Metro Denver Economic Overview Q4 2025

‒      According to the latest estimate released by the Bureau of Economic Analysis (BEA), U.S. GDP increased by 4.4% on an annualized basis in Q3 2025. For Q4 2025, Oxford Economics is projecting GDP growth of 2.4% for the U.S. and 3.0% growth for metro Denver.

‒      The national CPI rose 20 basis points (bps) from the previous year to 2.7% in December 2025. Metro Denver’s CPI, based on the latest available data, increased at a slower annualized rate of 2.2% in November 2025.

‒      The federal funds rate dropped three times in the second half of 2025 to a target range of 3.50% to 3.75% as the national unemployment rate has been gradually increasing while inflation remains slightly elevated.

‒      Metro Denver's unemployment rate stood at 3.6% at the end of Q4 2025, a decrease of 30 bps quarter-over-quarter and a decrease of 90 bps year-over-year. The national unemployment rate was 4.1%, a 30-bps increase year-over-year.

‒      Nonfarm employment growth in Metro Denver remained positive through the end of 2025, having increased by a slight 0.2% or 3,000 jobs year-over-year.