Economic Picture for 2020 Positive, with Slower Nationwide Growth Anticipated

Adams County Economic Development (ACED) members got an exclusive presentation on the economic, demographic, and real estate market outlook for the new year at ACED’s Investor Forum: 2020 Economic Forecast on Dec. 4. The DoubleTree by Hilton Denver – Thornton hosted the luncheon event.

“Adams County is a consistent leader for job growth in the Metro Denver region,” said Jessica Ostermick, Director – Industrial & Logistics with CBRE. She pointed to the U.S. Census Bureau’s recent report naming Adams County first in the U.S. for job growth (of 5.3%) from third quarter 2018 to third quarter 2019.

Noting that Adams County has added 32,150 jobs since 2015, Ostermick says the County can expect to be in the top quartile nationwide as we move into a new decade. Ostermick’s 2020 Economic & Real Estate Update can be downloaded here.

Additional highlights:

  • Adams County is making strides with the 3rd fastest growing wages (behind Jefferson and Boulder) from 2015-2018
  • The County’s population is projected to increase to 528,857 by July 2020 – net migration goes hand-in-hand with job growth
  • The Metro Denver region remains young with a median age of 36.2 compared to 37.7 nationally
  • On the real estate front, the County has a competitive office market with less vacancy than the rest of the region. Industrial fundamentals are strong with broad-based construction – one-third of all industrial space in Metro Denver is in Adams County.

Overall, Ostermick forecasted slower, but steady growth, calling for U.S. GDP to slow to 1.5-2% in 2020 (down from an average of 2.5% in the past five years). She added that labor markets will continue to be constrained due to an aging population, slower births, and decreased immigration.

The event also featured a panel discussion with area manufacturers moderated by Manufacturer’s Edge.