We have a couple big events in Denver this month. First, we are excited to welcome the Big Gear Show to Denver. The expo, from Thursday, June 8 to Sunday, June 11, will highlight the economic impact of the outdoor recreation industry in Colorado. We want to give a big shoutout to the Colorado Office of Outdoor Recreation and to all our Outdoor Recreation investors for putting together this exposition.
And second, our own Denver Nuggets are in the NBA Finals! Our economists at the EDC estimate that the direct local economic impact of the finals y will be upwards of $25 million, with a total impact estimated at $100 million. If you’ve been downtown on game day, you can definitely feel the energy and see the area come alive to celebrate the Western Conference champions—and we love to see it.
As part of our ongoing effort to keep our investors informed about the state of the economy, we would like to share with you the latest monthly economic indicators.
- Unemployment in Metro Denver continued to decline in April. The unemployment rate fell to 2.4%, down from 2.8% in April 2022. Metro Denver has reported an unemployment rate below 3% in 11 of the previous 12 months.
- In 2022, Denver International Airport (DEN) set a record for passengers served, and in 2023 DEN is already ahead of last year’s record-breaking pace. The airport has already served over 23 million passengers through April, up 16.4% from almost 20 million from January to April 2022.
- According to the National Association of Realtors, the median home price fell in Q1 for both the Boulder and Denver MSAs. In the Boulder MSA prices fell 2.6% from Q1 2022 and in Denver prices fell 3.9% over the period.
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 such, we will be updating the content and the format of the MEI report on a rolling basis. Please click here to respond to our short survey, which is an effort to understand how you interact with the report so we can maximize its value to you. 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.
Sincerely,
Raymond H. Gonzales
President of Metro Denver EDC
Executive Vice President of Denver Metro Chamber of Commerce
