There is good news on the Colorado economic front!

• The Colorado Division of Labor recently reported that Colorado’s unemployment rate decreased for the fourth straight month in June – to 8.5 percent from 8.7 percent in May.  This decrease was the result of an increase in total employment.
• Colorado added 4,500 nonfarm jobs in June.
• The U.S. Federal Reserve’s “Beige Book” survey of our region’s (Kansas City-based 10th District, which includes Colorado and some or all of six neighboring states) “expanded at a moderate pace” in June and early July. Colorado’s region is reportedly stronger than many other regions.
• The survey also found that consumer spending “rose solidly” during the same period.

All of this is good news for the health of the Denver real estate market, which is on the rebound. For more information on the state of the Denver economy, or regarding the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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According to a recent Denver Post report, Denver and Colorado Springs are among the metro areas  recovering the fastest from the economic recession.

Denver was one of six metro areas (out of the 100 surveyed) that outperformed the job creation rate during the 4th quarter, growing 0.8%, according to Mountain Monitor, a report by the Brookings Institution.  The report also took other economic indicators into account, including metropolitan product, which was up 4.5% in Denver from its peak in the 4th quarter of 2008.

Another economic indicator Brookings measured was housing prices, but unfortunately, it does not seem that the Denver housing market is a contributing factor to the recovery in Denver. On the contrary, the report claims that the sluggish housing market is slowing the recovery. The report goes on to say that home prices dipped in the 4th quarter, after a brief rise in the 3rd quarter. There is still some positive news, though. According to another article published by the Denver Post, home sales saw a 3.4% rise in February over the previous month.

For more information on Denver’s economy,  or regarding Denver real estate, please contact TeamCox Realtors at 303-400-6060.

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There is good news on the Colorado employment front. The Denver Business Journal reported this week that the number of Coloradans filing new claims for unemployment benefits has dropped to its lowest level since September 2008. There are 54,293 Coloradans receiving unemployment benefits, which is a 27 percent decrease from July. In addition, the number of companies announcing mass layoffs is also decreasing from month to month, with only five companies announcing mass layoffs last month, compared to 24 companies announcing mass layoffs in December 2009.

This is all good news for the Denver real estate market, since employment is one of the most important ingredients to a long and sustained real estate recovery. The Denver job market has boosted the Denver housing market throughout the economic downturn. Several economists have recently predicted that the Denver area is set-up for sustained long-term growth, due to its diverse base of vibrant industries.

For information on Denver’s economy, or regarding the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

What are the Hottest Jobs in Denver?

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We recently had an interesting conversation at a closing with one of our clients. To purchase their new home, the buyers qualified on the husband’s salary only. A couple of weeks before they were ready to close, Jessica, the wife, decided to look for a job on Monster.com. There was one job that particularly interested her – a senior project engineer position at a power plant in Golden, located only minutes from her new Littleton, Colorado home. This was it. One job. She applied, she interviewed and she got the job. This is June 2010, not June 2004. While I am sure she was the perfect candidate, this just demonstrates that there are still many opportunities for employment in Denver, Colorado. Congratulations, Jessica!

A recent article in the Denver Business Journal substantiates this claim, reporting that nineteen percent of Denver-area employers plan to hire in the third quarter of this year. This is a great improvement from the previous quarter (13 percent planned to hire), and from the third quarter of 2009 (nine percent planned to hire), According to the article, job prospects “appear best in construction, nondurable-goods manufacturing, transportation and utilities, wholesale and retail trade, information, financial activities, professional and business services, leisure and hospitality and “other services.”

For more information on the Denver economy, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

What are the Hottest Jobs in Denver?

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The Metro Denver Economic Development Corporation (Metro Denver EDC) recently released its 2010 Economic Forecast for Metro Denver and the news is encouraging.

As we’ve reported numerous times during this recession, the report suggests that Metro Denver’s economy has fared better than many other regions throughout the recession. This can be attributed the region’s diverse base of industries and strong economic fundamentals.

While the Denver-area’s outlook for 2010 is far from rosy, there are many positive factors, including its  relocation desirability, and the fact that the Denver housing market has been predicted to be one of the first markets to recover numerous times.

All of this suggests that there is no better time than the present to purchase a Denver home. For more information on Denver’s economy, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

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While Colorado’s employment picture is far from rosy this summer, it is much better than most other states in the country. Our state’s unemployment rate has remained steady since March, hovering between 7.4 percent and 7.6 percent. Colorado was among only 12 states in June, where unemployment has not increased, a great feat in this recession. Most metro Denver counties are reporting similiar numbers: 10-County Metro Denver (7.9 percent), Arapahoe County (7.7 percent), and Douglas County (6.7 percent).

One Colorado resident being out of work is still too high, though, so we have our fingers crossed for a job market recovery in the near future.

