year over the past five years
● Employment in the region’s IT-software and electronics industry grew for the sixth-consecutive year in 2016, adding about 5,050 workers between 2010 and 2016
● Between the first quarters of 2017 and 2018, about 1.2 million square feet of office space was added in Denver South
● The Denver South region contained more than 23 percent of the office space in Metro Denver during the first quarter of 2018
● The market added 218,000 square feet of additional industrial space between the first quarters of 2017 and 2018
● The Denver South population grew 9.8 percent between 2012 and 2016, exceeding the pace of population growth in Metro Denver
Economic Profile Reports are commissioned by Denver South EDP as part of the mission to provide visionary economic development leadership and positive business advocacy in a non-partisan and collaborative manner. With the goal of continuously improving the region’s economy and high-quality standard of living, Denver South EDP shares data and other resources with companies based here as well as those considering relocating, expanding to or opening up shop in Colorado.