Denver Metro #1 for STEM job growth
In the recently released 2021 STEM Job Growth Index from RCLCO and CapRidge Partners, Denver ranks #1 for Science Technology Engineering and Math (STEM) job growth. Strong economic tailwinds, workforce quality and quality of life were the primary factors propelling Denver to the top of the list. RCLCO assessed the 50 largest metropolitan areas in the United States based on metrics in four major areas: STEM Trends/Economic Factors, Workforce Quality, Quality of Life/Health, and Business Climate. Denver joined Seattle, Austin, San Francisco and Washington, D.C. to round out the Top 5.
Unemployment continues to decline
The Colorado Department of Labor and Employment recently reported the statewide unemployment rate fell from 5.9% to 5.6% as 5,100 nonfarm jobs were added during the month of September. The U.S. unemployment rate fell from 5.2% recorded in August to 4.8% in September. County totals for September were: Boulder — 3.6%, down from 4.4% in August; Larimer — 3.9%, down from 4.7%; Weld — 4.8%, down from 5.6%. Click here to read the full press release.
3rd Quarter Real Estate MarketWatch
Information and Real Estate Services (IRES) released their Q3 2021 MarketWatch Report and in Northern Colorado home prices continue to be on the rise. In Larimer County, the median sales price was $528,000 for Q3-2021, an increase of 17.4% year-over-year. The number of closed sales was down 15.8%, coming in at 1,693. In Weld County, the median sales price was $450,000 for Q3-2021, a 14.6% year-over-year increase. The number of closed sales was down 16.8%, coming in at 1,601. In Boulder County, the median sales price was $804,000 for Q3-2021, a 19.1% year-over-year increase. The number of closed sales was down 20.7%, coming in at 983.
Fort Collins, Boulder make list of Top 20 "Best Cities for Working Remotely"
CommercialCafe recently released a list of the Best Cities for Working Remotely in the U.S. and two Northern Colorado communities made the Top 10. Fort Collins ranked #11 and Boulder #15. According to a May 2021 Gallup poll, 72% of white-collar workers are still working from home. The blog sought to explore which cities are best poised to support an ongoing remote workforce. Amenities taken into consideration included flexible coworking offices and thriving restaurant scenes. Staples included high speed internet and low crime rates. Click here for the full article.
CSU enrollment up slightly
Colorado State University (CSU) has long-ranked as one of the City of Fort Collins' top employers. This year, the university has seen a slight increase in total enrollment on the main campus, going up from 28,440 in 2020 to 28,580 students in 2021. This brings first-year enrollment back up to near pre-pandemic, with this year's incoming class being the 3rd largest in the history of the university. Click here to read the full press release.
Downtown Greeley Library & Innovation Center
The High Plains Library District has broken ground on the new Lincoln Park Library Innovation Center (LINC) in downtown Greeley. LINC building plans include library space, an innovation center, an events hall and a children's area with access to an outdoor amphitheater. Check out the latest edition of BizWest's Breaking Ground to track progress on the LINC development in addition to development projects throughout the Northern Colorado and Boulder Valley area.
NoCo Recovery Tracker
As part of broader Reignite the Economy efforts, the Fort Collins Chamber of Commerce and regional partners created a tool to track Northern Colorado economic recovery. Selected indicators are updated regularly with no more than a two-month lag and are primarily available at the county level. This list of indicators includes but is not limited to unemployment rates, labor force, job postings, small business revenues, consumer spending and retail sales. These measures can help community members and leaders monitor areas of strength or weakness in the recovery. Click here to view the recovery tracker.
Colorado economic recovery underway
The University of Colorado Leeds School of Business and the Colorado Secretary of State's office released data that shows the Colorado economy is recovering. In Q2 2021, the number of new businesses that filed initial paperwork with the state was up 25.7% year-over-year. In addition, existing-entity renewals was up 1.7%. The Fort Collins/Loveland metropolitan area is second in the state for jobs recovery. Click here to read more.
Regional hotel occupancy at or above state averages
Hotels in Northern Colorado and Boulder Valley maintained mid-80% occupancy rates in July 2021, which was well above the July 2020 regional rate of 48.9% and above the July 2021 state average of 77.2%. Greeley was the regional leader coming in with an occupancy rate of 86.9% and average room rate of $109.87. Estes Park had an occupancy rate of 83.5% and the region's highest average daily room rate of $246.85. Click here for the full article.