Dear
EDC Investors, Partners and Friends,
The EDC team is gearing up for our Toward a More Competitive
Colorado event on Tuesday, January 30. We hope to see you
there to discuss what makes Colorado economically competitive and where we
still have room to grow. Additionally, there will be an economic forecast
presentation from our Chief Economist, Meredith Moon. We are also thrilled that
the President and CEO of the Denver Metro Chamber of Commerce, J. J. Ament,
will be moderating a panel of top Colorado business leaders to discuss how the
state’s competitiveness impacts their organizations’ ability to grow and thrive.
If you want to be a part of the conversation, click here to reserve your
spot.
For some out-of-this-world news, we are excited to share that the French Space
Agency, CNES, is planning to establish a virtual hub in Denver. This opens the
door for French entrepreneurs to build partnerships with Colorado’s many
aerospace companies. We also want to congratulate United Launch Alliance, a
member of the Colorado Space Coalition and Executive Committee member, on
their first successful launch of the Vulcan Centaur rocket. The launch of the
Cert-1 rocket is part of the first American mission to the moon since Apollo 17
in 1972!
Now, let’s take a look at some recent economic data. Employment growth in Metro
Denver has slowed as the economy continues to battle inflationary pressures and
the impacts of high interest rates.
- Colorado population gains in 2023 were up 24 percent
from 2022 but fell below the State Demography Office’s forecast estimate.
In total, the state added 36,571 people, according to the U.S. Census
Bureau, falling well short of the ten-year average of 75,000. Colorado’s
growth was driven by an increase in net international migration and a
decrease in deaths.
- Life science startups in Colorado brought in $1.5
billion in funding through both public and private sources in 2023,
according to the annual report from the Colorado Bioscience Association.
While strong, this is less than the $2.4 billion peak level raised in
2021, and just below the 2022 level of $1.6 billion. On a bright note,
pre-seed and seed funding levels doubled from 2022 to 2023.
- The Bloomberg Colorado Index, which is made up of
Colorado companies listed on the New York Stock Exchange, reported a 26.8
percent return in 2023, up considerably from a 27.1 percent decline in
2022. The state index outperformed the S&P 500 by 2.5 percentage
points. The S&P 500 experienced a turbulent first three quarters of
2023 but ended the year on a high note, up 24.3 percent.
If
you have any questions or comments about the monthly economic indicators or
would like to receive additional information, reach out to our Chief Economist,
Meredith Moon.
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
