Monthly Economic Indicators May 2023

Metro Denver EDC

Dear EDC Investors, Partners and Friends,

Last month, the Metro Denver EDC, in collaboration with the Colorado Space Coalition, Colorado Air and Space Port, and the Colorado Office of Economic Development and International Trade, hosted a reception at the 38th Space Symposium. We want to thank Governor Polis and Lieutenant Governor Primavera for joining us at our Colorado reception and happy hour this year where our partners at Lockheed Martin gifted the Governor a flag flown on the Artemis 1 mission. In addition, Metro Denver celebrated the expansion of an aerospace security company in Colorado, True Anomaly, which is expected to bring an additional 100 jobs to the region. 

As you have likely already heard, we have officially brought the Economic Competitiveness team in house. 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.  

Year-over-year inflation in the Metro Denver region fell from 6.4% in January to 5.7% in March. At the same time, the national inflation rate dropped to 5% in March. The higher Metro Denver numbers were largely driven by high energy prices, due in part to the Suncor refinery shutdown – these pressures have already started to abate.  

Retail sales in Metro Denver climbed 1.8% in February compared to the same month last year. However, when adjusted for inflation, only 2 counties, Jefferson and Denver, reported positive real retail sales growth. 

Through the end of the first quarter in 2023, 5,280 residential building permits have been filed in Metro Denver, down 27% from 1Q 2022. Single family permits fell 42% from 3,524 permits in 1Q 2022 to 2,044 in the same quarter of 2023.  

The Denver City Council approved a $270.8 million lease for Swire Coca-Cola USA to build a production facility near Denver International Airport. Plans for the space include 670,000 square feet of warehouse space, 400,000 square feet of production space, 30,000 square feet for a sales office, and a 20,000 square foot fleet space. Groundbreaking is scheduled in 3Q 2025. 

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 would love your input on this report. Please click here to respond to our short survey, which is an effort to understand how you interact with the report. 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 us.  

Thank you for your ongoing support, and we look forward to working with you to promote economic growth and prosperity.  


Raymond H. Gonzales

President of Metro Denver EDC 
Executive Vice President of Denver Metro Chamber of Commerce

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