In recent years, the city of Denver, Colorado, has experienced significant growth as skilled professionals and businesses flock to the state known for its 300 days of sunshine. Mayor Mike Johnston believes that Denver stands out as a city that offers both a homegrown atmosphere of creativity and a magnet effect drawing people in search of a high quality of life.
Between 2010 and 2020, the population of Denver has increased by nearly 20%, leading to challenges such as housing and labor shortages. Despite the need for more workers to fill job openings, the city is already facing a shortage of 70,000 homes. Affordability is another pressing issue, with the median household income at $87,619 as of 2022, but this accounts for only about 15% of the average home price in Denver according to Zillow.
The influx of companies into Denver has also brought about complex infrastructure and investment questions, according to Scott Wasserman, president of the Bell Policy Institute. This research and advocacy firm focuses on economic mobility in Colorado and is closely monitoring the impact of Denver’s growth on the city’s overall prosperity.