Denver Economy

Interactive Transcript

spk_0 Hello, welcome to my podcast.

spk_0 Today I will be talking about the history of Denver's economy.

spk_0 In the summer of 1858, a small group of prospectors from Georgia crossed the great plains of the

spk_0 Colorado Territory and discovered gold.

spk_0 Although not much of the metal was found, the discovery was enough to start a stampede

spk_0 into the region.

spk_0 Denver City was a frontier town with an economy based on mining gold and servicing local

spk_0 miners with gambling, saloons, livestock, and goods trading.

spk_0 Mining gold was not the only way to make money in the booming economy.

spk_0 Those who arrived early could simply stake out a claim land and then sell the lots to

spk_0 those arriving after them.

spk_0 Denver could not have had a successful economy unless it could transport its gold to the

spk_0 rest of the country.

spk_0 When the Transcontinental Railway was built through Wyoming rather than Denver, Denver

spk_0 citizens organized their own railway, completed in 1870 to connect with the Union Pacific at

spk_0 Cheyenne.

spk_0 The Kansas Pacific Railroad reached Denver shortly thereafter.

spk_0 The resulting economic boom increased the population from 4,759 in 1870 to 16713 in 1890.

spk_0 During the 1870s and 1880s, silver became more important economically than gold.

spk_0 Mining fortunes were created almost overnight.

spk_0 Denver's first boom came to the end due to the depression of 1893 and the appeal of

spk_0 the Sherman Silver Purchase Act.

spk_0 This act was an attempt by President Benjamin Harrison to close the gap between the value

spk_0 of silver and gold.

spk_0 The growing disparity between the two metals resulted in the depletion of the US gold reserves

spk_0 and an event that played prominently in creating the panic of 1893.

spk_0 Banks failed and Schmeltor shut down.

spk_0 New gold discoveries helped prevent a major decline.

spk_0 Farming, ranching, and tourism began to provide a more stable economy.

spk_0 Railroads brought in sugarbeats, wheat, cattle, and hogs.

spk_0 And Denver became a food processing center.

spk_0 This industry was supported by ways of immigrants, including German brewers.

spk_0 In an effort to diversify, governmental leaders promoted the raising of wheat and sugarbeats,

spk_0 manufacturing, tourism, and service industries.

spk_0 The Denver livestock exchange and the National Western Stock Show made the city known as

spk_0 the Cowtown of the Rockies.

spk_0 Growth began to pick up slowly after the 1900s.

spk_0 Stockyards, breakyards, canneries, flower mills, leather, and rubber goods contributed

spk_0 to the city's improving economy.

spk_0 Of the many Denver area breweries of this era,

spk_0 only chorus brewing survived and has become the third largest beer maker in America.

spk_0 Included in those efforts to diversify was the research and development of fuel sources in Colorado.

spk_0 Many oil and gas, national headquarters moved to Denver after World War II,

spk_0 fueling the growth of the city.

spk_0 Large skyscrapers of 40 and 50 stories began to spring up in the downtown area during the 1970s.

spk_0 Military activities, defense contractors, and facilities related to the Cold War contributed

spk_0 to an economic boom after World War II, but most of these activities ended in the 1990s.

spk_0 Another boost came with soaring oil production in the 1970s,

spk_0 and high rise office buildings were constructed throughout the city.

spk_0 However, Denver's population began declining after reaching a peak in about 1970,

spk_0 and the crash in oil prices in the mid-1980s led to an economic bust.

spk_0 Increasing population in the growth of tourism brought back prosperity in the 1990s.

spk_0 The cities of populations are passing.

spk_0 It's 1970s level by 2000.

spk_0 As the largest city of a vast region between the Missouri River and the Pacific states,

spk_0 Denver serves as a transportation, industrial, and commercial hub,

spk_0 and is the center of high technology industries.

spk_0 Major businesses include telecommunications, aviation, and aerospace,

spk_0 software, financial and business services, and healthcare.

