Colorado is one of the most vibrant economies in the nation – ranked as the best place for business and careers two years in a row by Forbes; ranked sixth in the nation for best state economies by WalletHub and is home to one of the nation’s smartest, most fit workforces. When we look at the businesses who power our economy, small business is big business in Colorado. They employ 1 million Coloradans – nearly half of the private workforce.
That’s why the Chamber and the Denver Metro Small Business Development Center are celebrating small business at State of Small Business on Nov. 9. Not only will small business be highlighted, but you’ll hear from Patty Silverstein, president and chief economist of Development Research Partners, on her economic forecast and trends that small businesses should pay attention to in the coming year.
Here’s a sneak peek at the questions businesses should keep on their radar:
What industries are expanding in the Denver metro region?
“With the exception of the fossil fuels industry, all of our industry clusters expanded in 2016,” said Silverstein. “The fastest growing industry was IT-Software, which grew by nearly 9.5 percent!”
Did you know the entrepreneurial spirit fuels this industry? They employ 54,000-plus works at 5,180 companies in the Denver metro area. And, Colorado was ranked as the second-best state for tech in 2016.
When will home prices slow?
“We are starting to see some tempering in apartment rental rates as more units open. However, single-family home prices continue to increase at a very rapid pace,” Silverstein said.
Did you know the 15,000? The Chamber has been a vocal advocate for finding affordable housing solutions. This past legislative session, we took a step in the right direction in providing affordable housing – developers now have more efficient ways to resolve issues.
How are the commercial real estate markets doing?
“There are cranes everywhere! We saw more office, industrial and retail square footage added in 2017 than ever before,” said Silverstein. “While vacancy rates are inching up for most product types, the real estate markets continue to be healthy and resilient.”
You just need to look to the sky to see how Denver’s commercial real estate market is thriving. With 35 cranes Denver has the third-most cranes among major U.S. cities.
Join the Chamber and the Denver Metro SBDC at State of Small Business on Nov. 9 to hear from Silverstein on trends to keep top of mind. You’ll also hear from a panel of innovation experts on small businesses in Colorado that are leading the nation in innovation.
Laura James is the marketing and communications coordinator for the Denver Metro Chamber