US | Metro Economic Forecast: Denver
Denver has recovered 55% of its lost jobs from the nadir of the pandemic. This corresponds to a net decline of 4.7% from the previous peak of Q1 2020 which ranks 19th of the largest 51 metros and better than the US net decline of 5.6%. Denver is expected to see job growth of 3.4% in 2021, 4.3% in 2022, and is expected to recover all of its lost jobs in Q1 2022. Looking beyond next year, Denver is expected to see average annual job growth of 1.0% from 2023 to 2025 which ranks 9th of 51 metros.
What you will learn:
- Denver’s lower costs and high outdoor amenities have attracted a number of residents and companies, including Salesforce, Facebook, Slack, Robinhood, and Zoom all have opened an office or expanded in Denver. Amazon is planning an expansion of its tech hub there.
- Nevertheless, GDP in Denver surpassed the peak 2019 level in Q1 and has grown 2.2% since the peak of Q4 2019. This ranks 3rd of the top 51 metros. GDP is expected to grow 8.5% in 2021 and 4.9% in 2022.
- Two sectors with robust growth are warehousing and storage (up 24% from Q1 2020 to Q1 2021) and couriers and delivery services (46%).
BoK’s monetary policy to tighten even as hiking cycle ends
Even without rate hikes, central banks' monetary policies can effectively tighten if the nominal neutral rate falls below the policy rate. We expect this will be the case for the Bank of Korea this year, as the gap between the policy rate and the nominal neutral rate widens.Find Out More
China: Emerging green shoots in Spring, but not out of the woods
We now incorporate a faster recovery from the post-Covid exit wave and raise our 2023 full-year GDP growth forecast to 4.5% (from 4.2% previously).Find Out More