Northern Colorado News Briefs
NoCo Recovery Tracker
As part of broader Reignite the Economy efforts, the Fort Collins Chamber of Commerce and regional partners created a tool to track Northern Colorado economic recovery. Selected indicators are updated regularly with no more than a two-month lag and are primarily available at the county level. This list of indicators includes but is not limited to unemployment rates, labor force, job postings, small business revenues, consumer spending and retail sales. These measures can help community members and leaders monitor areas of strength or weakness in the recovery. Click here to view the recovery tracker.
Colorado economic recovery underway
The University of Colorado Leeds School of Business and the Colorado Secretary of State's office released data that shows the Colorado economy is recovering. In Q2 2021, the number of new businesses that filed initial paperwork with the state was up 25.7% year-over-year. In addition, existing-entity renewals was up 1.7%. The Fort Collins/Loveland metropolitan area is second in the state for jobs recovery. Click here to read more.
Regional hotel occupancy at or above state averages
Hotels in Northern Colorado and Boulder Valley maintained mid-80% occupancy rates in July 2021, which was well above the July 2020 regional rate of 48.9% and above the July 2021 state average of 77.2%. Greeley was the regional leader coming in with an occupancy rate of 86.9% and average room rate of $109.87. Estes Park had an occupancy rate of 83.5% and the region's highest average daily room rate of $246.85. Click here for the full article.
Best Places to Live: Boulder #1, Colorado Springs #6, Denver #14, Fort Collins #17
U.S. News released their list of "150 Best Places to Live in the U.S. in 2021-22" and several Colorado communities were featured in the Top 20. These included Boulder at #1, Colorado Springs #6, Denver #14 and Fort Collins #17. U.S. News analyzed the 150 most populous metro areas based on desirability as a place to live, strength of the job market and quality of life.
Unemployment claims dropping near pre-pandemic levels
The Colorado Department of Labor and Employment recently reported 3,317 regular initial unemployment claims were filed the week ending July 24. In addition, there were 1,119 Pandemic Unemployment Assistance claims filed. These are the lowest levels since the beginning of the COVID-19 pandemic. Click here to read the full press release.
2nd Quarter Real Estate MarketWatch
Information and Real Estate Services (IRES) released their Q2 2021 MarketWatch Report and in Northern Colorado home prices continue to be on the rise. In Larimer County, the median sales price was $500,000 for Q2-2021, an increase of 16.7% year-over-year. The number of closed sales was up by 26% reaching 1,696. In Weld County, the median sales price was $443,000 for Q2-2021, a 18.1% year-over-year increase. The number of closed sales was up 9.9%, coming in at 1,494. In Boulder County, the median sales price was $855,000 for Q2-2021, a 42.6% year-over-year increase. The number of closed sales was up 22.1%, coming in at 961.
Regional Reignite recovery plan set to launch
A coalition of businesses, chambers of commerce, and local governments are launching a two-county recovery plan called Reignite. Most recently, the Northern Colorado Regional Economic Development Initiative (NoCo REDI) released a roadmap outlining the central intersections of the public and private sectors, and how the region as a whole is working together to refuel the economy. A primary focus of the plan is to support small businesses and make sure they are successful. To learn more visit nocorecovers.com.
Colorado business leaders show record-level optimism
The University of Colorado Boulder Leeds Business Research division released their quarterly Business Confidence Index and it shows state business leaders have record-high levels of optimism about all of the major sectors of the economy. The quarterly report measures Colorado business leaders' expectations for the state and national economies, industry sales, industry profits, hiring and business spending. Approximately 250 business leaders responded to the latest survey, run between June 1 and June 21, 2021.
BizWest Breaking Ground
Check out the new edition of Breaking Ground to get an overview of recent development projects throughout Northern Colorado and Boulder Valley. Projects include banks, hotels, condos, churches and retail. Click here to browse the latest edition!