Denver2018-09-26T12:40:44+00:00
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Denver-Aurora-Lakewood

Denver is expected to see record construction volumes in 2018, hitting approximately $19.5B.

Comparing that back to 2015, just three years ago, this is an increase of almost 50%. This has been driven by the residential market and the continued migration to the Denver metro area with an increase of 2% every year for the last five straight years, peaking at 2.8% in 2015. It is expected that this will slow to approximately 1.4% in 2018 and slower still in the coming years and this has been reflected in the anticipated reduction in residential construction. State leaders are continuing to make efforts to attract companies to the region, offering huge tax incentives. Whilst this has yet to any major results, it looks only to be a matter of time. Key developments continue within the region with the likes of the National Western Center, the Central Project 70, North Wynkoop and Bronco-ville in the works. The construction spending is due to slow and plateau during the next few years however it is still expected to be an active market. Even with the influx on labor the market is still struggling for skilled labor which is highlighted with Denver having one of the lowest unemployment rates in the US at 3.2%, so prices are expected to continue to rise, albeit offset slightly by the reduction in construction volume.

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