Rising construction cranes raise economic hopes

5:48 PM, Jun 3, 2013   |    comments
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DENVER - A quick glance at the skyline of Denver will tell you a lot about what is happening to the local economy. Looking up you will see at least 10 large construction cranes dotting the skyline. Looking up is also a good description for the economy of the metro area.

"It is probably one of the best indicators because construction is a lagging indicator. It responds to the demand for new jobs. So, when you see construction, it says recovery is well on its way," said Tom Clark, CEO of the Metro Denver Economic Development Corporation.

Much of the construction in the downtown Denver area is occurring in the area of Union Station. Currently there are 20 multi-family and commercial projects under construction near the station. In the metro area, 3 million square feet of commercial property is under construction. The Metro Denver Economic Development Corporation says that as a result of the new commercial and residential projects, construction jobs are up 5 percent.

Clark says the mix of commercial and residential construction is a positive sign for the entire metro area.
"When you're seeing those cranes up there, and some of them are building incredible office space, but there is also some very high quality multi-family [units] that tells you downtown is a happening place, and downtowns are ultimately the retail windows on the whole region," Clark said.

(KUSA-TV © 2013 Multimedia Holdings Corporation)

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