Denver’s business boom has created labor and housing shortages

Real Estate

The city of Denver, Colorado, has undergone notable growth as skilled professionals and businesses move into the state that prides itself on 300 days of sunshine.

“There’s both a homegrown component of creation happening and a real magnet effect of people looking for the quality of life they want in a city. And I don’t think any place checks as many boxes as Denver does,” said the city’s mayor, Mike Johnston.

From 2010 to 2020, the population of Denver grew by almost 20%. Now, the city is facing both housing and labor shortages. Denver needs more workers to come in and fill job openings, yet it’s already short 70,000 homes.

Affordability is also at the forefront of the city’s concerns: The median household income was $87,619 at the end of 2022, according to data from the U.S. Census Bureau. That’s about 15% of the price of an average home in Denver, according to real estate site Zillow.

The influx of companies to Denver raises complex infrastructure and investment questions, according to Scott Wasserman, president of the Bell Policy Institute, a research and advocacy firm focused on Colorado economic mobility.

Watch the video to learn more.

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