Overview of the Denver Economy

admin October 29, 2010 0

The Denver metropolitan area, or Metro Denver as it’s often abbreviated, is one of the most dynamic areas in the country. With over 2 and a half million inhabitants, thousands of companies and several international corporations based within its metro area, Denver is a powerhouse of economic activity, highly attractive for high caliber investors, innovative startups and educated workforce alike.

After years of intense development, Denver passed through a more difficult economic period during the 1980s, which were marked by fluctuations in the price of oil. Since then, the city has moved away from its past economical model, transitioning from an economy based on the exploitation of natural resources to a highly diversified mix of modern industries. Today Denver’s economy is powered by sustainable industries such as aerospace, telecommunication and energy. Nevertheless, the city is betting its future economic development on the growth of new industries based on high technologies, such as biotechnology, software development and financial services.

Businesses consider the Front Range area of Colorado and the city of Denver in particular one of the hottest places to invest their capital, a tendency which is reflected in the growing business and social influence of the Metro Denver area. For this reason, the bustling financial district of Downtown Denver is considered the “Wall Street of the West”. Here are a few of the factors that make the city so favorable to business:

Denver, Colorado is the largest city in a 500 miles radius and it is placed at the middle of the distance between the great cities of the Midwest – Chicago or Saint Louis and the West Coast metropolises, Los Angeles and San Francisco. This makes the city a prime choice for companies wishing to cover the entire Mountain area and also a natural transportation hub. The city is served by several large airlines, two major railway companies and hundreds of freight operations, enterprises seeking to take advantage of the strategic location of the city. The largest airport in the U.S., the Denver International Airport is a telling example for the quality of the infrastructure of Metro Denver. The geographical position of Denver made it an ideal location for many federal institutions, serving the west and central area of the U.S. A high concentration of military personnel, working in one of the several nearby bases also positively contributes to Denver’s economic status.

Another great asset of Denver’s economy is the educated work force, drawn here by the relative low cost of living and the great opportunities of finding work in a high tech field like aerospace and biotechnology. The Metro Denver is home to the second most educated population in the nation, with more than 35% of the active work force holding a Bachelor of Sciences degree. The area is especially attractive for knowledge workers, which come here to pursuit a career in one of the city’s dynamic companies.

The Colorado Front Range hosts a number of prestigious universities that attract students from all over the nation and abroad. These educational institutions are on the cutting edge of scientific research, and by collaborating with private research firms, positively contribute to Denver’s economic status.

These are a few of the reasons why Denver, Colorado is enjoying economic prosperity based on solid foundations and with a sound outlook towards the future.

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