LEAD Metro North Program Day Presentations
May 2023 Economic Update
- Employment in Adams County increased 4.6 percent, or by 10,443 jobs, to 236,558 between the first three quarters of 2021 and 2022. All seven Metro Denver counties reported increases over the period, with the most significant increase in Denver County (+8.2 percent) and the most modest increase in Arapahoe County (+2.7 percent).
- Eleven of the 13 supersectors reported increases in employment during the period, with the largest increases reported in Leisure & Hospitality and Other Services (+10.7 percent). The only supersectors to report decreases in employment were Mining & Logging (-4.9 percent) and Retail Trade (-1.1 percent).
- The largest industries in the first three quarters of 2022 in Adams County were Government (44,277 jobs, or 19.6 percent of total jobs), Transportation, Warehousing & Utilities (27,289 jobs or 11.5 percent of total jobs), and Professional & Business Services (26,820 jobs, or 11.3 percent of total jobs).
- The average weekly wage in Adams County was $1,292 during the period, up 9.6 percent from 2021. Wages increased in 12 of the 13 supersectors over the year, with the largest increase reported in Mining & Logging (+22 percent) and Transportation, Warehousing, & Utilities (+21.4 percent). Information reported the only wage decrease of 3.3 percent. The Information sector reported the highest average weekly wage of $2,143, while Leisure & Hospitality reported the lowest wage of $560 during the period.
- While no county-level employment data for 2023 has been released yet, average employment for the first three months of 2023 in Metro Denver, represented by Denver-Aurora-Lakewood and Boulder MSA data, is 1.2 percent higher than the same time last year.
- The unemployment rate in Adams County averaged 3.4 percent in 2022, down 2.8 percentage points from 2021. In the first quarter of 2023, the unemployment rate in Adams County averaged 3.3 percent, the highest unemployment rate in Metro Denver but lower than the national unemployment rate of 3.8 percent.
- The labor force in Adams County increased 1.3 percent from 2021 to 2022. In the first quarter of 2023, the labor force increased 0.7 percent over the year to an all-time high of 284,040 people either employed or looking for work in Adams County. Across Metro Denver, the labor force increased 1 percent between 1Q 2022 and 1Q 2023.
- Adams County retail sales increased 19.5 percent between 2021 and 2022, the largest retail sales growth rate in Metro Denver, followed by the city and county of Broomfield (+12.8 percent) and Arapahoe County (+10.7 percent). Across Metro Denver, retail sales grew 11.4 percent over the year. In the first two months of 2023, retail sales in Adams County fell 6.6 percent over the year, while retail sales in Metro Denver increased 1.8 percent.
Commercial Real Estate
- The direct vacancy rate for office properties in Adams County averaged 6.3 percent in 1Q 2023, up 1 percentage point both over-the-quarter and over-the-year. There is currently no new office space expected to be completed in Adams County in 2023. The average lease rate increased 6.1 percent between the first quarters of 2022 and 2023, or by $1.52, to $26.45 per square foot.
- The direct vacancy rate for industrial properties in Adams County averaged 8.5 percent in 1Q 2023, up from 6.8 percent during 1Q 2022 and the highest vacancy rate reported since Q4 2004. At the end of 1Q 2023, there were 25 industrial buildings with nearly 5.7 million square feet of industrial space under construction in Adams County. The average lease rate for industrial properties in Adams County fell 11.7 percent, or by $1.13, between Q1 2022 and Q1 2023 to $8.53 per square foot.
- The direct vacancy rate for retail properties in Adams County decreased from 4.7 percent in 1Q 2022 to 4.6 percent in 1Q 2022. Seven buildings or 116,700 square feet was added in Adams County in the first quarter of 2023, with an additional 174,900 square feet under construction throughout the county. The average lease rate for retail properties was $15.75 in 1Q 2023, up 2.4 percent, or $0.37 percent, compared with the same quarter in 2022.
Residential Real Estate
- The average price of single-family attached homes in Adams County increased 16.1 percent between 2021 and 2022 to $403,679. The number of SFA homes sold fell by 21.9 percent in 2022 over 2021. In the first three months of 2023, SFA home prices in Adams County fell 1.4 percent, while sales decreased 17.1 percent compared with the first three months in 2022.
- Single-family detached homes' average price increased 12.6 percent from 2021 to $578,002 in 2022. Detached home sales were 20 percent lower in 2022 than in 2021. Sales in the first three months of 2023 decreased 11.4 percent compared with the same period in 2022, while detached home prices decreased 5.9 percent.