Since the onset of the COVID-19 pandemic, companies and businesses worldwide have struggled to maintain their operations. Employers are also struggling to keep their workers as the level of operations goes down. In Colorado, the situation is not as different as in other economies. Despite the extreme effects of the pandemic, the economic situation in cities such as Denver has remained resilient and diverse, enabling some industries to grow in the process. Here is a list of the Colorado industries that seemed to benefit during the pandemic.
Due to the pandemic, many companies and businesses opted to utilize digital and online platforms for operations, communication, and transactions. In this regard, the need for digital devices, software, and online platforms encouraged the rise and growth of IT-software industries during the pandemic. There has also been an increase in remote and online financial transactions as people use financial apps to shop and do business. This also created an avenue for the rise of cryptocurrencies such as bitcoin. Note that through blockchain, an open-source code that powers Bitcoin, there has been an increase in the use of over 6,000 other cryptocurrencies worldwide. From the rise, the IT-software industries in Colorado benefited.
Food and Beverage Production
With the need to stock enough food to cushion the effect of the pandemic, the food and beverage production industry grew in the process. While some businesses, such as restaurants, encountered disruption in their operations during the pandemic, companies that produce beverages and non-perishable foods benefited. As people opted for in-house dining, the need to order more non-perishable foodstuffs and drinks increased. More panic buying at the grocery store created a need for more production among the food and beverage production companies. The downside, however, is that the lack of fresh groceries and foodstuffs in several homes led to cases of food poisoning. Did you know that the number of children aged 0 to 19 getting emergency treatment due to accidental poisoning daily in the United States increased to over 300 during the pandemic? While the industry benefited, this is alarming.
With the increasing need to keep the economy stable and people’s lives easier, financial services have improved their operations and activities during the pandemic. In the spirit of aiding small businesses through paycheck protection programs, the federal government utilized financial services to get in touch and distribute billions among people in Denver and other cities. In the process, financial services have seen an increase in operations, especially with the use of digital and online financial platforms to achieve their goals. More people applied for loans and financial aid amidst the economic crisis, pushing big banks and credit unions to remain active.
Aerospace and Assembly Industries
Surprisingly, the aerospace and assembly companies are among the industries that have grown during the pandemic. The aerospace industry in Colorado has grown due to the increase in defense sales. As much as movement between states and countries remains minimal, the need to design and manufacture secure aircraft and other means of transport has increased. In the US, between 2016 and 2021, the Machine Shop Services Industry market has witnessed an increase in size by 1.9%. With transportation companies striving to provide safe traveling environments, aerospace and assembly have grown significantly during the pandemic.
The pandemic effects on the healthcare industry have been both positive and negative. The world has lost millions of people since the onset of the COVID-19 pandemic, with more hospitals and healthcare facilities experiencing a surge in patients. However, this created the need to produce vaccines, making the biomedical and vaccine production companies grow. More states and countries worldwide invested heavily in these companies as they work towards finding a long-lasting solution to the pandemic. The need for quality medical care has also led to proper investment in medical and healthcare protective equipment in Colorado, making the manufacturing companies grow. With extensive research and study on the pandemic, the healthcare industry experiences growth.
While the effects of the COVID-19 pandemic on the economic status of most American states have been negative, there are some industries in cities such as Denver, Colorado, that have grown in the process. As highlighted above, healthcare, financial services, IT-software companies, aerospace, and assembly are among the industries that have grown during the pandemic.