• Denver's Job Market Faces Challenges Despite Robust Growth Indicators

  • Oct 19 2024
  • Length: 4 mins
  • Podcast

Denver's Job Market Faces Challenges Despite Robust Growth Indicators

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  • Summary

  • 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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