Economic Reports

Started in 2015, Broomfield's economic reports provide semi-annual updates on:
  • Business Formations by Industry
  • Employment by Industry
  • Labor Force Participation
  • Unemployment
  • Consumer Confidence
  • Retail Sales
  • Hotel Occupancy Statistics
  • Residential Construction Starts
  • Commercial Real Estate Vacancy Rates

2016 End of Year Economic Update

Economic indicators for the City and County of Broomfield show the economy recorded strong trends in 2016. Broomfield recorded 6 percent employment growth during the first quarter of 2016 over-the-year, the highest rate since the third quarter of 2013, followed by 3.5 percent growth in the second quarter of 2016. The average weekly wage for Broomfield workers increased by 2.6 percent between the second quarter of 2015 and 2016, representing an additional $1,929 of wages per year for the average worker. The unemployment rate in Broomfield averaged 3.0 percent in 2016, recording a decrease of 0.4 percentage points from 2015. Broomfield’s labor force increased by 2.8 percent, adding 971 people employed or looking for work.
 
Consumer activity was mixed, with consumer confidence in the Mountain Region declining 5.5 percent in 2016. Sales tax collections in Broomfield revealed that retail activity increased 6.7 percent in 2016 as the city collected $3.4 million more in 2016 than in 2015.

Home sales activity in Broomfield reported a shift in housing demand between 2015 and 2016. Sales of single-family detached homes fell 4.5 percent and single-family attached home sales decreased 11.4 percent over-the-year, reflecting limited inventory in both product types. The average sales price for both markets improved, adding $30,150 to the average sales price of single-family detached homes and $29,020 to the average sales price for single-family attached homes. The apartment vacancy rate fell 0.8 percentage points between the fourth quarters of 2015 and 2016 to 5.4 percent and the average rental rate fell 6.4 percent over-the-year to $1,431 per month.

The commercial real estate market reported mixed trends between the fourth quarters of 2015 and 2016. Total existing square footage for all categories increased 2.5 percent, and vacancy rates for Class C office, industrial, and retail declined. The average lease rate for the industrial and retail markets rose by 16 percent and 43.7 percent, respectively, while the average lease rate for the three office space types reported mixed trends.