In the previous blog post, I talked about the astounding population growth the city of Denver has experienced during the past five years, which is over a 10% growth rate.
Who exactly is moving or migrating to the city of Denver? Well, the two demographic groups moving downtown in the greatest numbers are downsizing baby boomers, and of course the so-called millennial generation. Let’s focus on the millennials here, because they by and large command the largest share of the migration pie.
Who are millennials? Well, there is not one exact agreed-upon definition, but they are generally believed to be people born from 1980-2000. They are largest demographic group by size, outnumbering even the baby boomer generation. This article from the NY Times from 0ct. 2014 says that from the year 2000 to 2012, the number of college graduates aged 25-34 living in Denver increased 47%. This is truly a huge percentage increase and really makes sense when you see all the apartments being built around Denver, and the low vacancy rates.
Why Denver? There are a lot of cities in the US young people could live in or settle in. Denver and Colorado more specifically has always been known for its 300 days of sunshine, limitless outdoor pursuits, and high quality of life. It still is, but there are some other factors making Denver a powerful magnet for young people.
Things like car and bike share programs, micro-breweries, coffee shops, food trucks, new restaurants, and a tolerance on issues like marijuana and same sex marriage make Denver culturally cool and hip. Additionally Denver has invested heavily in mass transit, and bike and pedestrian infrastructure in an effort for better connectivity.
Denver’s low unemployment has enabled these people to find jobs, and companies are eager to relocate here due to the deep talent pool. It is a snowball effect. According to the article, “For every college graduate who takes a job in an innovation industry, five additional jobs are eventually created in that city, such as for waiters, carpenters, doctors, architects and teachers.”
It is truly an exciting time to live and work in the Mile High City!