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 Mid-Year Economic Update

Economic indicators for the City and County of Broomfield show the economy recorded mixed trends during the first half of 2016. Broomfield recorded strong employment growth, significant wage growth, and an influx of new businesses. Employment rose 3.8 percent from 2014 to 2015, while wages and businesses increased 8.6 percent and 8.2 percent, respectively. The unemployment rate in Broomfield averaged 3.1 percent in the first half of 2016, which was 0.2 percentage points lower than the 7-county Metro Denver average.

Consumer activity was mixed in Broomfield, with total retail sales falling 3.5 percent between the fourth quarters of 2014 and 2015. However, annual retail sales were up 1.9 percent between 2014 and 2015. Sales tax collections, a slightly different measure, revealed that retail activity increased 6.6 percent in the first half of 2016 despite the fact that consumer confidence in the Mountain Region fell 4.3 percent between the second quarters of 2015 and 2016.

Home sales activity in Broomfield slowed between the first half of 2015 and 2016. Sales of single-family detached homes fell 10.1 percent and single-family attached home sales fell 21.8 percent over-the-year. The average sales price for both markets improved, adding $33,670 to the average sales price of single-family detached homes and $19,920 to the average sales price for single-family attached homes. The apartment vacancy rate rose 1.5 percentage points between the second quarters of 2015 and 2016 to 6.9 percent and the average rental rate rose 7.6 percent over-the-year to $1,504 per month.

The commercial real estate market reported mixed trends between the second quarters of 2015 and 2016, with two of the three classes of office space recording declining vacancy rates and two recording rising average lease rates. The industrial market reported a declining vacancy rate and increased average lease rate, but the retail market recorded declining vacancy and average lease rates.