Denver Job Market Report

By: Quiet. Please
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  • Summary

  • Welcome to the Denver Job Market Report, your ultimate resource for navigating the employment landscape in the Mile High City. Our podcast delivers timely insights, expert interviews, and the latest data on hiring trends, salary benchmarks, and career opportunities in Denver. Whether you're a job seeker aiming to advance your career or an employer looking to attract top talent, we provide actionable advice and insider tips tailored to the unique dynamics of Denver's job market. Tune in every week to stay ahead of the curve and make informed decisions in your professional journey!

    For more info go to https://www.quietperiodplease....
    Copyright 2024 Quiet. Please
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Episodes
  • Denver's Job Market Faces Challenges Despite Robust Growth Indicators

    Denver's Job Market Faces Challenges Despite Robust Growth Indicators
    Oct 19 2024
    The job market in Denver, while historically robust, is currently experiencing some challenges. Despite being ranked 13th among the best large cities for economic growth, with significant increases in median earnings (34% growth between 2018 and 2022), housing units (10% growth), education attainment (4% growth), and employment rate (almost 2% growth), recent data indicates a slowdown.

    Denver's employment landscape is diverse, with major industries including aerospace, technology, infrastructure, energy, and natural resources. The city has a thriving small business ecosystem, with 47.6% of the workforce employed by small businesses. However, the city has lost 9,600 jobs over the past year, primarily in construction and leisure and hospitality sectors, which is a departure from the state's overall job growth.

    As of August 2023, Colorado's labor market, which includes Denver, has a low unemployment rate of 3.9%, but faces a worker shortage with only 52 workers for every 100 open job positions. The labor force participation rate has returned to pre-pandemic levels, but the job market is uneven, with Denver being the only metropolitan area in the state losing jobs.

    Growing sectors include cybersecurity, telehealth, and jobs involving artificial intelligence, which remain strong despite the overall slowdown in tech hiring. The high cost of living, particularly housing costs, is a significant drag on Denver's employment, making it less attractive for new residents and potentially pushing current residents away.

    Recent developments include job cuts by major employers such as Frontier Airlines and TIAA, and a decline in construction jobs due to the end of Denver's multiyear apartment building boom. Seasonal patterns show a slower hiring pace in 2023 compared to the post-pandemic surge in 2021 and 2022.

    Commuting trends are influenced by the flexibility of work arrangements, with many candidates now insisting on fully remote, in-office, or hybrid work options. There are no specific government initiatives mentioned recently to address the current job market challenges in Denver.

    In conclusion, while Denver's job market has strong historical growth indicators, it is currently facing challenges such as job losses in key sectors and a high cost of living. The city's diverse economy and growing sectors in tech and healthcare are positives, but the worker shortage and uneven job growth are areas of concern.

    Key findings include:
    - Significant historical growth in earnings, housing, education, and employment.
    - Recent job losses in construction and leisure and hospitality.
    - Low unemployment rate but worker shortage.
    - Growing sectors in cybersecurity, telehealth, and AI.
    - High cost of living impacting employment.

    Current job openings include:
    - Cybersecurity Analyst at a Denver-based tech firm.
    - Telehealth Nurse Practitioner at a local healthcare provider.
    - Data Scientist specializing in AI at a major tech company.

    Sources: https://milehighcre.com/denver-among-nations-best-large-cities-for-economic-growth/ https://www.uschamber.com/workforce/understanding-colorados-labor-market https://coloradobiz.com/navigating-colorados-labor-market-paradox/ https://www.cpr.org/2024/08/16/colorado-jobs-data-denver-employment/
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    4 mins
  • Denver's Resilient Job Market: Navigating Growth and Evolving Trends

    Denver's Resilient Job Market: Navigating Growth and Evolving Trends
    Sep 27 2024
    The job market in Denver is characterized by robust growth and a diverse economic landscape. Despite some slowdown due to rising costs of living, Denver continues to add tens of thousands of jobs annually, particularly in cutting-edge industries such as technology, aerospace, and infrastructure.

    The employment landscape in Denver is marked by a strong labor force participation rate, with Colorado's rate returning to pre-pandemic levels of around 65.2% as of August 2023. The unemployment rate in Colorado is notably low, standing at 3.9% as of the same period.

    Key statistics include 24,000 job openings and 14,081 unemployed workers in Colorado, with a quit rate of 3.4% and a hiring rate that indicates a recovering labor market. Denver ranks as the national leader for living-wage jobs, with a low functional unemployment rate of 16%, according to the Ludwig Institute for Shared Economic Prosperity.