If you are a distressed Denver homeowner who has lost your job and is falling behind on your mortgage payments, please contact us so we can help. We are one of the few Certified Property Distressed Property Experts (CDPE) in the Denver area, who is trained to help Denver-area homeowners avoid foreclosure after a job loss, or any other hardship that they may be facing.

For more information on the state of the Denver economy, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060.

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Denver Real Estate Market is Warming Up! 

Conditions are ripe for a recovery in the Denver real estate market this summer. There are several indicators, including stabilizing home prices, increasing home sales, decreasing inventory, and a declining average number of days on the market. Metrolist released its July numbers this week, which indicate a 2.9 percent increase in the number of homes sold in July from last year. Other pieces of positive news include that the number of homes for sale in Denver plunged 15.9 percent from last year and it even dipped slightly from June. 

While the report revealed that Denver home prices have declined an estimated 10 percent from last year, this likely a result of investors buying foreclosed properties. This trend is likely to be temporary, since according to a recent article the Rocky Mountain News, experts are predicting Denver foreclosures to peak in 2008. 

Other good news is that the Denver real estate market is outperforming the national one. Because of its strong employment market, Denver continues to weather the economic downturn better than most cities. This is expatiating the real estate market’s recovery. The S&P/Case-Shiller Home Price Indices report was released this week, revealing that the Denver real estate market had one of the largest price increases. While most cities saw a decline in home prices, the Denver area had a price increase of 1 percent from April to May. In addition to Denver, Boston, Dallas, and Charlotte, also posted 1 percent gains during the same time period. 

If you are a prospective homebuyer, it is time to find your dream home while conditions are still optimal for buyers. If you wait, it may be too late! For more information on navigating through the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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Colorado Ranked High in CNBC’s, "America’s Top States for Business"

Colorado has been recognized once again as a great place to do business. CNBC revealed its annual list of, “America’s Top Place for Business 2008,” yesterday – Colorado was 5th on the list, following Texas, Virginia, Utah, and Idaho. All 50 states were scored based on a variety of factors, including the cost of doing business, workforce quality, economy, education, quality of life, technology and innovation, transportation, business friendliness, and access to capital.  

This is certainly good news, since a strong Colorado economy is vital to a quick recovery in the Denver real estate market. For more information on the state of Denver’s economy, please contact Team Cox Realtors at 303-400-6060.

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There is Good News about Colorado’s Economy!

If you are like me, you are starting to dread the doom and gloom of the national economic news reports. Well, it’s time to focus on some positive news – both the Denver and Colorado economies have many bright spots, including:

·        The University of Colorado at Boulder’s Leeds School of Business released its annual Business Economic Outlook mid-year update today. While there are a few concerns, including high gas prices and inflation, the report is still optimistic that Colorado will see job growth of 1.5 percent (revised downward from 1.9 percent). The report emphasizes Colorado’s booming energy industry that continues to fuel job growth. CU economists believe that Colorado’s economy will be much less impacted than most states in the midst of a national economic downturn.

·        According to Mayor Hickenlooper’s State of the City address last week, Denver has added 30,000 new jobs and 1,500 new local businesses over the past five years. The Mayor is committed to,” expanding and strengthening our small-business sectors.” Hickenlooper also mentioned that 2007 was Denver’s best tourism year ever – there were a record 12.2 million overnight visitors last year.

·        Metro Denver Economic Development Corporation’s Monthly Economic Summary for June 2008 indicates that many of Metro Denver’s economic indicators are favorable, including a relatively healthy job market and an improving real estate market. Denver’s unemployment rate was only 4.3% in April.

A sturdy Denver economy is key to a strong Denver real estate market rebound. For more information on the state of Denver’s economy, please contact TeamCox Realtors at 303-400-6060.

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Denver Real Estate Market Once Again Outperforms National One

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The Denver metropolitan area will be adding some new residents in the very near future. Several major companies have announced plans to expand or relocate to Denver area suburbs. 

ConocoPhillips recently announced one of the largest real estate transactions in Colorado history. The company plans to operate a global technology center and worldwide training facility out of its newly acquired Louisville property, the site of former Sun Microsoft facility. The center is slated to be fully functional by 2011-2012.

The Rocky Mountain News recently reported that Charles Schwab is considering adding approximately 500-1,000 jobs to the southeast Denver corridor. The expansion, which would require approximately 100,000 square feet of new office space along the southeast office corridor, would have an estimated $50 million impact on the local economy.

And, the good news just keeps on coming. Earlier this week, Renewable Energy Systems Americas, Inc., a leader in the renewable wind energy sector, announced the relocation of its corporate headquarters from Austin, Texas, to Broomfield, Colorado. This move further cements Colorado as an emerging as a leader in the development of renewable energy and alternative resources.

These corporate relocations, obviously great news for the local economy, are vital to the Denver real estate market’s long-awaited recovery. If you have plans to relocate to the Denver metro area, please contact TeamCox Realtors. We would love to introduce you to our great city – and maybe help you find your dream home along the way!

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