June 23, 2024

Denver earns a spot among America’s most prosperous cities

4 min read


Denver is booming. Aside from its historic landmarks, parks, and 300 days of beautiful weather, the Mile High City has been found to be one of America’s most prosperous areas. According to a new report, Denver ranked highly on a national list as the 5th most prosperous metropolitan area in the United States. 


Named “The State of America’s Largest Cities,” AreaVibes analyzed the latest data from the U.S. Census Bureau, Bureau of Economic Analysis, and Bureau of Labor Statistics, studying the recent rise or decline of the country’s 50 largest metropolitan areas.


Relevant statistics such as population growth, poverty, unemployment rates, and access to necessary technology were considered in these rankings. The study was described as a “definite account” of which American cities have already reached their peak and which cities are on the path to a prosperous uprising. 


Population Growth


From 2010 to 2017, Denver’s population growth has been increasing at a steady rate. The Denver-Aurora-Lakewood area has seen an increase in population by a large 13.5% in the past seven years. Although home prices are up more than any big city since the Great Recession, the desire to move to the Mile High City hasn’t been deterred. 


Change takes time, and negotiations are in order for Denver’s housing affordability. Housing markets are ever-changing, and these jumps are what might be persuading residents across the U.S. to make the move. 


New findings from a study at Porch.com show Colorado is the No. 1 most desired state to live in, and people of all generations are enamored with the idea of moving to the growing city. The ongoing efforts in changing high housing rates might be enough to initiate migrations. 


Low poverty rates might also be an additional factor of the growing population of Denver. Recent findings show the top-rated areas for low poverty lines are the Minneapolis, Denver, San Francisco, and Salt Lake regions, with the Mile High City at 8.6% below the poverty line. From inching closer to more affordable homes to analyzing low poverty rates, interest in moving to Denver is obvious. 


Unemployment Rates


National employment rates have steadily declined overall since the aftershocks of the Great Recession left millions jobless. Many cities have yet to recuperate from the crash, but Denver has seen some of the lowest unemployment rates since 2007 – measuring at an incredibly low 3%. Numerous other areas are looking at unemployment rates just above 4.5%. 


Denver has also been ahead by offering unusual ways to attract talent. Different companies are offering benefits such as grants, car repairs, and tuition reimbursement. The city has shown a conscious effort toward growing a prosperous workforce and appealing to incoming generations. 


Graduates are continuously searching for the best opportunities, and the labor force in Denver has taken the steps in fostering their employment and business rates by appealing to these professionals. 


Access to Technology


Initially, when searching for open positions and assistance in preparation for professional meetings, computers and access to necessary resources are essential. 

Denver posed as one of the metropolises with the lowest percentage of residents without internet access – at 9.9%. Additionally, the city ranked promisingly with the percentage of residents without a personal computer at a low 4.8%, in comparison to Memphis ranking at a significantly higher 13.4%. 


“As consumers are embracing smart gadgets the demand on their home’s internet is soaring. The one ting we make sure to incorporate in every new remodel, is an extended hardwired, Wireless Access Point System. That way our customers will have a strong wi-fi single in all parts of their home and all their smart gadgets will operate smoothly.” according to remodelwithmerrick.com

Although there has been a cultural shift in the way we use electronic devices, personal computers remain important to the labor force and schooling for children.

Schooling is now built on the basis of online assignments and tests, as 90% of high schoolers report having “at least a few” internet-based homework assignments every month. Additionally, 

70 percent of American teachers assign homework that needs to be done online.


With Denver’s high access to technology, multigenerational families can be at ease with their children’s education. 


Dependency Ratio 


Aside from education, multigenerational families might need to account for the dependency of retirees. Research suggests that professionals are fleeing cities and leaving retirees behind; but in the Denver metro area, less than 20% of residents were elderly dependents. 


Dependency ratios shot up higher than 30% in some areas, with the Tampa Bay area revealing itself to have the highest older-aged dependency ratio at 32.2%.


There is a significant trend with the areas that exhibited the greatest population growth within the last 10 years – the connection between young professionals settling down in these cities and elderly residents becoming a smaller fraction of the population. 


A Prosperous City


There is no doubt that Denver is “continuously thriving.” In nearly every aspect, Denver has proven to be one of the most prosperous cities. From low dependency ratios to access to technology, Denver is flourishing. The Mile High City is more than it’s beautiful weather, historic landmarks, and outdoor activities. 


Families can rest assured a job will most likely be available, and their children can study with the ease of knowing there is access to technology. The growth in population is a key indicator of respondents moving due to low unemployment rates and increased housing affordability. 


No city can be reduced to a single experience, and when measuring a city’s current state, it’s important to consider its opportunity for future growth. Denver is already up and running, and there is no doubt that in the coming years it could become the leading city in America.

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