Denver’s job market is currently one of the best in the country. Real Estate News US recently reported that we’re below the national average in unemployment rate (3% vs the national average of 3.9%), that our average annual salary is a bit higher than the national average ($57,400 vs national average of %50,620), and that compared to similar metro areas, we have a relatively healthy job market index. Read full article https://realestate.usnews.com/places/colorado/denver/jobs
For some, this positive job market analysis may come as a surprise given that many people are frustrated with the pace of wage increases compared to the cost of living increases. In fact, for the first time since 2015, Denver is projected to have a net outflow versus a net inflow, according to Redfin. What this means is that more people are leaving Denver than are moving here. The peak inflow was in 2015. For the past year, many news outlets have been reporting that more and more people are leaving Denver due to cost of living increases. While some are moving across the front range to Colorado Springs, Fort Collins, and Boulder, others are leaving the state altogether.
So what does this mean for the future? With companies like Lockheed Martin, and Amazon posting up headquarters in Denver, it seems that the trajectory for the Denver Job Market will keep on its course for a while. What will happen to the Denver housing market? Millennials seem to be flocking here in high frequency. And with the Senate Bill 19-225 still in the works, it’s hard to say what will happen. If it does pass, will it in fact, fix the affordable housing problem in Denver, or will it only make the situation worse? Stay tuned.