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Researchers Determine Exports are an Important Part of Denver’s Economic Future

According to a study conducted by Brookings Mountain West, exports may be the key to increasing the number of Denver jobs in the future. In fact, in 2008 alone, exports provided more than 74,000 jobs to the Denver metro area. Furthermore, the researchers who prepared the Brookings report believe exports can go a long way toward helping to replace those jobs that were lost during the recession.

“In the aftermath of the recession, the mountain region as well as the nation must become more export oriented and less dependent on domestic consumption, and all levels of government – and the private sector – need to work together to ensure that happens,” wrote the researchers. “Looking forward, big mountain metros stand to gain thousands of jobs over the next five years should the region double its exports, as President Obama has urged. But even matching the pre-recession growth rates reported here for the years 2003 to 2008 would go a long way towards replacing some of the jobs lost in the region to the recession.”

From 2003 through 2008, the value of exports being shipped from the Denver-Aurora-Broomfield metro area grew by an impressive 10.9%, representing a much faster rate of growth than the national average. In fact, according to the report, national exports grew by just 8% during this same time period.

In all, export jobs represented 5.9% of the total number of jobs in the Denver area in 2008. Business, technical and professional services, on the other hand, represented 12.1%, while those related to tourism and travel represented 11.5% of jobs and transportation equipment manufacturing represented 8.1%.

“Denver’s heavy focus on business, professional and technical services reflects the continuing maturation of a powerful high-end economy at a large scale,” continued the report.

Currently, Canada and Mexico remain Denver’s largest export partners, but area businesses also did a good job forming relationships with the growing markets in India, Brazil and China. In fact, 8% of Denver’s exports were to these countries in 2008, representing an increase of nearly 158% from 2003 through 2008.

“Las Vegas, Ogden, Salt Lake, Provo and Denver all chalked up export growth rates to Brazil, India and China that ranked in the top quartile nationally,” wrote the researchers. The article continues, “The region’s exports to emerging markets are diverse, encompassing travel and tourism (Las Vegas), passenger fares (Denver), computer and electronic products (Boise, Albuquerque and Colorado Springs) and transportation equipment manufacturing (Ogden, Tucson and Phoenix). These metros were moving to tap a critical source of potential future growth on the eve of the world recession.”

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