Economic Recovery Expected in Colorado, Good News for Mixed-Use Development
At Miller’s Landing, a new mixed-use commercial development in Castle Rock, CO, we’re keeping tabs on the latest economic news. In Colorado, the economic outlook for 2021 shows improving conditions according to the Business Economic Outlook from the Leeds School of Business at the University of Colorado – Boulder. The school releases the economic outlook every year.
While the report is cautious about this year’s economic conditions and doesn’t forecast a full recovery occurring in the coming year, it does point to much-needed improvements and the probability of continued growth in the economy.
Most Sectors Expected to Grow
The report predicts job growth in all but two sectors of the state’s economy, with a gain of 40,500 new jobs in 2021, up 1.5 percent from earlier predictions. The two sectors expected to not see growth are the government and information sectors.
The report predicts that industries that saw the highest job losses in 2020 will see the most gains in the coming year. These included a forecast of more than 19,000 jobs in the leisure and hospitality sector, which includes restaurants and hotels. Trade, utilities and transportation, which includes the airline and retail industries, are expected to gain nearly 15,000 jobs.
Agriculture and professional and businesses services, such as law and consulting, are forecast to grow as well.
The state’s unemployment rate is expected to hover around 6.7 percent this year according to the report. The unemployment rate at the start of 2020 was 2.5 percent and peaked at 12.2 percent in April, before falling sharply to 6.4 percent in September and October.
The COVID-19 pandemic saw major changes in the work environment, consumer buying habits and the travel industry. Working from home became the new normal while consumers increasingly chose to shop online and business and leisure travel all but stopped. The coming months will reveal if these changes become permanent or if the work, shopping and travel environments return to how they were before the pandemic.
In an article in the Denver Business Journal, Brian Lewandowski, executive director of the Leeds Business Research Division, and Richard Wobbekind, faculty director at the Research Division, stated that an important economic indicator in the coming year will be how many companies continue to have employees work from home.
Returning to work in an office setting versus working from home has a large impact on retail stores and restaurants in central business areas. It also affects the transportation sector.
Wobbekind cautioned against worst-case predictions.
“I don’t think that what’s happened means that companies will go completely remote,” he said in the article. “I think that (working remotely) will be a far smaller number. I don’t think you get the synergy when you’re not in an office with somebody, and I think companies will realize that.”
At Miller’s Landing we’re optimistic about the state’s economic recovery. We’re moving forward with our plans to create the area’s most unique and dynamic mixed-use development.
Our home in Castle Rock makes us a prime location to start or locate a new business, a corporate headquarters or a satellite office.
Castle Rock is located on the I-25 corridor in the south Denver metro area. The growing community is known for its small-town charm and easy access to Denver to the north and Colorado Springs to the south. It’s a popular hometown for well-educated professionals. While many of the town’s residents commute to Denver for work, studies show a large majority would prefer to work in town, giving any businesses that locate to Miller’s Landing a large and well-educated talent pool for recruiting.
At Miller’s Landing we’re developing an exciting pedestrian-friendly town center complete with shopping, dining and entertainment options. The town center will be supported by modern office spaces, a resort hotel and spa, and conference and meeting facilities.
Unlike other mixed-use developments, Miller’s Landing also includes large swaths of open space with magnificent views of the Colorado Front Range.
From hospitality to retail, community gatherings to individual adventures, Miller’s Landing is an exciting place to build the future together. Join us.