Economic Indicators- June 2020
The Metro Denver EDC released its June 2020 Economic Indicators. Below is a summary provided by CEO, J.J. Ament.
As you will see, the data in now reflecting the negative economic impact of COVID-19 in nearly every area. That said, look closely, and you will see signs of hope and optimism.
While current levels of unemployment are unprecedented, Colorado has never ranked higher than 45th out of 52 states (including Washington D.C. and Puerto Rico) in terms of unemployment as a percentage of our workforce. As of last Thursday's update, we now rank 49th. This data point does not diminish the impact of our level of workforce dislocation, of course, but it does provide a stronger foundation on which we can emerge when the health emergency is over.
It’s also worth pointing out that consumer confidence has been shaken tremendously, but is beginning to slightly improve. While nowhere near pre-COVID levels, confidence among consumers will be a key indicator going forward – since consumer spending represents more than two-thirds of the GDP.
The work you support at the Metro Denver EDC is paying dividends even during the crisis. On Monday, you should have received our Investor Intel report that AGC Biologics will be investing $100 million in the former AstraZeneca facility in Boulder – and employing nearly 300 people. Your investment in the Metro Denver EDC contributed to this win for our region, our partners in Boulder, and the entire state.
Thank you for your continued support. We wish all of you a safe and healthy June – and look forward to more positive economic reports ahead.
J. J. Ament
Chief Executive Officer
Metro Denver Economic Development Corporation