August 26, 2020

About this Report• We know that during times of uncertainty, access to real-time data is crucial. In this report, the

Downtown Denver Partnership analyzes dozens of high-quality, high-frequency data sources that help tell the impact of this historic pandemic on Downtown Denver, our businesses, and our community.

• This report will be updated every two weeks and will be available at downtowndenver.com. Please contact Emily Brett at ebrett@downtowndenver.com with any questions or comments.

• Below is a summary chart of what you can expect from the three major sources of economic data from the Downtown Denver Partnership:

Report Title Release Schedule GeographyHigh-Freqency Covid-19 Impact Data

Every two weeks (around the 5th and 20th of each month)

Mostly City/Metro, some Downtown Denver

Quarterly Economic Updates

About 6 weeks after the end of each quarter Downtown Denver

State of Downtown Denver Annually in May Downtown Denver

Summary Page 1 of 2 – August 26• Pedestrian activity is slowly increasing, but still well below normal levels. Monthly traffic in July was down 75% from

2019, compared to being down 80% in June, 82% in May and 85% in April. Pedestrian traffic is settling into the same pre-pandemic pattern of highest traffic on Fridays and Saturdays, lower on Sunday, and moderate levels Monday through Thursday.

• Google movement data for Denver shows that while people are spending more time outside of the home than in April and May, levels have stayed somewhat consistent through June, July and August, although slightly more people are visiting retail and transit locations.

o Overall, the most recent full week of data shows that people are spending 9% more time at home than the January/February baseline. When people do go out, they are making 26% fewer visits to retail places, 44% fewer visits to transit stations, and 38% fewer visits to workplaces from baseline.

o Weekends continue to look more like the baseline of January and February than weekdays do with time spent at home only up 4% on Saturdays and 3% on Sundays. The average weekend worker is much more likely to visit their place of work while the average weekday worker is much more likely to remain working at home. Also, visits to retail are down significantly more compared to baseline over the weekend, suggesting that typical weekday retail visits are returning faster than typical weekend retail visits. This pattern calls for more evaluation, but two potential reasons could be a lower pre-pandemic base of weekday retail visits and a higher dependence on special events for weekend retail visits.

o The weekday office worker has not returned to the office in significant numbers since May, with visits to workplaces on Wednesdays still down 46% from baseline – basically unchanged from the end of May but up significantly from a low of -60% from baseline in April.

Summary Page 2 of 2 – August 26• In-restaurant diner data from OpenTable shows seated diners are slowly returning to restaurants in Denver, with total

seated diners down an average of -47% from last year so far for the month of August (slightly better than the US average of -53% month-to-date).

• Downtown Denver hotels are welcoming more guests, with the occupancy rate of available hotel rooms at 31% in July, up from a historic low of 9.5% in April. There were close to 85,000 occupied hotel room nights in July, up from only 14,014 in April, but only one third of 2019’s July total of 245,120 occupied hotel room nights. We are seeing total available room nights increase to pre-pandemic levels after 100,000 room nights were taken off the market in the spring, showing that almost all hotels in downtown are now open and accepting reservations.

• Unemployment in the Denver Metro Area was 11.0% in June, basically even with the national rate of 11.1%. Denver now ranks in the middle (#17 lowest) of the top 30 labor markets in terms of unemployment rate, when pre-pandemic Denver was tied with Austin and San Francisco for the lowest unemployment rate among the top 30 largest labor markets. However, it is too early to tell how Denver’s recovery will stack up against other cities. New metro area unemployment data for July will be released in the next week (on September 2).

• Unemployment in the State of Colorado dropped to a promising 7.4% in July, significantly lower than the national rate of 10.2%.

• Total Labor Force is an important metric to look at as we try to assess how the pandemic is impacting population growth, and thus future growth potential, in Metro Denver. Population growth has been a huge economic driver for Metro Denver in recent years as the total labor force has risen sharply. While total labor force dropped in March and April as people exited the workforce, June numbers look promising with labor force growth in Metro Denver much higher than the national number. It is too early to draw any conclusions, but we will be watching this number closely.

