A Conversation with Michael Hancock, Mayor of Denver

After hosting the Governor of Minnesota and Lieutenant Governor of California in recent engagements, this event continued a CBI priority of partnering with state and local governments to unlock opportunities for UK business in the US.

With an annual GDP of nearly $200 billion and expected population of 3.6 million in 2030, the greater Denver area is a major US success story for creating vibrant clusters of growth and holds massive investment partnership potential in key sectors headlined by UK firms. Its population of 711,000 has grown by 21% over the past 10 years thanks to an impressive infrastructure network, low cost of living, and diverse and educated talent pool.

Mayor Hancock spoke to the room about Denver’s major success stories and emergence from the Covid-19 pandemic and their flagship economic sectors such as the aerospace, life sciences, and green energy industries. The CBI also heard from Damani Leech, President of the Denver Broncos NFL team, who were in London to play the Jacksonville Jaguars at Wembley on October 30. Mr. Leech discussed the NFL’s long-term interest in the UK as a market and opportunities for the NFL to partner with the UK business community moving forward.

The Mayor focused primarily on Denver’s (and the state of Colorado’s) interest in tech innovation. Denver has developed the third-best innovation ecosystem in the US, is home to 11 tech unicorns, and received of influx of $1.9 billion in venture capital funds in the last year alone. The city boasts a thriving tech scene in part thanks to the University of Colorado’s R+D production and contributions to the local talent pool, as well as due to major presences from legacy US giants such as IBM, Comcast, and Oracle.

Both CBI and Denver officials discussed the joint challenges facing both economies, particularly regarding skills and ongoing labour shortages in the US and UK.  However, they recognised the opportunity for collaboration remains clear, particularly in the aerospace and defence sectors. Aerospace remains crown jewel for the UK export economy and has helped sprout a steadily growing cluster in the Southwest thanks to investment from government and private sources – the UK’s burgeoning space economy, for example, was already worth £22 million in 2021. This provides a major opportunity for collaboration with a state like Colorado, which boasts the second largest aerospace economy in the US. Colorado’s aerospace industry is worth $6.8 billion, is made up of 400 companies, and supports 33,000 jobs thanks to a major US military presence and innovation centres like the University of Colorado and National Center for Atmospheric Research.

The CBI’s Washington office continues to target state and local level markets in the US that pose potential value for UK businesses from an export and investment perspective. For more information, or to be connected with City of Denver or State of Colorado government representatives, please contact John Bleed.