DEMOGRAPHIC AND ECONOMIC INDICATORS
Demographic and economic characteristics in the trade area are indicators of overall trends in real estate development. The following discussion provides data on trends among the following economic and demographic indicators:
- Population and Households
- Household Income
- Employment
- Retail Sales
- Population and Households Growth
As shown in Table I, the total population of the Pueblo Trade Area grew at a slower rate than the State of Colorado as a whole through the 1990s. However, over the next few years, population growth rates are expected to become much more in line with those of the State of Colorado, as Pueblo becomes an increasingly attractive area in which to live.
Table I.
HISTORICAL AND PROJECTED POPULATION ESTIMATES
Pueblo Trade Area and State of Colorado
1990 to 2010
| Year |
Pueblo
Trade Area |
State of
Colorado |
| 1990 |
222,700 |
3,304,000 |
| 1995 |
245,300 |
3,782,000 |
| 2000 |
266,400 |
4,250,100 |
| 2005 |
287,800 |
4,653,300 |
| 2010 |
307,400 |
5,085,500 |
| Compound Average Annual Growth Rate (CAACR): |
| 1990-1995 |
2.0% |
2.7% |
| 1995-2000 |
1.7% |
2.4% |
| 2000-2005 |
1.6% |
1.8% |
| 2005-2010 |
1.3% |
1.8% |
| SOURCE: Colorado Division of Local Government,
Demography Section |
Projected household growth rates in both the Pueblo Trade Area and the State of Colorado are expected to follow population growth rates over the next five to ten years, as shown in Table II. The annual average growth rate of households in the Pueblo Trade Area is anticipated to converge with the growth figures for the State of Colorado as a whole.
Table II.
HISTORICAL AND PROJECTED NUMBER OF HOUSEHOLDS
Pueblo Trade Area and State of Colorado
1990 to 2010
| Year |
Pueblo Trade Area |
State of Colorado |
| 1990 |
83,900 |
1,282,500 |
| 1995 |
89,700 |
1,451,400 |
| 2000 |
97,500 |
1,641,000 |
| 2005 |
106,200 |
1,810,600 |
| 2010 |
114,300 |
1,994,300 |
| Compound Average Annual Growth Rate (CAACR): |
| 1990-1995 |
1.3% |
2.5% |
| 1995-2000 |
1.7% |
2.5% |
| 2000-2005 |
1.7% |
2.0% |
| 2005-2010 |
1.5% |
2.0% |
| SOURCE: Colorado Division of Local Government,
Demography Section |
Growth in Household Income
As shown in Table III, the median household income in the Pueblo Trade Area, historically has been lower than that of the State of Colorado, and has grown at a somewhat lower rate. It is expected that within the next ten years, income annual growth rates will approach those of Colorado as a whole, if for no other reason than the rate of new household formations for the Pueblo Trade Area is less than the State of Colorado.
So that even though income growth for the Pueblo Trade Area may remain moderate, the fact that household growth is less rapid than for Colorado statewide means that each household will have a larger share of the total income pie.
Table III.
HISTORICAL AND PROJECTED MEDIAN HOUSEHOLD INCOME
Pueblo Trade Area and State of Colorado
1990 to 2010
| Year |
Pueblo Trade Area |
State of Colorado |
| 1990 |
$20,000 |
$30,200 |
| 1995 |
$24,600 |
$38,200 |
| 2000 |
$28,700 |
$47,800 |
| 2005 |
$32,000 |
$57,500 |
| 2010 |
$40,300 |
$71,300 |
| Compound Average Annual Growth Rate (CAACR): |
| 1990-1995 |
4.2% |
4.8% |
| 1995-2000 |
3.1% |
4.6% |
| 2000-2005 |
2.2% |
3.8% |
| 2005-2010 |
4.7% |
4.4% |
SOURCES: Claritas, Inc., Colorado Division of
Local Government,
Demography Section, Center for Business and Economic Forecasting
(CBEF) |
Employment
For the ten-year periods of 1990-1999, employment growth in the Pueblo Trade Area has lagged somewhat behind the State of Colorado growth rates. However, considering the economic downturn that plagued Pueblo during the 1980s, the growth rate during the 1990s has been impressive, with annual compounded growth within the Pueblo Trade Area being in at least the same general range as for Colorado as a whole. The 1999 rate of unemployment for the Pueblo Trade Area (4.7%) was one half of a percentage point higher than the U.S. National average-although significantly higher than Colorado's phenomenally low 2.9%. Recent projections based on data from the Center for Business and Economic Forecasting (CBEF) suggest that employment growth rates will tend to converge with the State of Colorado rate of growth, as would be expected as Pueblo becomes more fully integrated into the State's economy. Table V summarizes the major employers in the Pueblo Area.