Source: IKE counters/DDP Geography: 16th Street Mall

How many people are walking on the 16th Street Mall?

0

5

10

15

20

25

30

35

40

45

1-Feb

8-Feb

15-Feb

22-Feb

29-Feb

7-Mar

14-Mar

21-Mar

28-Mar

4-Apr

11-Apr

18-Apr

25-Apr

2-May

9-May

16-May

23-May

30-May

6-Jun

13-Jun

20-Jun

27-Jun

4-Jul

11-Jul

18-Jul

25-Jul

1-Aug

8-Aug

15-Aug

22-Aug

Pedestrian Activity Index (sample of total pedestrians) on 16th Street Mall

Counters down due to racial

equality protests

Source: IKE counters/DDP Geography: 16th Street Mall

How many people are walking on the 16th Street Mall?

-45%

-85%-82% -80%

-75%

-90%

-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%March April May June July

Change in Total Monthly Pedestrians, 2019 to 2020

Source: Google Mobility Data Geography: City and County of Denver

Google data

-100

-80

-60

-40

-20

0

20

40

60

80

100

2/17/2020 3/17/2020 4/17/2020 5/17/2020 6/17/2020 7/17/2020 8/17/2020

Change from Baseline - All Denver Data

Retail & Recreation Grocery & Pharmacy Parks Transit Stations Workplaces Residential

Source: Google Mobility Data Geography: City and County of Denver

Where are people spending their time?

-26

-44-38

9

-80

-60

-40

-20

0

20

40

17-Fe

b

24-Fe

b2-

Mar

9-Mar

16-M

ar

23-M

ar

30-M

ar6-

Apr

13-Ap

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20-Ap

r

27-Ap

r

4-May

11-M

ay

18-M

ay

25-M

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Jun

8-Ju

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15-Ju

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22-Ju

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29-Ju

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Jul

13-Ju

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20-Ju

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27-Ju

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3-Au

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g

Weekly Data - Average Change in Visits

Retail Transit Stations Workplaces Residential

Are weekday workers returning to the office?

Source: Google Mobility Data Geography: City and County of Denver

0 2 2 0

-43

-57 -59 -60 -59 -58 -58-55

-51 -50 -48 -46 -45 -45 -45 -45 -46 -45 -46 -46 -47 -47 -46

-80

-60

-40

-20

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20

40

2/1

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020

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3/4

/2020

3/1

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4/1

/2020

4/8

/2020

4/1

5/2

020

4/2

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9/2

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5/6

/2020

5/1

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0/2

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/2020

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/2020

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9/2

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Change in Visits from Baseline - Denver - Wednesday Only

Retail & Recreation Transit Stations Workplaces Residential

Source: Google Mobility Data Geography: City and County of Denver

What about weekends vs weekdays?

-21-23 -24 -24

-28

-34

-27

-44-47 -46 -47

-45

-20-18

1012 12 12 11

4 3

-50

-40

-30

-20

-10

0

10

20

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

Average change in visits over past 30 days by day of week

Retail & Recreation Workplaces Residential

-120

-100

-80

-60

-40

-20

0

20

40

60

18-Feb

25-Feb

3-Mar

10-Mar

17-Mar

24-Mar

31-Mar

7-Apr

14-Apr

21-Apr

28-Apr

5-May

12-May

19-May

26-May

2-Jun

9-Jun

16-Jun

23-Jun

30-Jun

7-Jul

14-Jul

21-Jul

28-Jul

4-Aug

11-Aug

18-Aug

Year over Year Change in Seated Diners

United States Denver

Source: Open Table State of the Industry Geography: City of Denver and US

Dining in at Restaurants

Avg. Feb Avg. March Avg. April Avg. May Avg. June Avg. JulyAvg. Aug (MTD)

