City Moves Up To Top Spot On Forbes Annual Ranking
According to the Forbes’ annual ranking of the Best Places for Business and Careers, Denver’s business climate is improving. On its new 2015 ranking, Denver is first out of 401 US metropolitan areas, up from fourth in 2014. Rankings were calculated using “a dozen factors related to employment, costs (business and living), income growth, quality of life and the education of the labor force,” Forbes reports. Data came from a combination of public and private rankings, including from the US Labor Department. Forbes says Denver has many attractive qualities, including a “diverse economy, highly educated labor force and outdoor recreational opportunities” that are increasingly leading businesses to develop in or relocate to the area. Among examples the magazine cites are Panasonic Enterprise Solutions, a new division of Panasonic, which chose Denver in December over 22 other possible cities for its primary location, and Lockheed Martin, which recently relocated its headquarters to the city.
What This Means For Small Businesses
Denver’s small business owners have much to digest with the new Forbes ranking that places the city as the top destination for business. Overall, the ranking is an encouraging indication that the city’s economy is growing, and the area is attracting better jobs and a better workforce. However, in today’s competitive global economy, Denver must continue to develop small business-friendly policies to spur continued growth. In Forbes, Metro Denver Economic Development CEO Tom Clark noted “one drawback” to the “highly educated workforce” found in Denver. He said, “Our ability to qualify for many relocation projects has gone down, and we are limited to competing for the top 3-4% of projects in terms of wages paid.” He noted that Denver should “target high-wage projects like the Panasonic and Lockheed moves,” but these mean higher business costs on average. Still, the city is “a long way from New York and California when it comes to costs” of doing business.
Additional Reading
The Denver (CO) Business Journal also notes Denver’s ranking on the Forbes list. NFIB previously noted Denver’s low unemployment rate.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
