Monthly Economic Indicators-August

Dear EDC Investors, Partners and Friends,

The month of July brought continued growth to the Metro Denver region. Through our proactive Domestic Recruitment Program, the MDEDC team added eight new projects to the pipeline. This program is designed to engage our local economic development partners in our recruiting efforts keeping the spirit of regionalism alive and strong. 

 July 16 was a $1.58 Billion Dollar day in Colorado. Metro Denver EDC is proud to congratulate our partners on the announcement of Phillip Morris International’s expansion into Colorado with a state-of-the-art manufacturing facility in Aurora.  The Aurora Economic Development Council, City of Aurora, Adams County Board of County Commissioners, and the Colorado Office of Economic Development and International Trade worked tirelessly to bring this $600 million project across the finish fine. Congratulations to Wendy Mitchell and her team for the hard work in making this project a success. You can read the full press release here: Phillip Morris International picks Aurora for ZYN nicotine pouch plant. 

CordenPharma announced an expansion of their peptide manufacturing facilities in Boulder. This location is recognized as the largest worldwide peptide API producer leading the global peptide market. The Swiss pharmaceutical manufacturer plans to invest nearly $500 million in the next three years, adding 80,000 square feet to their 55th Street campus. We would like to congratulate the City and County of Boulder and our partners at the Boulder Chamber of Commerce and Boulder Economic Development Council for this historic investment in our region. Read more about this project here: Corden to invest nearly $500M to expand Boulder manufacturing facility. 

The team led a group of economic development partners and dedicated investors on a domestic recruitment trip to the Washington D.C./Northern Virginia area where they met with seven companies in the aerospace, semiconductor, cleantech and IT-software industries. The group also met with Senator Hickenlooper and his staff to discuss aerospace incentives, workforce development and the NSF Engines Grant. 

The Annual Site Selector Feedback Dinner will take place on Oct. 10, where we will invite site selectors from this year’s conference to offer their candid and unbiased observations about Metro Denver in a panel discussion. Following a week of curated programming, tours and meetings that showcase the 11-county region that Metro Denver EDC represents, the site selectors will discuss the areas where Metro Denver excels and provide feedback on how our region can continue to improve to attract new business growth. Be a part of these important conversations and secure your seat today. 

Please join us tomorrow, Aug. 21, for our quarterly Development Showcase Series. We will hear from development project leads, who will take us behind the scenes on some of their upcoming projects, including the redevelopment of Larimer Square and One River North from JLL, Center Street at Baseline and Centerra South from McWhinney, and more. Following the presentations, we will hold a panel discussion, providing you with the opportunity to ask these decision-makers your questions. This event is complimentary for Executive Committee and Board of Governors members, and multiple representatives from your organization are encouraged to attend. 

Looking at the most recent economic news, here are a few pieces of information we want to share with you: 

1. Six Colorado hospitals, including four in the Denver metro area, were named among the best in the nation in the U.S. News & World Report’s Best Hospitals rankings. UCHealth’s University of Colorado Hospital in Aurora was ranked number one in the state for the 13th consecutive year, with other notable rankings including UCHealth Medical Center of the Rockies and Intermountain Health’s St. Joseph Hospital tied for second place. 
2. Colorado reported an unemployment rate of 4.0 percent in June, up 0.5 percentage point from the same time last year. Over the month, the state’s unemployment rate increased 0.1 percentage points. The national unemployment rate also increased 0.5 percentage points year-over-year, reaching 4.3 percent in June 2024.
3. Denver achieved record-breaking tourism numbers in 2023, welcoming 37.4 million visitors who spent over $10.3 billion, marking a significant increase from previous years. Overnight visitors totaled 20.5 million, contributing $8.8 billion to Denver’s economy, with leisure visits showing the highest growth, underscoring the city’s appeal for both urban experiences and outdoor activities.   

If you have any questions or comments about the monthly economic indicators or would like to receive additional information, reach out to our Senior Manager of Economic Competitiveness, Hanna Scovill.  

Thank you for your ongoing support, and we look forward to working with you to promote a strong and economically competitive Metro Denver.   

Sincerely,


Raymond H. Gonzales
President of Metro Denver EDC 
Executive Vice President of Denver Metro Chamber of Commerce

Monthly Economic Indicators
August 2024