Dear EDC Investors and Partners,
First, we want to give a big thanks to our partners at the Colorado Outdoor Recreation Industry Office for helping to make the Big Gear show a huge success last month! The ultimate goal is to transform the show into an outdoor rec event similar to SXSW, which would have a significant economic impact on the region. Plus, it’s a perfect fit for Colorado, which was ranked as the #2 state in the 2021 Adventure Index.
We have a couple of upcoming domestic recruitment trips this month. The first is to Seattle, where we will engage with the bioscience and cybersecurity industries. The other is to Orlando and will focus on the aerospace industry. We want to thank our partners, Lockheed Martin, for organizing a VIP tour to visit NASA’s Kennedy Space Center to get a firsthand glimpse of the Artemis program.
The economy is presenting mixed signals with some positive data and some data we are going to keep our eye on in the second half of the year.
- Annual inflation in Metro Denver in May was reported at 5.1 percent down from 5.7 percent in March. Metro Denver is experiencing higher inflation levels than the nation, which reported year-over-year price growth of 4 percent. In June, the Federal Open Market Committee (FOMC) paused its schedule of interest rate hikes as inflation moderated around the country. However, we anticipate the FOMC return to increasing rates again in July.
- The Bureau of Economic Analysis released their third estimate of U.S. GDP in June, revising their estimate of economic growth up by a lofty 0.7 percent to a 2.0 percent annual rate for Q1. The upward revision resulted from increases in the estimated totals of exports and consumer spending. Those increases were partly offset by decreases in nonresidential fixed investment and federal government spending.
- In Metro Denver, total retail trade, which includes food service, grew by 2.1 percent year-to-date through April 2023 over the same period last year. Retail sales grew fastest in Jefferson County, which reported an increase of 6.3 percent. Statewide, total retail sales grew by 2.4 percent. When adjusted for inflation, these growth rates indicate a decline in real retail trade.
We understand the importance of timely and accurate economic information, and we are committed to providing our investors with the latest data and analysis. As we continue to update the content of the MEI report, we would love to understand how you interact with the report so we can maximize its value to you through this survey. If you have any questions or comments about the monthly economic indicators or would like to receive additional information, please do not hesitate to 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 healthy Metro Denver.
Raymond H. Gonzales
President of Metro Denver EDC
Executive Vice President of Denver Metro Chamber of Commerce