After writing about Denver’s boom back in August, I wondered if the economy would inevitably soften, if only to make my prediction look bad.
But, this Denver Business Journal article suggests that the economy is holding up quite well – with a revision of estimated job growth that is more positive. While energy jobs are certainly down, with the price of oil, residential construction and manufacturing jobs are up, as well as employment strength in other professional sectors.
Other data suggest that our soaring housing and rental prices are starting to plateau, which is a good thing, but at a much higher level than a few years ago. Hopefully all of the new housing construction hits the market when there is still strong demand and the absorption goes smoothly. As long as jobs keep growing and people keep wanting to move to Denver, we can imagine the boom continuing, but perhaps at a more modest, and sustainable, rate.