Table IV.
HISTORICAL AND PROJECTED EMPLOYMENT
Pueblo Trade Area and State of Colorado
1990-2010
| Year |
Pueblo Trade Area |
State of Colorado |
| 1990 |
87,500 |
1,678,000 |
| 1999 |
106,500 |
2,198,100 |
| 2005 |
117,800 |
2,446,400 |
| 2010 |
128,200 |
2,674,600 |
| Compound Average Annual Growth Rate (CAACR): |
| 1990-1999 |
2.0% |
2.7% |
| 1999-2005 |
1.7% |
1.8% |
| 2005-2010 |
1.8% |
1.8% |
SOURCE: Colorado Dept. of Labor and
Employment,
Labor Market Information; Center for Business and Economic
Forecasting. |
Table V.
TRADE AREA MAJOR EMPLOYERS
Pueblo County Primary Trade Area
| NAME |
CLASSIFICATION |
TOTAL EMPLOYMENT |
| School District 60 |
public schools |
2,400 |
| Parkview Medical Center |
health care |
1,950 |
| St. Mary Corwin Medical Center |
health care |
1,230 |
| Loaf N' Jug |
convenience store |
1,100 |
| Convergys |
inbound telemarketing |
1,100 |
| Colorado Mental Health Institute |
mental health care |
1,050 |
| Pueblo County |
county government |
1,025 |
| Trane Company |
commercial air conditioners |
980 |
| Wal-Mart Stores |
retail sales |
850 |
| School District 70 |
public education |
835 |
| Rocky Mountain Steel |
steel products |
800 |
| Target Distribution |
distribution |
780 |
| City of Pueblo |
city government |
705 |
| Colorado State University - Pueblo |
four-year university |
650 |
| Pueblo Community College |
community college |
540 |
| Safeway Stores, Inc. |
retail supermarket chain |
525 |
| Qwest Communications |
telecommunications |
525 |
| U.S. Postal Services |
mail service |
340 |
| Innotrac Corp. |
marketing support service |
325 |
| King Soopers |
retail supermarket chain |
315 |
| Mission Foods-Pueblo |
flour/corn tortillas and shells |
300 |
| Pueblo Diversified Industries Inc. |
vinyl products, heat sealing, recycling |
300 |
| Goodrich Corp. |
manufacturing/assembly |
250 |
| Transportation Technology Center |
research/development and test facilities |
250 |
| The Pueblo Chieftain |
newspaper |
245 |
| Bene Sight |
health insurance |
215 |
| Aquila Inc. |
utility company |
204 |
| |
TOTAL EMPLOYEES |
19,789 |
| NOTES:
SOURCE: Greater Pueblo Chamber of Commerce - Images
Magazine 2006 Edition, Volume 12 |
Retail Sales
As shown in Table VI, between 1990 and 1999, retail sales growth in the Pueblo Trade Area was somewhat below the State as a whole. This reflects not so much a lack of growth in the Pueblo Trade Area, as the fact that the State of Colorado as a whole has seen phenomenal rates of growth in retail sales. Analysis of growth in the Denver-Boulder Consumer Price Index reveals that retail sales in the Pueblo Trade Area has grown at a much faster rate than inflationary growth. It would be expected that for the immediate future, retail sales will show a rate of growth that is similar to the growth in household incomes.
Table VI.
HISTORICAL RETAIL SALES GROWTH ($'000)
Pueblo Trade Area and State of Colorado
1990 to 1999
| Year |
Pueblo Trade Area |
State of |Colorado |
Denver-Boulder
CPI (1982-84=100) |
| 1990 |
$1,288,547 |
$27,543,634 |
120.9 |
| 1995 |
$1,800,101 |
$39,940,823 |
147.9 |
| 1999 |
$2,238.439 |
$52,218,705 |
166.6 |
| Compound Average Annual Growth
Rate (CAACR): |
|
| 1990-1995 |
6.9% |
7.7% |
4.1% |
| 1995-1999 |
5.6% |
6.9% |
3.0% |
| SOURCE: Colorado Department of
Revenue; U.S. Bureau of Labor Statistics. |
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