How Denver’s economy will bounce back from COVID

After a busy Memorial Day weekend, companies are hoping June events as well as eased COVID-19 restrictions will give a boost.

DENVER – The list goes on when it comes to counting the events that will be happening in June and potentially driving crowds to venues and other locations across Denver.

The MLB All Star Game, Pride festival, the CONCACAF Nations League, and the Colorado avalanche and Denver nuggets Playoff runs are some of the events that come to Mile High City.

“And I think we’re coming back for this summer with a really big push,” said Kishore Kulkarni, professor of economics at the Metropolitan State University of Denver (MSU Denver).

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It’s much-needed foot traffic leading to much-needed business for many as the city continues to seek recovery from the pandemic, after more than a year of lost business when many events simply didn’t happen.

Business is picking up speed again

While many bars could benefit from the various events this month, a Denver winery is also hoping to boost business.

“… went through all the struggles of last year. Certainly the toughest year in the hospitality industry, but it was slowly starting to open again,” said John Schlegel, founder of momentwho is also the founder of Snooze. “And now we are grateful that we have 100% vaccinated employees who we give them the choice of wearing their masks. Unless there is a table with under 12s, we slowly see that people are coming out. “

The winery and event space opened in January 2020, just months before it temporarily closed last March.

He added that Memorial Day weekend turned out to be another step towards normalcy and they saw an increase in business.

“… It is definitely more of a barbecue and beer weekend,” said Schlegel. “But it still didn’t stop people. They were just so excited to be outside. Now the weather has probably affected a small part of the sales from everyone here. We were very grateful for that, however [the] Weekend.

“… This area also attracts a lot of tourists. So what I noticed the most was the confidence of the people who came back to Colorado from the state and prepared for four summers out here.”

Now, he said, he’s seeing major reservation requests.

“… So we have a nice function room on the upper floor, where we went from a group of eight and a group of ten to an inquiry for a group of fifty here in two weeks,” Schlegel said. “So this comes around the corner.”

Overall, he believes that with events coming up this month and the easing of restrictions, more foot traffic could be in sight.

“We have games on the third Thursday and the finals on Sunday. So we’ll see a lot of these people who are starting to come,” he said, referring to the CONCACAF Nations Cup games. “… That synergy feels really great. I hear ‘this feels normal again’ pretty regularly. And the crowds are starting to see people and regulars.

“And we’ve had a lot of tables in the past few months that they’ve been outside at for the first time in a year. And now you see her again and see her a third time and you can just see the excitement man. “

The outlook for summer

Kishore Kulkarni, professor of economics at MSU Denver, is optimistic about the economic recovery this summer.

“And this summer clearly looks like a summer of probably 2019 when we were really busy with all sorts of activities,” he said.

When it comes to fully recovering from lost revenue, Kulkarni said it was difficult to map, but believes it could possibly take a few years in terms of the lost revenue experienced and he expects event prices may rise.

“And # 2, the enthusiasm that the fans have shown is so incredible that I think we’ll fill most of the arenas, especially at very important games,” he said. “There are some industries that are likely to take a little longer to come back, but there are some industries that have already come back.”

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Overall, he believes this summer will be good news for the Denver economy.

“And it’s very hard to really put a calendar number on it,” he said. “But three to nine months is a good range when we come back.”

While 9NEWS has reported staff shortages in some industries, a separate May report of the Secretary of State of Colorado It is estimated that Colorado is expected to create 90,000 jobs in 2021 and reach a new employment summit in 2022.

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