Photo provided by Dave Anderson at InSync Photography + Design. View all event photos.
DENVER—Feb. 15, The Denver Metro Chamber of Commerce and Metro Denver Economic Development Corporation (EDC) hosted their inaugural Toward a More Competitive Colorado (TMCC) event, in partnership with the University of Colorado Denver Business School. This event coincides with the release of the Metro Denver EDC’s “Toward a More Competitive Colorado” report, which analyzes core economic indicators against the states Colorado competes with for business attraction and development. The full TMCC report can be viewed here.
The University of Colorado Denver Business School and Daniels Fund Ethics Initiative Collegiate Program announced their Bill Daniels Ethical Leader of the Year award at the event. “We need leaders like these to continue the economic growth and prosperity of our state,” said Metro Denver EDC president, Raymond H. Gonzales. “They raise the bar for all Colorado business leaders, and they make sure we continue to be the best place to live, work and play.” The award for 2023 went to CEO and co-founder of HarperDB, Stephen Goldberg.
Starting off the event, Gonzales provided an overview of the TMCC report’s top findings. Attendees also heard from a panel featuring executive director of the Colorado Office of Economic Development and International Trade, Eve Lieberman, as the moderator. The panel consisted of the director of the Office of the Future of Work for the Colorado Department of Labor & Employment, Katherine Keegan, MSSW; the chief educational equity officer for the Colorado Department of Higher Education, Dr. Roberto Montoya; and the consulting chief economist for the Metro Denver EDC and Denver Metro Chamber, Patty Silverstein. After the panel, Patty Silverstein also provided an economic forecast for Colorado in the upcoming year. The event closed with remarks from the Denver Metro Chamber’s president and CEO, J. J. Ament.
One of the challenges that Gonzales highlighted during his overview was Colorado’s population growth rate, which slipped from 11th to 17th in the nation in 2022. “While population growth slowed across the country,” said Gonzales, “Colorado’s relatively higher unemployment rate kept in-migration lower, causing the population growth to decline. This was the slowest growth rate in the state since 1989.”
Another challenge mentioned by Gonzales were high school graduation rates, “Of the competitor states analyzed in the [TMCC] report, Colorado was one of the lowest ranked in high school graduation rates, coming in at 42nd in the nation.” Despite boasting of being the second-most highly educated state in the nation, tied with Vermont, there is a disconnect between the number of educated talent coming into the state versus being grown in the state.
While the panel touched on multiple topics, some of the biggest issues were talent and education in Colorado. Lieberman asked the panel about their initiatives to address the talent shortage.
Keegan began, saying, “[The Colorado Department of Labor & Employment] are really thinking about how we can work with regions and businesses to tap into untapped talent pools.” Stressing that there are many workers available in Colorado that have yet to be tapped into, Keegan continued, “27 million people in our workforce are able to work but aren’t able to find the right opportunities.”
Silverstein continued the discussion, focusing on how negative net migration is impacting the available talent in Colorado. “Our labor force is incredibly tight,” said Silverstein, “and that’s one of the results of that lower migration.” She also emphasized how lowered international migration takes a large tole on specific industries within the state.
Dr. Montoya wrapped up the question, saying, “Higher ed plays an integral role in being part of the solution for some of these problems that we’re seeing.” Dr. Montoya continued to stress the importance of alternative education options, such as apprenticeships and trades, and questioning what a “traditional” student looks like. He stated that “giving credit for work experience” is integral to ensuring students learn what the workforce needs are, and can incorporate them into their future careers.
Following the panel, Silverstein provided an economic forecast for Metro Denver. Focusing on setting “the perfect pace,” meaning the ideal pace of growth and expansion for the economy. She stated that, while Colorado recovered the jobs lost during the pandemic, we’re still, “about 95,000 jobs short of a perfect pace.” She also looked at residential real estate in Metro Denver, predicting that, while there will still be price raises in the upcoming year, they will only increase at “about a 2% pace for 2023.”
The Denver Metro Chamber’s president and CEO, J. J. Ament, provided closing remarks for the event. During his remarks, Ament emphasized the importance of community involvement in school district elections, stating, “If you don’t think that school board elections don’t matter… then you’re not paying close enough attention.” Citing that Colorado is 37th in the nation for students going to college in their own state, Ament continued to say it’s important to keep Colorado students in Colorado by asking, “Do they feel safe in Colorado? Can they afford a home in Colorado? Do we have policy that encourages their economic prosperity in Colorado?”
The Toward a More Competitive Colorado event was hosted in partnership with the University of Colorado Denver Business School and Daniels Fund Ethics Initiative Collegiate Program, alongside platinum sponsor Vectra Bank Colorado. Experts from the Denver Metro Chamber of Commerce and Metro Denver EDC are available for interview on the TMCC subject matter.
About the Denver Metro Chamber of Commerce
For 155 years, the Denver Metro Chamber of Commerce has been a leading voice for Colorado’s business community. With a membership that spans the state, the Chamber is an effective advocate for small and large businesses. The Chamber’s family of organizations includes the Metro Denver EDC, the Denver Metro Chamber Leadership Foundation, the Denver Metro Small Business Development Center and the Colorado Competitive Council. For more information, go to denverchamber.org.
About the Metro Denver EDC
Often called a “center of influence,” the Metro Denver EDC was the nation’s first regional economic development organization. A division of the Denver Metro Chamber of Commerce, from Castle Rock to Fort Collins and Golden to Greeley, we represent the nine counties and 66 communities that contribute to our robust economy and incredible culture. As the economic development function of the broader Denver Metro Chamber of Commerce, the EDC serves a 9-county territory that represents two-thirds of the state’s population and three-quarters of the GDP.
Thanks to the leadership and generosity of Colorado’s most influential companies, the Metro Denver EDC works to “future-proof” the Colorado economy through corporate attraction and retention; workforce development; domestic and global marketing; investments in infrastructure; and public policy that fosters a pro-business climate.
Metro Denver EDC investors leverage our data, intel and insights to strengthen their own companies. They help lead the transformational projects that make Metro Denver a world-class region. They help determine our priorities – including our organizational strategy, policy engagement, and decisions around regional growth. And ultimately, they play a key role in making our community an even better place to live and work.