When it comes to starting your business, location is everything. Choosing the right city to start out in can make or break your overall company, especially in those first few years of learning and growth.
And expanding your business to new cities is nearly as nerve-racking as beginning as starting an entirely new company. In both cases it is always important to research the city thoroughly before making a decision, so that you have a complete understanding of the economic landscape you are positioning yourself within.
In recent years, Denver has emerged as a dark horse when it comes to economic growth and business location. Here are three reasons why an office location in Denver, CO might be beneficial for your company.
“Our economic strategy must be boldly ambitious, with innovative, forward-thinking policies that are intent upon delivering a world-class city where everyone matters.” -Denver JumpStart 2015 Vision
Denver’s economy has been thriving and growing exponentially in recent years. In 2010, Denver made the 18th largest metro economy in the United States, and in 2014, Denver ranked in the top five nationally for economic growth..
The reasons for such a strong economy include an ideal geographical position and the size of the city. Because Denver is the largest city within 500 miles, it has naturally become the storage and distribution central for goods and services to the Mountain States (like Utah and Arizona), Southwestern states (like Texas and New Mexico), and all western states (like California and Washington).
2. Employment Growth
Metro Denver’s employment growth in 2014 was more than 1.3 percentage points higher, at 3.2 percent, than the national average. Employment growth is projected to be around 3 percent in 2015. The unemployment rate in Denver not only saw historically low rates in 2014, but actually was one of the lowest unemployment rates in the entire nation. And this number is projected to continue decreasing in 2015.
3. Small Business Advocacy
The cities economic development strategy (JumpStart 2015) outlines a clear plan to encourage and grow small businesses in Denver. The city recognizes that small businesses make up 42 percent of the marketplace and comprise 44 percent of total employment, a significant gain the city’s economy.
The plan outlines actionable items, with specific desired outcomes and partners, that will help small businesses gain access to capital, customers, and technical resources. This plan will assist in growing the overall economy and providing more jobs.
In addition to the JumpStart 2015 plan, the Denver Chamber of Commerce and other groups and programs offer handy resources for small businesses in Denver.
Choosing a business location that will be supportive and provide assistance for your small business is one way to set your company up for success. Denver offers just such an environment and should definitely be considered when determining where to locate your office.