Dear EDC Investors, Partners and Friends,
In June, Metro Denver EDC was proud to host the spring iteration of the Economic Development Council of Colorado’s (EDCC) Economic Development Basics Course, bringing together economic development professionals from across several states. The team, in partnership with the Colorado Office of Economic Development and International Trade (OEDIT) and various regional partners, also welcomed a distinguished delegation from Taiwan, representing the quantum, photonics and semiconductor industries.
Metro Denver EDC continues to see an uptick in the number of high-quality projects moving through the project pipeline. In May, the team brought in two new projects, compared to six new projects in the month of June. July is shaping up to be a lucrative month as well, highlighted by a high-profile project announcement in the coming weeks.
The team looks forward to continuing their domestic recruitment trips, leading a group of economic development partners and dedicated investors to the Washington D.C./Northern Virginia area at the end of the month.
We look forward to seeing you all at the 2024 Golf Classic on Tuesday, July 16 at Arrowhead Golf Course, and at the 2024 State of the City luncheon on Tuesday, July 23 at the beautiful new Bluebird Ballroom at the Colorado Convention Center.
Don’t miss out on your chance to participate in the 2024 Site Selection Conference taking place Oct. 7 – 10. This conference is one of the Metro Denver EDC’s most effective strategies for marketing the region’s business attributes to site selectors and corporate real estate professionals—the key advisors to Fortune 1000 companies in corporate relocations and expansions that bring new jobs and investment to our region. The annual multi-day conference concludes with the Site Selector Feedback Dinner on Oct. 10. There are still sponsorship opportunities available – please reach out to Jenna Brown for more information.
Turning to economic news, inflation eased slightly in May. The U.S. Consumer Price Index (CPI) from the U.S. Bureau of Labor Statistics showed that consumer prices in May increased 3.3 percent year-over-year, down slightly from a 3.4 percent rate of increase in April. Core inflation, which excludes volatile food and energy prices, rose 3.4 percent year-over-year in May, down from 3.6 percent in April. Here are three other pieces of information we want you to be aware of: - Denver was ranked as the second-best city for 2024 college graduates by Zumper out of 100 cities surveyed. The city received high marks for its low unemployment rate and strong median earnings for young professionals, although Denver’s average rent price of $1,740/month for a one-bedroom apartment, kept it from the top position.
- According to the Producer Price Index, which measures prices for input goods, prices rose 0.5 percent in May compared to the same month in 2023. This is the second month of over-the-year increase following thirteen consecutive months where input prices fell year-over-year.
- The Wall Street Journal noted that in the first quarter of 2024, Americans earned approximately $3.7 trillion from interest and dividends, a $770 billion increase from four years prior, after wealth in assets like stocks and real estate hit record highs at the end of 2023. This increase in income and wealth is boosting consumer spending despite inflation, which could make it harder for the Federal Reserve to manage price stability.
If you have any questions or comments about the monthly economic indicators or would like to receive additional information, reach out to our VP of Economic Development and Corporate Attraction, Daniel Ryley.
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
July 2024 |
