2021 Q1 Industrial Report
2020 is at last in the rearview and as vaccine distribution accelerates, COVID-19 will be soon as well. As of the beginning of April, 19.4% of the United States’ population was fully vaccinated with Colorado trending slightly above the national average with 19.6% of the state’s population fully vaccinated. Manufacturing of the vaccine has amplified as well with March production more than doubling February’s, leading the Biden Administration to announce that all Americans will be eligible for vaccines by the end of April. Denver employment has been steadily recovering as well, with over 154,700 jobs added since the pandemic-induced April 2020 low, causing unemployment rates to fall from 12.3% to 6.9% as of the end of February. These factors are a strong sign that the nation is well on its way to recovery and the economy should accelerate throughout 2021.
2021 Q1 Office Report
Since vaccine distribution began in the United States on December 14th, more than 171 million doses have been administered, with 64.4 million people or 19.4% of the total US population now fully vaccinated (as of 4/7/21). Colorado is trending above the national average, with 19.6% fully vaccinated and 33.6% having received at least one dose. Furthermore, the U.S. is expected to manufacture 132 million vaccine doses in March, compared with 48 million in February, and the Biden Administration has announced that all Americans will be eligible for the vaccine by April 19, 2021.
2021 Q1 Retail Report
With spring on the horizon bringing warmer weather, states are cautiously reopening and retail is beginning to reap the benefits. In February, retail sales rose 2.4% year-over-year despite a 3% decline month-over-month. Retail continues to rebound from a wide redirection of spending from other parts of the economy with a jump of 7.1% year-over-year. As COVID restrictions continue to ease, revenue is being pumped in for restaurants, gyms, and much more. Consumer spending is expected to bounce back after the biggest decline in 10 months due to the distribution of the most recent stimulus checks.