Friday, February 14, 2014

Unstoppable Demographics Drive Housing Demand in Colorado

by Osman Parvez

Cranes dot the city and construction vehicles are everywhere in Boulder these days. What's going on?  

Colorado is experiencing a development boom.    Here's why. 


   
The population of Colorado has been growing steadily, even during economic recessions. The chart above shows a combination of historic census estimates and the latest projections from the State Demography Office.

During the next ten years, Colorado is expected to add nearly a million people - about 20% more than today.    



Here in Boulder County, population growth is more modest. The population is expected to grow a little over 11% during the next decade or 35,000 people. 

That's a lot of new people living in a region which is currently experiencing ultra low inventory and an inventory shortage. Of course, conditions a decade from now will be very different but one thing seems certain. Lots of new development.  

Unstoppable?
It would take a Black Swan event to shift the migration of Cultural Creatives to Colorado. Our exceptional weather, healthy economy, and vibrant population are deeply appealing. And that's just scratching the surface of why people choose to live here. 

Announcement
Mark your calendar. Let's Meetup. The next Boulder Real Estate Meetup will be held on Wednesday, February 22nd. Our topic this month will be analyzing development in Boulder. Hope to see you there!   

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Like this analysis?    Subscribe to my research.       Want to meet me in person?    Attend a Boulder Real Estate Meetup.    Ready to buy or sell?  Call me at 303.746.6896.  

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