For media inquiries, please contact Cynthia Eveleth-Havens at [email protected].
DENVER – The Colorado Chamber of Commerce and Aspen Technology Labs (ATL) today released their jobs report for the first quarter (Q1) of 2024. The report provides real-time workforce and jobs data to better understand Colorado’s economic landscape. New to the report is an industry spotlight dedicated to exploring the latest trends and developments shaping various sectors within the Colorado economy.
Overall, first quarter data for 2024 remained relatively stable. Job vacancies saw a slight increase, with a 4.1% change between the beginning and end of the period. Overall, Colorado’s national standing held steady as Colorado ranked 20th in total vacancies and 13th per capita in vacancies, which is relatively unchanged from the previous quarter.
“While it’s still a competitive market for employers looking to fill positions, we’re optimistic that our jobs landscape is showing signs of stability,” said Loren Furman, president and CEO of the Colorado Chamber. “Workforce challenges are still a top issue for Colorado businesses and a key long-term priority of the Colorado Chamber. Through our strategic partnerships and advocacy work, we’re taking steps to ensure Coloradans are equipped with the skills they need to fill critical jobs across the state.”
“The start of 2024 follows the trend we saw in the second half of 2023 with a stabilizing job market for employers,” said Mike Woodrow, ATL president and founder. “While we saw a slight increase in vacancies in Q1, the numbers are still well below the all-time highs we saw in 2022. Full-time wages found in job postings also increased in Q1, something we will closely monitor for the rest of the year. We are excited to start our second year tracking Colorado Job Trends with the Colorado Chamber, further showcasing Colorado’s favorable conditions for both employers and talent.”
The median wage for open positions modestly increased by 2.8%, which recovered from a 3.5% decline in Q4. Colorado’s ranking among other states dropped from 8th highest median salary in the nation to 14th. Colorado also experienced a 15% increase in remote job listings by Colorado-based companies, indicating flexible work conditions are still prominent as employers compete for top talent.
Health care industries continue to have the greatest need for talent with 13,904 vacancies this quarter and a total of 48,000 open jobs in 2023. Education and legal occupations saw the greatest growth in vacancies with a change of 67% and 35%, respectively.
This quarter, the industry spotlight focused on the K-12 education sector, examining a recent spike in job vacancies. With more than 6,000 openings, the rise in vacancies in education appears to be a seasonal trend as districts look ahead to the next school year. Denver Public Schools, Aurora Public Schools and Douglas County School District had the highest number of vacancies in the state. The median salary for teachers in Colorado in Q1 was $56,000, below the national average of $61,000 for teacher salaries.
Jobs data at the local level varied across Colorado for Q1. The most significant change in job vacancies occurred in Boulder and Fort Collins, which saw an increase of 15% and 14% respectively. The largest reduction in job postings was seen in Pueblo, which reported a 5% drop in vacancies. Denver continues to offer the highest full-time median salaries statewide at $58,885; however, Montrose and Cañon City followed closely with median salaries of $58,240 and $57,928. This overtakes Boulder and Colorado Springs salaries, which typically are among the top three in the state.
To view the full Q1 jobs report, please click here.
###
The Colorado Chamber of Commerce champions free enterprise, a healthy business environment and economic prosperity for all Coloradans. It is the only business association that works to improve the business climate for all sizes of business from a statewide, multi-industry perspective. What the Colorado Chamber accomplishes is good for all businesses, and that’s good for the state’s economy. It was created in 1965 based on the merger with the Colorado Manufacturers’ Association.
Aspen Technology Labs is a global leader in web data management services and recruitment technology founded in 2008. The company is headquartered in Aspen, Colorado with teams throughout the U.S. and Europe. Aspen Technology provides web scraping, business intelligence, and data/analytics services for a wide variety of industries. Over 12 million job seekers use the company’s technology each year to find jobs and improve the lives of their families.