Earlier today, our affiliate, the Metro Denver Economic Development Corporation, released its ninth annual Industry Cluster Study. The study tracks job growth among our eight major industry clusters and four subclusters: aerospace, aviation, bioscience (including medical devices and pharmaceuticals), broadcasting and telecommunications, energy (including cleantech and fossil fuels), financial services (including banking and finance, investments and insurance), health care and wellness and information technology-software.
The study reinforces that we are recovering from the recession very well. In fact, in 2010 only our cleantech sector posted positive annual job growth; this year we saw growth in nine of our 12 industry clusters and subclusters.
We also know what makes us more competitive than other regions—we have an extremely diverse economy; a culture of working together across industries, sectors and governmental boundaries; an innovative spirit; and a smart and healthy workforce.
When our key industries prosper, we all do. Here’s a closer look at each industry:
Aerospace: We continue to rank first among metro areas for the highest concentration of private aerospace employees and the third-largest space economy in the U.S. Although we’ve seen expansion among companies like Lockheed Martin Space Systems and growth of small businesses in this industry, employment declined .4 percent in the last year.
Aviation: Growth and expansion at Denver International Airport continues to anchor the industry, which employs 16,350 people, growing 2.3 percent last year. The start of a new nonstop flight to Panama City, Panama, continues to strengthen the region’s position as a global business hub.
Bioscience: Ongoing development at the Fitzsimons Life Science District and the adjacent Anschutz Medical Campus in Aurora continues to catalyze the industry, employing more than 15,000 people at 600 companies.
Broadcasting and Telecommunications: For this industry, it’s all about location, and with our one-bounce satellite capability we attract the fifth-highest employment concentration in the U.S., growing .9 percent in 2014.
Energy: We’re among the fastest growing energy industries in both cleantech (growing 5.9 percent last year) and fossil fuels (growing 6.5 percent.) That puts us as fifth and fourth for most employees per capita, respectively.
Financial Services: With a new Charles Schwab campus and WorldRemit announcing Denver as its new headquarters, the industry employs almost 95,000 people in nearly 13,400 companies.
Health Care and Wellness: As the regional health care hub of the Rockies and high growth in the wellness arena, the industry employs over 192,000 people, growing 4.9 percent last year.
Information Technology-Software: With so much innovation and entrepreneurial spirit in this sector, it’s no surprise there was 3.2 percent growth last year. And with Denver ranking second-best for launching a start-up and fifth-best for millennial entrepreneurs, that trend may continue.
Click here to read the full report.
We study our past to better prepare ourselves for our future. We know that 2015 is bringing a little more uncertainty than 2014 did, particularly with the price of oil. It is more important than ever that we continue to work together across all industries and throughout the region, creating a stable business environment that increases business’ confidence that the investments they make in Colorado will pay off.
Kelly Brough is president and CEO of the Denver Metro Chamber of Commerce.
[Photo by Ryan McGuire]