    Major industries in Denver include trade, transportation, and utilities, as well as professional and business services. The city also boasts a significant presence of energy companies, manufacturing, and natural resource-related jobs. Small businesses play a crucial role, with 99.5% of Colorado businesses being small businesses and 47.6% of the workforce employed by them.

    Growing sectors include education and health services, which saw a 3.4% growth, and government jobs, which grew by 6%. The region is also seeing expansion in technological investment and infrastructure development.

    Recent developments highlight a shift from a candidate-driven market to a company-driven market, with recruiters noting that while demand is still high, the talent pool has become more selective and less flexible regarding work arrangements.

    Seasonal patterns show that the job market can be volatile, especially in industries like energy and technology, which can experience significant fluctuations. However, overall, the market has shown resilience, particularly after the COVID-19 pandemic.

    Commuting trends are influenced by the city's mix of urban and outdoor lifestyles, but specific data on commuting patterns is not readily available in the current sources.

    Government initiatives are focused on enhancing the talent pipeline, with reports like the Colorado Talent Pipeline Report providing strategies to balance supply and demand for talent. These initiatives involve partnerships between various state departments and offices to improve education and training programs.

    The market evolution in Denver reflects a self-perpetuating pattern of growth, with professionals and businesses attracted to the city's unique blend of natural beauty and industrial opportunities. This has led to a thriving economy that continues to attract new residents and businesses.

    Key findings include Denver's strong job market, low unemployment rates, and a diverse economic landscape. However, there are challenges such as a worker shortage and the need for better matching of talent with job opportunities.

    Current job openings include positions in education and health services, technology, and professional services. For example, there are openings for software engineers, healthcare professionals, and financial analysts in various companies across the Denver area.

    In conclusion, Denver's job market is robust and diverse, with a strong focus on cutting-edge industries and a favorable business environment. Despite some challenges, the city continues to attract talent and businesses, making it a vibrant economic hub.
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    4 mins
  • "Denver's Job Landscape: Navigating Shifts and Seizing Opportunities"

    "Denver's Job Landscape: Navigating Shifts and Seizing Opportunities"
    Sep 24 2024
    The job market in Denver is experiencing a notable slowdown, particularly when compared to its recent robust performance. Over the past year, Denver has lost 9,600 jobs, making it the only metropolitan area in Colorado to see a decline in employment.

    The employment landscape in Denver is characterized by a mix of challenges and opportunities. The construction sector, which was previously booming, has seen a significant decline in jobs due to the end of Denver’s multiyear apartment building boom. The leisure and hospitality industry is also struggling, partly due to the ongoing construction at the 16th Street Mall, which is deterring customers from dining at nearby restaurants.

    Despite these challenges, Colorado as a whole continues to add jobs, albeit at an uneven pace. The state gained 4,800 jobs in July compared to the previous year, and the unemployment rate remains relatively low at 3.9 percent.

    Major industries in Denver include technology, finance, and energy, although these sectors are currently facing volatility. For instance, the technology sector is experiencing a slowdown, and energy jobs are subject to significant fluctuations.

    Growing sectors in the broader Colorado context include trade, transportation, and utilities, as well as professional and business services. These sectors employ the largest number of Coloradans, driven by the state's booming infrastructure and technological investments.

    Recent developments include significant job cuts by major employers such as Frontier Airlines, which is cutting 43 routes, and TIAA, which is closing its Denver office and moving jobs to Texas.

    Seasonal patterns and commuting trends are also influenced by the pandemic's aftermath. Many candidates are no longer flexible about their work arrangements, preferring fully remote, in-office, or hybrid work models, which can create challenges for recruiters.

    Government initiatives are focused on addressing the labor market paradox, where there are plentiful jobs but a mismatch in talent. The Colorado Talent Pipeline Report highlights strategies to balance the supply and demand equation for talent and identifies key areas of growing demand and opportunity.

    The market evolution in Denver reflects broader economic trends, including a cooling job market and rising costs of living, particularly high housing costs, which are affecting the area's employment dynamics.

    Key findings include the need for employers to adapt to changing workforce preferences and the importance of addressing talent shortages in key industries.

    Current job openings in Denver include:
    - **Software Engineer at High Country Search Group**: This role involves developing and maintaining software applications and collaborating with cross-functional teams.
    - **Financial Analyst at DMarie + Co.**: This position requires analyzing financial data, preparing reports, and providing insights to support business decisions.
    - **Project Manager in Construction at a Denver-based firm**: This role involves overseeing construction projects, managing timelines, and ensuring compliance with regulations.

    Overall, while Denver's job market is facing challenges, there are still opportunities and a strong foundation for future growth.
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    4 mins

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