Denver is number 11 on the cities most likely to recover fastest from the shutdowns from the pandemic. After being ravaged by a pandemic that caused nationwide lockdowns, Denver is among those poised for a relatively strong recovery from the coronavirus recession, according to a Bloomberg analysis of the economic infrastructure and demographics of the 100 largest U.S. metropolitan areas.
What was in the data?
Diverse urban economies got higher marks in the Bloomberg gauge, especially ones that don’t rely mainly on leisure and hospitality or on small businesses, both of which bore the brunt of the downturn. Metro areas with strong human capital — a highly educated labor force — and lower consumer debt also scored higher.
Other criteria included each area’s share of vulnerable demographics, such as people who are older, without health coverage, living in group homes or low-income households, as well as those with pre-existing health conditions. As the country continues to coexist with Covid-19, regional medical resources can be further strained.
Why does the Denver metro continue to outperform other major cities?
Denver continues to rank highly in national studies for five primary reasons
- Well Educated work force: The front range is consistently in the top 10 for college educated knowledge workers. These are going to be the in-demand jobs after the pandemic subsides
- Younger population: The front range has a young population compared to many other large metro areas and continues to attract young well educated workers
- Excellent healthcare: the medical facilities in the front range are top notch. UC health is the nations top hospital for respiratory care . Respiratory failure is one of the key side affects of coronavirus
- Younger city: The city of Denver and various cities throughout the front range are relatively young compared to many others throughout the nation and therefore were built more efficiently and don’t have the legacy assets of older cities from pensions to sewer systems to mass transit saving taxpayers and businesses on property and income taxes.
- Quality of life: The Denver front range is consistently ranked high for quality of life with open spaces, trails, skiing, etc.. a short distance from the city.
The same trends driving the Denver metro to the top of multiple lists will not only continue but accelerate. The Coronavirus has caused many companies to rethink their office strategies and they are now moving away from one central location to many smaller/midsize remote offices. Denver fits the bill perfectly with lower cost of living than the coasts and well educated population that can fill the new generation jobs. The cost of doing business in a location like Denver is considerably less than the coasts, from property taxes to payroll to building costs. The Denver front range will continue to excel in real estate as inventory is constrained and business activity continues to grow.
- https://www.bloomberg.com/news/articles/2020-06-19/these-u-s-cities-are-likely-to-recover-faster-from-lockdown?srnd=premium (write)
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Written by Glen Weinberg, COO/ VP Fairview Commercial Lending. Glen has been published as an expert in hard money lending, real estate valuation, financing, and various other real estate topics in Bloomberg, Businessweek ,the Colorado Real Estate Journal, National Association of Realtors Magazine, The Real Deal real estate news, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
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