The Denver MSA has a gross metropolitan product of $157.6
billion in 2010, making it the 18th largest metro economy in the United States.
Denver's economy is based partially on its geographic position and its
connection to some of the major transportation systems of the country. Because
Denver is the largest city within 500 miles (800 km), it has become a natural
location for storage and distribution of goods and services to the Mountain
States, Southwest states, as well as all western states. Another benefit for
distribution is that Denver is nearly equidistant from large cities of the
Midwest, such as Chicago and St. Louis and some large cities of the West Coast,
such as Los Angeles and San Diego. Over the years, the city has been home to
other large corporations in the central United States, making Denver a key
trade point for the country. Several well-known companies originated in or have
relocated to Denver.
William Ainsworth opened the Denver Instrument Company in
1895 to make analytical balances for gold assayers. Its factory is now in
Arvada. AIMCO (NYSE: AIV) the largest owner and operator of apartment
communities in the United States, with approximately 870 communities comprising
nearly 136,000 units in 44 states, is headquartered in Denver, employing
approximately 3,500 people. Also Samsonite Corp., the world's largest luggage
manufacturer, began in Denver in 1910 as Shwayder Trunk Manufacturing Company
but Samsonite closed its NE Denver factory in 2001, and moved its headquarters
to Massachusetts after a change of ownership in 2006. The Mountain States
Telephone & Telegraph Company, founded in Denver in 1911, is now a part of
telecommunications giant CenturyLink. MediaNews Group purchased the Denver Post
in 1987; the company is based in Denver. The Gates Corporation, the world's
largest producer of automotive belts and hoses, was established in S. Denver in
1919. Russell Stover Candies Inc. made its first chocolate candy in Denver in
1923, but moved to Kansas City in 1969.
The Wright & McGill Company has
been making its Eagle Claw brand of fishing gear in NE Denver since 1925. The
original Frontier Airlines began operations at Denver's old Stapleton
International Airport in 1950. Frontier was reincarnated at DIA in 1994.
Scott's Liquid Gold, Inc., has been making furniture polish in Denver since
1954. Village Inn restaurants began as a single pancake house in Denver in
1958. Big O Tires, LLC, of Centennial opened its first franchise in 1962 in
Denver. The Shane Company sold its first diamond jewelry in 1971 in Denver.
Johns Manville Corp., a manufacturer of insulation and roofing products,
relocated its headquarters to Denver from New York in 1972. CH2M HILL Inc., an
engineering and construction firm, relocated from Oregon to the Denver
Technological Center in 1980. The Ball Corporation sold its glass business in
Indiana in the 1990s and moved to suburban Broomfield. Ball has several
operations in greater Denver.
Molson Coors Brewing Company established its U.S.
headquarters in Denver in 2005. Its subsidiary and regional wholesale
distributor, Coors Distributing Company, is in NW Denver. The Newmont Mining
Corporation, the 2nd largest gold producer in North America and one of the
largest in the world, is headquartered in Denver. Large Denver-area employers
that have headquarters elsewhere include Lockheed Martin Corp., United
Airlines, Kroger Co. and Xcel Energy, Inc. MapQuest, an online site for maps,
directions and business listings, is headquartered in Denver's LODO district.
Online Trading Academy, a professional trader education company, has an office
and center that is operating in Denver.
Geography also allows Denver to have a considerable
government presence, with many federal agencies based or having offices in the
Denver area. Along with federal agencies come many companies based on US
defense and space projects, and more jobs are brought to the city by virtue of
its being the capital of the state of Colorado. The Denver area is home to the
former nuclear weapons plant Rocky Flats, the Denver Federal Center, the Denver
Mint and the National Renewable Energy Laboratory.
In 2005, a $310.7 million expansion for the Colorado
Convention Center was completed, doubling its size. The hope was that the
center's expansion would elevate the city to one of the top 10 cities in the
nation for holding a convention.
Denver's position near the mineral-rich Rocky Mountains
encouraged mining and energy companies to spring up in the area. In the early
days of the city, gold and silver booms and busts played a large role in the
economic success of the city. In the 1970s and early 1980s, the energy crisis
in America and resulting high oil prices created an energy boom in Denver
captured in the soap opera Dynasty. Denver was built up considerably during
this time with the construction of many new downtown skyscrapers. When the
price of oil dropped from $34 a barrel in 1981 to $9 a barrel in 1986 the
Denver economy dropped with it, leaving almost 15,000 oil industry workers in
the area unemployed (including former mayor and current governor John
Hickenlooper, a former geologist), and the highest office vacancy rate in the
nation (30%).[83] There remain 700 employed petroleum engineers in the
region,[84] and energy and mining are still important in Denver's economy today,
with companies such as EnCana, Halliburton, Smith International, Rio Tinto
Group, Newmont Mining, Noble Energy, and Anadarko.
The first Chipotle Mexican Grill near the campus of the
University of Denver
Denver's west-central geographic location in the Mountain
Time Zone (UTC−7) also benefits the telecommunications industry by allowing
communication with both North American coasts, South America, Europe, and Asia
in the same business day. Denver's location on the 105th meridian at over one
mile (1.6 km) in elevation also enables it to be the largest city in the U.S.
to offer a 'one-bounce' real-time satellite uplink to six continents in the
same business day. Qwest Communications, Dish Network Corporation,
Starz-Encore, DIRECTV, and Comcast are a few of the many telecommunications
companies with operations in the Denver area. These and other high-tech
companies had a boom in Denver in the mid to late 1990s. Denver had one of the
lowest unemployment rates in the nation at 3.8% in October 2007. The Downtown
region has seen increased real estate investment with the construction of
several new skyscrapers set to be completed in 2010–2013.
Denver has also enjoyed success as a pioneer in the fast
casual restaurant industry, with many popular national chain restaurants
founded and based in Denver. Chipotle Mexican Grill, Quizno's, and Smashburger
were founded and headquartered in Denver. Qdoba Mexican Grill, Noodles &
Company, and Good Times Burgers & Frozen Custard originated in Denver, but
have moved their headquarters to the nearby suburbs of Wheat Ridge, Broomfield,
and Golden.
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