New Ranking Examined 21 Economic, Work Force Indicators
A report issued Monday by Area Development magazine ranks the metro Denver area number one among large US cities in terms of economic and job growth, the Denver Post reported. The report examines 373 metropolitan statistical areas in the US for 21 economic and labor indicators, including job and wage growth and unemployment rates. The Denver area was rated highest for indicators of “economic strength,” while its workforce was ranked number eight, and it was ranked seventh in terms of year-to-year city growth. Numbers for the analysis came from seven data sets gathered from the US Census American Community Survey, Moody’s Analytics, the US Bureau of Economic Analysis, and the US Bureau of Labor Statistics. Area Development Editor Geraldine Gambale explained, “These leading locations are MSAs that have invested in themselves to create skilled workers and pro-business environments. Many of these MSAs have strong educational assets, and they’ve attracted the talented individuals that forward-looking companies need.”
This news comes after the Denver Business Journal reported last week that business-management consultant ADP said Colorado added 2,500 private-sector jobs in May, a 0.12% increase. The state has seen private-sector job gains every month this year, though May’s job growth was smaller than gains seen in previous months. March was the most active job growth month for the state this year, with 4,600 private-sector jobs added.
What This Means For Small Businesses
Denver’s small business owners are looking for positive indications that the area’s economy is strong. This latest report examines data from numerous sources, and concludes that all of it shows Denver is the best metro area for economic and job growth. Such an analysis should help area business owners see the business-friendly aspects of Denver.
NFIB recently noted additional positive economic data for Denver.