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Adams Co. economic summit tries to keep spirits high “State of the Region” event features Sen. John Hickenlooper and economist Patty Silverstein to deliver optimistic message BY LIAM ADAMS LADAMS@COLORADOCOMMUNITYMEDIA.COM
The pandemic might have done damage, but the future looks bright, was the message the Adams County Regional Economic Partnership (AC-REP) sought to send at the State of the Region event on March 4. The economic development group’s inaugural event featured an uplifting message from Sen. John Hickenlooper and a forecast from economist Patty Silverstein about the county’s post-pandemic recovery. Concluding her presentation, Silverstein, president of Development Research Partners, said, “Hang in there. In another four to six months, we will feel oh, so much better. We will start to feel like we’re on a growth track once again.” Still, Silverstein’s optimistic predictions didn’t overshadow data about the destruction that COVID-19 has caused. When the data is finalized, Silverstein said she expects Adams County’s 2020 average unemployment rate to be about 8 percent. Depending on how one looks at the numbers, though, Adams County did better than some of its neighbors. When unemployment skyrocketed last spring as public health restrictions tightened, Adams County “had the least job losses of any of the metropolitan area counties,” Silverstein said. That’s partly due to Adams County’s employment base. Fifty percent of jobs in the county are considered middle-wage, like those in the manufacturing, construction and
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Construction at Lennar at Buffalo Highlands, a new subdivision in eastern Commerce City. New housing development will be a key economic driver to help Adams County recover from the current recession, said economist Patty Silverstein at an Adams County Regional Economic Partnership event on March 4. PHOTO BY LIAM ADAMS
government sectors. Unemployment didn’t hit high and middle-wage jobs as severely as low-wage ones, like those retail, leisure and hospitality, a group that represents 27% of workers in the county. Still, Silverstein said, “Adding all that together, then, we saw, again very significant job losses in 2020.” Her firm projects that the Denver metro region lost 74,000 jobs in 2020. On the flip side, Silverstein sees promising trends to help make up for losses. For example, a large share of Adams County residents are Millennials who have disposable incomes and are interested in buying homes. Plus, Silverstein said, “We have been building to population growth.” Also, a third of industrial commercial real estate in the Denver metro region is in Adams
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County, meaning it’s a hub for the manufacturing and distribution of consumer goods. In another presentation, AC-REP representative Janet Fritz further highlighted those economic drivers, including Downtown Westminster, Thornton’s Amazon warehouse and Alliance Business Center, Northglenn’s mixed-use development civic center area, Intermountain Rural Electric Association’s administrative operations hub in Bennet and the Denver Commercial Property Services headquarters in Commerce City. A particular feature Hickenlooper sung praise of was the Colorado Air and Space Port (CASP), a home for companies investing in commercial space transportation. “Beyond this pandemic, Adams
County has, well, there’s no limit. You have such tremendous growth potential … About five percent of our (Colorado’s) aerospace jobs are in your county,” the freshman senator said. His excitement for the county and CASP is a personal sort, he explained. “As Senator, I’m over the moon. Sorry, that’s a dad joke. I’m over the moon to be sharing the senate subcommittee on science and space within the (U.S. Senate Committee on Commerce, Science and transportation).” Like Silverstein, Hickenlooper said today’s challenges are, “of epic proportions.” He added, “But, I’m an optimist and I know that, together, Colorado will build back stronger than ever.”
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