January 2005
Employment gains continue, retails sales receive boost after holidays
Employment in Metro Denver improved for the third consecutive month with an increase of 2,800 positions. About 25 percent of the metro employers will hire new staff in the coming quarter and only two percent plan to reduce payrolls.
According to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for January 2005, economic conditions in Metro Denver continue to improve on an annualized basis, with 14 of the 18 economic indicators moving in a positive annual direction this month.
Denver International Airport set another record for passenger traffic with almost 3.5 million passengers, an 8.9 percent increase over last year. This positive gain also has a direct impact on hotels and restaurants.
“The region’s economy continues a slow but steady recovery from the recession,” said Tom Clark, executive vice president of the Metro Denver EDC. “While the news is not exceptional, we are showing the signs of finally shedding the economic doldrums. Retail sales are up, manufacturing employment is stabilizing, and growth in employment in the service sector (the metro area's largest) is on the rise.“
Retail sales were also very positive with the holiday boost. Holiday sales grew 4.5 percent this year and total retail sales have posted a 7.2 percent gain, bringing a year-to-date total to $54.6 billion.
Although there was a decrease in overall housing prices, it is actually a positive gain because it now puts Metro Denver in a more comparable housing market with cities that we compete with for company relocations and expansions.
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends.