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Denver’s population continues to grow at Mile High levels.

• The U.S Census Bureau confirmed the belief a majority of Denverites have, that the metro is growing.

• Denver is one of 28 major U.S MSA’s (Metropolitan Statistical Area) who’s population is growing by at least 1% a year. The Mile High city is sitting at a 1.77% growth rate currently, putting us ahead of Seattle, Atlanta, and Phoenix, but still behind the major Texas metros. Keep in mind, growth rates do not typically remain constant for long so don’t take these numbers as a hard and fast estimate for the 2040 population.

• Ranking the MSA’s by 2017 population, Denver sits at #19 with a population of 2,888,227. If we use the estimated 2040 population of 4,323,963 though, Denver moves up to #18 and sits only 58,362 people back of Detroit at #16.

• In response to the high population growth, the under construction multifamily pipeline has been surging in excess of 30,000 units per month. However, due to the current labor shortages and typical construction delays, the industry has been unable to deliver more than 10,000 units/yr. Coinciding with this, the rental market has absorbed in excess of 10,000 units, the highest absorption since records have been kept starting in the early 80’s.

Source: JLL Research

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