A recent report from the Census Bureau has concluded that Denver is one of the fastest growing large city in the U.S., surpassing Seattle, San Francisco and other cities alike. This has put the city on the list of top 20 most populous cities in the country. So, what does Denver owe these new rankings to? The spread of tech companies venturing outside of Silicon Valley. With the cost of living being at an all time high in the San Francisco Bay area, tech companies are now looking to re-locate to cities that are more cost effective. Making Denver, Colorado a major hotspot. This has caused a shift in industry dominance in the city from real estate to tech.
Low cost of living is not the only factor influencing tech offices to open in Denver. Denver also offers a high concentration of upper level education options. With highly ranked universities in Denver and its neighboring cities like Fort Collins and Boulder, the city offers an abundance of well-educated work force. Predominantly focused in tech, this makes Denver a major beneficiary in the industry. Although there are not many big tech names offshoring their headquarters to Denver, several have opened secondary offices here, including I.B.M and Oracle. These new offerings have been an influencer in creating a buzzing startup scene in Denver.
Even though many of these startups are not well-known outside of the Colorado area, the market seems promising for these entrepreneurs. In 2015, Denver received the sixth highest venture capital funding in the U.S. and has been rising in the industry ranks ever since. With several startups failing year after year, there are still others succeeding beyond belief. Not only attracting continuous venture capital funds, but generating a growing pipeline of employees in the industry. This has been beneficial in lowering Denver’s unemployment rate and creating more job security for workers.
Although there is suspect that the tech economy growth is steadily slowing, there is no indication that this will affect the growth of the tech ecosystem in Denver. If anything, it will only improve this tech boom, with more and more entrepreneurs and large companies uprooting their offices from Silicon Valley and relocating to Denver.