United States 1 -57 -100 -92 -68 -61 -53

Denver -1 -57 -100 -98 -66 -54 -47

66.70% 70.90%

31.60%

9.50%

20.70%

27.80%31.40%

64.40%

72.70%77.20%

81.80% 83.30%88.80%

91.30%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

0%

10%

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100%

JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY

RevP

AR

Occ

upan

cy %

2019 v 2020 Occupancy % and RevPAR (Revenue per Available Room)

2020 - Occ% 2019 - Occ% 2020 - RevPAR 2019 - RevPAR

Downtown Denver Hotel Market, 2020 vs 2019

Source: Rocky Mountain Lodging Reports Geography: Downtown Denver

Downtown Denver Hotel Market, 2020

285,138268,400

245,544

147,374 149,832

180,754

269,218

190,240 190,349

77,569

14,01430,970

50,247

84,584

0

50,000

100,000

150,000

200,000

250,000

300,000

Jan Feb March April May June July

Room

Nig

hts

Available vs. Occupied Room Nights, Downtown Denver

AVAILABLE ROOM NIGHTS OCCUPIED ROOM NIGHTS

Denver International Airport Passenger Traffic

Source: Denver International Airport

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

DEN Total Passengers

2017 2018 2019 2020

Unemployment Rates by Geographic Area

Unemployment Rates by Month, 2020

Denver (City)

Denver (Metro)

ColoradoUnited States

Jan 2.8 2.7 2.5 3.6

Feb 2.8 2.8 2.5 3.5

Mar 5.3 5.2 5.2 4.4

Apr 13.4 12.3 12.2 14.7

May 11.5 10.5 10.2 13.3

Jun 11.9 11.0 10.5 11.1

Jul 7.4 10.2

Source: BLS Geography: Various

0

2

4

6

8

10

12

14

16

Jan Feb Mar Apr May Jun Jul

Unemployment Rates by Month, 2020

Denver (Metro) Colorado United States

Top 30 Metros by Labor Force, Ranked by June 2020 Unemployment RateSource: BLS Geography: Metro Areas

