cardboard box with folders and office supplies in floor during relocation
If you’re thinking of moving your business, you want to choose a city that will welcome you.
Denver is a leader in business relocation due to its generous incentives, affordability, deep talent pool, and other factors.
That’s why 163 start-ups were founded and more than $598 million in venture capital was invested in the city last year.
Is Denver the right place for your business to call home? Let’s explore why businesses are choosing the Mile-High City.
A Friendly Environment for New Businesses
Colorado is proudly home to many start-up companies. The state’s governor, Jared Polis, is an entrepreneur and co-founder of Techstars.
Denver is rapidly becoming known as a more affordable Silicon Valley. Big players like Salesforce and Facebook have a presence in Denver. In fact, the city made a list of the top 25 start-up ecosystems in the world.
But it’s not just large companies that are choosing the city, as across the state small businesses account for the vast majority of businesses. Denver Start-Up Week is one event that demonstrates the community’s support for new businesses.
Population Growth
Denver has skyrocketed into the top ten metros across the country for new construction, adding more than 3 million square feet of new office space last year.
This growth was driven by the boost in population, an increase of more than 19% from 2010 to 2020. The city brought in more than 100,000 residents during that time.
With employers struggling more than ever before to find workers, it’s this brand of sustained growth that will help keep labor stable. The population boom of people relocating to Denver demonstrates it has become a desirable place to live and work.
Business Relocation Incentives
Many business owners consider moving to Denver because of the generous incentives. Some of the perks from the state of Colorado include a job growth incentive tax credit, an enterprise zone program, and a job training grant.
Colorado also has programs designed to create jobs and encourage innovation in specific fields. These grants are for targeted industries including:
- Aerospace
- Bioscience
- Electronics
- Infrastructure engineering
- Aerospace
Denver has also proven that it will do what it takes to bring in new businesses. For example, the city provided $4 million in incentives to bring Target to the 16th Street Mall.
The city’s Business Incentive Fund grants support to projects each year “to support a competitive relocation to or expansion within Denver.”
Mile-High City Lifestyle
Arguably the biggest factor for businesses is the lifestyle Denver affords its residents.
The temperate weather—with highs typically in the 60s and 70s—is a point in the city’s favor. Denver gets more than 200 days of sunshine each year, ranking high among all American cities.
And with plenty of things to see and do, more than 5,000 acres of parks, and the Rocky Mountains nearby, it’s easy to see why people love Denver.
The Mile-High City is well known for its laid-back culture with its numerous breweries and burgeoning marijuana industry. Denver embraces an outdoor lifestyle and offers easy access to some of the best skiing, snowboarding, and hiking in the world.
It’s no wonder that the city is home to many outdoor recreation businesses.
Affordability
A key factor if you’re seeking to move your business is finding an affordable location. While the cost of living soars ever higher in big cities like San Francisco and New York City, Denver has experienced affordable
Colorado residents are taxed at a lower rate compared to states like California. The state’s lower cost of daycare makes it an ideal place to start a family.
A Deep Talent Pool
For business owners, finding capable, talented employees is never easy. With the Great Resignation, it’s only become more difficult.
This is where Denver sets itself apart from the pack. The city’s highly educated workforce is a primary driver for tech start-ups that are choosing it over its competitors. In Denver, 43 percent of adults have bachelor’s degrees compared to only 28 percent across the country.
All the factors that bring people to Denver in the first place—its beautiful weather, its affordability, its unique lifestyle—make it attractive to skilled workers.
Ideal Economic Conditions
In recent years, Denver’s economy has been booming. The city’s energy and natural resources sector brings in billions of dollars annually and employs tens of thousands of workers.
But the city’s economy is more diverse than the oil and gas industry. Aerospace is a significant and growing sector, and the tech industry is expanding as well.
Other fields that are setting up business in Denver include broadcasting, hospitality, financial services, and healthcare. This level of diversification equals a stable environment for businesses.
Reduced Costs of Doing Business
The bottom line is that your expenditures will be lower in Denver than in many other cities across the country. Because of the more affordable cost of living, you can cut down on a major expense for any business—labor.
Corporate taxes in Colorado are also some of the lowest in the country at 4.6 percent. Compare that to 8.8 percent in California, 6.5 percent in New York, or 9.5 percent in Illinois.
Recruiting and retaining employees is another major cost for businesses. But here again, it’s more affordable in Denver, as you won’t have to spend as much time and energy finding talent.
Central Location
Denver is centrally located between the east and west coasts. If your business has partners on either side of the country, this means you’ll be closer both geographically and in terms of the time zone.
That means no more red-eye flights from the Bay Area to JFK. And you get an extra hour of sleep instead of having early morning conference calls.
Denver provides a convenient location for businesses that require regular travel and conversations that span time zones.
Denver: The Perfect Home for Your Business
From its affordability to its desirable lifestyle and pool of skilled workers, it’s no wonder Denver has become a top spot for business relocation.
Find out more about commercial real estate in Denver with BusinessDen.com. We’re the leading publication for local business news in Denver.
Kelli Warren has been working with Moving Proz as a business owner since 2018. Kelli holds a background in graphic design, having served as Lead Graphic Designer for VIZIO, and leading design for Moving Proz. Working alongside Founder Derek Shaw and the teams serving Denver and surrounding areas, Kelli helps to positively impact clients while bringing versatility as a female-led business. To get a free quote or learn more about professional moving services, visit: Moving Proz.
