Colorado's construction jobs, particularly in Denver, have been among the nation's hardest hit for months, despite the number of cranes across the city, new data shows.

Why it matters: When firms struggle to find workers, vital infrastructure and economic development projects can stall.

By the numbers: The Denver-Aurora-Lakewood area had the second-largest decline in construction employment among 358 metros last month, according to the Associated General Contractors of America's (AGC) new analysis of Bureau of Labor Statistics data.

• Construction employment in metro Denver dropped 4.1% from July 2023 to July 2024, with about 4,700 jobs lost.
• Statewide, Colorado's construction jobs fell 2.3% over the last year — the fourth-steepest decline in the U.S. and one of only 14 states and the District of Columbia that saw drops year-over-year.

Context: Like most of the nation, Colorado's construction employment plunged at the start of the pandemic but rebounded in 2021 and 2022 amid a surge in apartment projects, AGC chief economist Ken Simonson tells us.

The latest: Apartment construction has since slowed, however, Census Bureau data shows. That's because many of these buildings were completed in 2023 and earlier this year — just as population growth flattened and vacancies rose.

• Additionally, high interest rates and tighter lending standards have made it tough for developers to secure financing for new apartments and reduced demand for office and warehouse buildings, Simonson says.

The intrigue: Although Denver's airport and Colorado's highway construction projects have continued, they may have already passed their peak employment, contributing to the recent decline, Simonson adds.

What else experts are saying

The property tax relief authored earlier this year by Democratic leaders at the Capitol will deepen economic inequities in Colorado, a new analysis shows.

Why it matters: The findings undermine the landmark legislation approved in May and jeopardize additional tax cuts advancing in the current special session.

Driving the news: The property tax cuts included in Senate Bill 233, signed by Gov. Jared Polis in May, will most benefit white or Asian homeowners and those with above-average income, according to a demographic analysis published Monday.

• The report came just hours after lawmakers gathered to consider legislation that doubles down on the bill and provides another $255 million in property tax breaks.

The analysis, written by a nonpartisan legislative analyst, finds that property tax savings are not typically passed on to renters, meaning the property owner benefits most.

• The tax breaks are "expected to increase economic disparities by race, ethnicity, disability status, and socioeconomic status in the short term," the report states.

The other side: Earlier this year, lawmakers approved new measures to encourage the development of middle-income rental units, provide tax credits for renters and tighten eviction rules.

Between the lines: Two bills sponsored by progressive Democrats sought to address the inequities by targeting the property tax cuts to homes worth less than $560,000 and allowing tax hikes on high-value properties, but both failed.

The intrigue

Labor Day travel at Denver International Airport is expected to soar to new heights following a record-setting summer travel season.

Why it matters: Four years after the pandemic upended air travel, people are flying in full force again — and Denver is among the top 10 U.S. destinations this upcoming holiday weekend, according to AAA.

The latest: Airport officials predict more than 444,500 passengers will travel through its security checkpoints between tomorrow and Sept. 3.

• The two busiest days of the holiday weekend will be Friday and Monday, when DIA will see nearly 178,000 people.

What they're saying: Travelers should arrive at the airport at least two hours before their flights and be prepared for long security lines, DIA officials advise.

State of play: The airport is expanding its security line reservation system from three days in advance to 14.

• Travelers can make a free reservation and skip the security screening line.

The big picture

🔎 A California-based staffing company owes more than $2.3 million in fines for minimum wage, overtime and sick leave violations for over 3,500 Denver workers, according to the Denver Auditor's Office. (Denverite)

👮🏻‍♀️ Protesters this week denounced the Aurora City Council's decision to hire Todd Chamberlain as its next police chief, saying his hiring process lacked sufficient public input. (Sentinel)

🗳️ Roughly 2,500 Denverites this fall will decide whether to expand the boundaries of the Downtown Development Authority to generate up to $500 million more per year to pay for projects in the city center. (Denver Post 🔑)

📡 Get these events on your radar:

Bananafest at Larimer Square on Sept. 7: Join the Banana Boys and the Bananimals for a day packed to the gills with nonstop silly sweetness and stupidity: Dog Parades, Friendship Speed Dating, and much more. $37.92.

Promoting your event? Email [email protected].

Colorado kicked off last season by shocking the world, but no one will raise an eyebrow if the Buffaloes start this one with another win.

The big picture: The Buffs will welcome Football Championship Subdivision (FCS) powerhouse North Dakota State to a showdown at Folsom Field tomorrow night.

State of play: It's a game that, at least on paper, the Buffs should win.

• The Bison play in the second tier of college football, but they aren't cupcakes: The team has won nine FCS national championships since 2011.

Context: Second-year head coach Deion Sanders — who made headlines recently over CU's decision to ban a Denver Post columnist from asking questions — is still as boastful as ever despite a 4-8 finish in 2023.

The bottom line: Starting the season with a win is no longer the exception, it's the expectation for the Buffs, who are newly in the Big 12 this season and guided by a coach whose optimism hasn't waned.

What's next: The 6pm game will appear on ESPN.

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