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 End of Year Economic Update

Economic indicators for the City and County of Broomfield show the economy recorded strong trends in 2017. Broomfield recorded 2.9 percent employment growth from the first half of 2016 to the first half of 2017, representing the addition of 1,055 jobs. The average weekly wage for Broomfield workers increased to $1,933 per week in the first half of 2017, a 19.6 percent over the same period in 2016 due to large increases and bonuses in some of Broomfield’s headquarters companies. The unemployment rate in Broomfield averaged 2.5 percent in 2017, down from 2.9 percent in 2016. During this same time, Broomfield’s labor force increased by 3.2 percent, adding 1,180 people employed or looking for work.

Consumer activity was positive, with consumer confidence in the Mountain Region increasing 25.8 percent in 2017. Sales tax collections in Broomfield increased to $56.6 million in 2017 as the city collected $1.9 million more than in 2016, which represented a 3.5 percent increase.

Home sales activity in Broomfield reflected a tightening of the market in 2017 as sales slowed. Sales of single-family detached homes rose 0.5 percent while single-family attached home sales decreased 3.8 percent over-the-year, reflecting limited inventory in both product types. The average sales price for both markets increased, adding $42,461 to the average sales price of single-family detached homes and $31,874 to the average sales price for single-family attached homes. The apartment vacancy rate fell from 5.4 percent in the fourth quarter of 2016 to 4.8 percent in the fourth quarter of 2017, and the average rental rate increased 7.5 percent over-the-year to $1,539 per month.

The commercial real estate market reported mainly positive trends between the fourth quarters of 2016 and 2017. Nearly 110,000 square feet of office, industrial, and retail space was added to the Broomfield market, yet the vacancy rate declined for all property types except Class C office. The average lease rate for all property types increased over-the-year, with the largest increases occurring in the Class C office (34.7 percent), retail (14.7 percent), and industrial (14.4 percent) markets.