When it comes to cities experiencing tech-fueled economic booms, Denver and Boulder in Colorado are leading the way. These cities have seen significant growth in recent years, with Denver’s skyline evolving and Boulder’s gross domestic product on the rise. These transformations have been driven by various factors, including a strong military presence, top universities, and a focus on high-tech industries such as aerospace and quantum tech.
However, with growth comes challenges, such as a growing homeless population, affordability issues, and strained infrastructure. Despite these challenges, the tech boom has brought significant economic benefits to both cities. Denver, in particular, has seen growth not only in the tech industry but also in areas like professional sports, outdoor recreation, and the cannabis industry.
Speaking of the cannabis industry, Colorado has been a national trailblazer since legalizing recreational marijuana in 2014. The industry has contributed billions to the state’s economy, with Denver alone surpassing $6 billion in marijuana sales since 2014. Despite a recent decline in revenue due to the pandemic, industry experts remain optimistic about the future of cannabis in the state.
In addition to the cannabis industry, Denver’s professional sports scene is thriving. The city’s major league franchises have collectively generated over $1 billion in revenue, competing with sports powerhouses like Chicago, New York, and Los Angeles. The University of Colorado Boulder’s football program has also seen a financial boost, thanks to the hiring of NFL star Deion Sanders as head coach.
Another major economic force in Denver is the iconic Red Rocks Amphitheatre. This legendary music venue not only hosts world-renowned artists but also generates a substantial amount of regional economic output. With its unique geography and location at 6,450 feet above sea level, Red Rocks has become one of the most attended concert venues in the world, generating millions in revenue and supporting thousands of jobs.
Overall, Denver and Boulder’s success stories in tech, sports, cannabis, and entertainment showcase the cities’ entrepreneurial spirit and economic viability. Tune in to CNBC’s “Cities of Success” special on April 11 at 10 p.m. ET to learn more about Denver and Boulder’s economic transformations and growth opportunities.