MetroTotal Labor Force,

June 2019Total Labor Force,

June 2020May, 2019 May, 2020 June, 2019 June, 2020

Change June 2019 to June

2020Los Angeles-Long Beach-Anaheim 6,692,809 6,506,445 3.7 19.3 4.1 18.1 14Detroit-Warren-Dearborn 2,159,216 2,053,738 3.8 23.8 4.4 17.8 13.4New York-Newark-Jersey City 9,961,096 9,887,401 3.4 15.3 3.5 17.0 13.5Boston-Cambridge-Nashua 2,852,718 2,743,087 2.6 16.2 2.9 16.9 14Orlando-Kissimmee-Sanford 1,364,425 1,302,852 2.9 21.1 3.2 16.5 13.3Chicago-Naperville-Elgin 4,930,924 5,006,583 3.4 15.3 4.1 15.6 11.5Riverside-San Bernardino-Ontario 2,055,848 2,055,190 3.5 15.1 4.2 14.3 10.1Philadelphia-Camden-Wilmington 3,125,601 3,119,025 3.8 13.7 4.1 14.0 9.9San Diego-Carlsbad 1,582,682 1,580,385 2.8 15.2 3.3 13.9 10.6San Francisco-Oakland-Hayward 2,574,357 2,515,312 2.3 12.9 **2.8** 12.6 9.8Pittsburgh 1,216,835 1,178,566 3.9 13.6 4.4 12.6 8.2Portland-Vancouver-Hillsboro 1,322,096 1,355,300 3.4 14 3.8 11.4 7.6Miami-Fort Lauderdale-West Palm Beach 3,144,322 2,940,463 2.8 13.4 3 11.3 8.3Denver-Aurora-Lakewood 1,690,123 1,713,692 2.5 10.5 **2.8** 11.0 8.2Columbus 1,102,941 1,095,382 3.2 11 3.8 9.9 6.1Houston-The Woodlands-Sugar Land 3,420,393 3,395,505 3.4 13.9 4 9.9 5.9Phoenix-Mesa-Scottsdale 2,490,205 2,471,241 4 8.3 4.4 9.7 5.3St. Louis 1,490,157 1,456,573 3 11.3 3.4 9.7 6.3Seattle-Tacoma-Bellevue 2,163,471 2,223,411 3.2 15.3 3.4 9.7 6.3Minneapolis-St. Paul-Bloomington 2,037,819 2,048,839 2.6 10.1 3.1 9.2 6.1Tampa-St. Petersburg-Clearwater 1,554,392 1,486,272 3.1 12.2 3.4 9.2 5.8Cincinnati 1,141,322 1,127,725 3.3 11.2 4.1 9.0 4.9Atlanta-Sandy Springs-Roswell 3,088,537 2,990,486 3.2 9.9 3.6 8.6 5San Antonio-New Braunfels 1,202,628 1,196,498 2.8 12.7 3.3 8.5 5.2Washington-Arlington-Alexandria 3,489,162 3,437,663 3 8.9 3.3 8.4 5.1Dallas-Fort Worth-Arlington 3,960,641 3,957,398 2.9 12.3 3.5 8.4 4.9Charlotte-Concord-Gastonia 1,377,278 1,321,828 3.5 13.2 3.8 8.4 4.6Baltimore-Columbia-Towson 1,536,254 1,501,034 3.5 9.7 3.9 8.0 4.1Kansas City 1,152,837 1,133,613 3 10.8 3.3 7.8 4.5Austin-Round Rock 1,234,994 1,214,563 2.4 11.4 **2.8** 7.5 4.7

Labor Force Growth

1,300,000

1,350,000

1,400,000

1,450,000

1,500,000

1,550,000

1,600,000

1,650,000

1,700,000

1,750,00020

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Total Labor Force, 2010 to 2020, Metro Denver and US

labor force, Denver Metro labor force, US, in 100s

1,500,000

1,550,000

1,600,000

1,650,000

1,700,000

1,750,000

2019,Dec

2020,Jan

2020,Feb

2020,Mar

2020,Apr

2020,May

2020,Jun

Total Labor Force, 2020, Metro Denver and US

labor force, Denver Metro labor force, US, in 100s

Source: BLS Geography: Various

Data Notes/References

• Slide 5-6: Pedestrian Activity Index – This data comes from the dozens of IKE kiosks on and adjacent to the 16th Street Mall that are enabled with sensors that count the number of wifi-enabled devices within a certain radius of the kiosk. While these do not produce a full pedestrian count, they count a sample of pedestrian activity, which we call the pedestrian activity index.

• Slides 7-10: Google’s COVID-19 Community Mobility Reports use aggregated, anonymized cell phone data to chart movement trends over time by geography and across different categories of places. The data is indexed to a baseline of January and February 2020, and the numbers represent changes from this baseline. Thus, some of the increases and decreases are due to seasonal movement patterns (like people spending more time in parks in the summer vs. winter).

• Slide 11: OpenTable’s State of the Industry data measures year-over-year seated diners at a sample of restaurants on the OpenTable network across all channels: online reservations, phone reservations, and walk-ins. For year-over-year comparisons by day, OpenTable compares to the same day of the week from the same week in the previous year.

• Slide 12-13: Downtown Denver Hotel Data is provided by the Colorado Hotel and Lodging Association’s Rocky Mountain Lodging Report.

• Slide 14: Denver International Airport total passenger traffic (both connecting and originating/departing)

• Slide 15 – 17: Data from U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics and Current Population Survey

Questions?

Emily Brettebrett@downtowndenver.com

Data pulled August 24-25, 2020