spk_0 Tourism is a primary economic factor.

spk_0 Manufacturers include electronics, computer equipment, rubber products,

spk_0 luggage, pharmaceuticals, medical equipment, and packaging.

spk_0 The Denver branch of the US Mint produces about half of circulating US coinage

spk_0 and is the nation's second largest gold depository.

spk_0 Denver International Airport is one of the country's largest

spk_0 in it open in 1995.

spk_0 In the 1970s and early 80s, the energy crisis in America and resulting high oil prices

spk_0 created an energy boom in Denver.

spk_0 Denver was built up considerably during this time with the construction of many new downtown

spk_0 skyscrapers when the price of oil dropped from $34 a barrel in 1981 to $9 a barrel in 1986.

spk_0 The Denver economy also dropped, leaving almost 15,000 oil industry workers in the area unemployed.

spk_0 And the nation's highest official vacancy rate of 30%.

spk_0 The industry has recovered and the region has 700 employed petroleum engineers.

spk_0 Envances in hydraulic fracturing have made the DJ basin of Colorado into an accessible

spk_0 and lucrative oil play. Energy and mining are still important in Denver's economy today,

spk_0 with companies such as BP, Smith International, Newmont, Mining, Noble Energy,

spk_0 Headquartered, or having significant operations.

spk_0 Moving closer to today, the Denver MSA has a gross metropolitan product of 157 billion in 2010,

spk_0 making it the 18th largest metro economy in the United States.

spk_0 Denver's economy is based partially on a geographic position and its connection to the some of the

spk_0 country's major transportation systems. Because Denver is the largest city within 500 miles,

spk_0 it has become a natural location for storage and distribution of goods and services to the

spk_0 mountain states, southwest states, as well as all western states. Another benefit for distribution

spk_0 is that Denver is nearly an equal distance from large cities of the Midwest, such as Chicago and

spk_0 St. Louis, and some large cities of the west coast, such as Los Angeles and San Francisco.

spk_0 Denver, Colorado, was named Six-Song Forbes magazines, best places for business and careers. Due to

spk_0 its proximity to the mineral rich Rocky Mountains, Denver has long been a home for mining and energy

spk_0 companies such as Halle Burton, Smith International, Newmont, Mining, and Noble Energy. The Denver

spk_0 area is also home of several national chain restaurants such as Chipotle, good-time burgers and

spk_0 frozen custard, noodles and company, Codoba, Mexican grill, quiznos, and smash-breaker, all of which

spk_0 were founded in Denver. The U.S. government is a single largest employer in Metro Denver.

spk_0 The Bureau of Land Management, the Office of Surface Mining and Reclamation, and the Bureau of

spk_0 Reclamation all have offices in or near the Denver metro area. Other service agencies in the area

spk_0 are the U.S. Department of Agriculture, the Environmental Protection Agency, the General Services

spk_0 Administration, and the Department of Labor, U.S. Marine Safety and Health Administration.

spk_0 In addition, there are six military bases near Denver, including Buckley Air Force,

spk_0 Base in Aurora, and Fort Carson, Air Force Base in Colorado Springs. Along with federal agencies

spk_0 come many companies based on U.S. defense and space projects, and more jobs are brought to the

spk_0 city by virtue of its being the capital of the state of Colorado. In conclusion, Denver has had a

spk_0 successful economy largely in part due to its location. Denver is home to Golden Silver.

spk_0 Its position in the West makes it a viable storage and telecommunication hub.

Denver Economy

Interactive Transcript

Topics Covered

Related Episodes

584 - The 4 Fundamentals of Lasting Change: Start today and change your life with Molly Claire

Manifest Space: Intuitive Machines CEO on $800 Million Deal and Building a Lunar Communications Network 11/7/25

Bloomberg Businessweek Weekend: November 7th, 2025

What’s Up THIS WEEK: ChatGPT HUGE Change! 🐦 Threads Catching Up. 📊 3rd Grade Level Marketing Works! | Ep. 425

Share Episode