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

2017 Mid-Year Economic Update

The most current economic indicators for the City and County of Broomfield show generally increasing economic trends. Broomfield welcomed 100 net new businesses, 3.5 percent employment growth, but mixed wage growth from 2015 to 2016. The unemployment rate in Broomfield averaged 2.5 percent in the first half of 2017, which was 0.1 percentage points lower than the seven-county Metro Denver average. 
 
The Mountain Region consumer confidence index increased 30.3 percent between the first halves of 2016 and 2017. Sales tax collections in Broomfield totaled nearly $26.3 million during the first half of 2017, up 2.7 percent from the previous year’s level of $25.6 million. In addition to resident spending, sales tax collections were likely bolstered by visitor activity as the hotel occupancy rate along the Highway 36 corridor reached 90.1 percent in June 2017, 1.1 percentage points higher than the prior year’s occupancy rate. 
 
The residential real estate market remains hot in Broomfield. From the first half of 2016 to the first half of 2017, sales of single-family detached homes increased 6.4 percent while single-family attached home sales rose 21.7 percent. Both product types posted strong price increases, with the average sales price of single-family detached homes rising 10.8 percent and single-family attached homes increasing 15.7 percent. The apartment vacancy rate fell 1.4 percentage points to 5.5 percent between the second quarters of 2016 and 2017 and the average apartment rental rate rose 2.7 percent over-the-year to $1,545 per month. 
 
Indicators were mixed in the commercial real estate market during the second quarter of 2017, with the vacancy rate decreasing in the industrial and retail markets, but increasing for all three classes of office space. Average lease rates increased across the board, with particularly strong increases in the industrial and retail markets.