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Colorado Technology Association (CTA) unveiled the 2024 Colorado Tech Industry Report this morning at the organization’s annual Colorado Tech Summit + APEX Awards. The report provides valuable insights into Colorado’s growing technology sector and highlights its significant economic, workforce, and community contributions.
With more than 120 data points, the 2024 Colorado Tech Report underscores the vital role that the tech industry plays in bolstering Colorado’s economy and outlines opportunities to sustain its competitive edge. The report emphasizes the tech sector’s contributions to Colorado’s economic growth, its comparative position among leading states, and actionable recommendations to expand innovation infrastructure and maintain leadership in the global tech economy.
“The data reinforces what we’ve long known – Colorado’s tech ecosystem is not just growing, it’s thriving and driving our state’s economic future,” said CTA’s President and CEO, Brittany Morris Saunders. “With the third most concentrated tech economy in the nation and projections for continued growth, we’re not just keeping pace with other tech hubs, we’re helping set the pace.”
Report Highlights:
Colorado ranks as the third most concentrated tech industry economy in the nation, behind only Massachusetts and New Mexico.
The tech sector directly accounts for 10 percent of Colorado’s employment and 20 percent of the state’s gross domestic product (GDP).
Over the last five years, the tech industry added 47,440 net new jobs – more than any other major industry in the state.
The tech industry is projected to grow 11.5 percent in the next five years, the 5th highest projected rate nationally.
Colorado maintained its position as a leader in innovation funding, ranking 5th in the US for venture capital funding rates from 2018 to 2023.
Each tech job created supports an additional 2.67 jobs in the state economy.
“What excites me most about these findings is how they demonstrate the multiplier effect of tech investment in our state,” continued Morris Saunders. “Every new tech job creates ripple effects throughout our economy, and with this data, we can work more strategically with our partners in government, education, and industry to capitalize on our strengths while addressing key challenges in affordability and infrastructure.”
The 2024 Colorado Tech Industry Report was developed by CTA’s economist, Economic Leadership LLC, an economic development and strategic planning consultancy that also produced the 2022 Colorado Tech Industry Report on behalf of CTA. The report also received support from the Colorado Chamber Foundation, Colorado Office of Economic Development & International Trade, Metro Denver Economic Development Corporation, Moss Adams, Slalom and Wells Fargo.
“The story this report tells isn’t just about the numbers but about Colorado’s unique ability to attract and nurture both established tech companies and innovative startups. CTA and our report partners are committed to using these insights to advocate for policies that will strengthen our innovation ecosystem, expand access to tech careers, and ensure that Colorado’s tech growth benefits all communities across our state.” said Morris Saunders.
In addition to the unveiling of the 2024 Colorado Tech Industry Report, CTA’s Colorado Tech Summit + APEX Awards, presented by Slalom, also celebrated a long list of individuals and organizations that are supporting the growth of Colorado’s tech industry.
This year’s APEX Award winners included John Street (Pax8) for the Bob Newman Lifetime Achievement Award, Jon Nordmark (Iterate.ai) for CEO of the Year, Luke Swanson (Ibotta) for CIO of the Year, Lena Taylor (Crocs Inc.) for CISO of the Year, Samuel Ogah (ZICT & CACC) for Colorado Entrepreneur Excellence, Chris Berthiaume (Denver Economic Development & Opportunity – City & County of Denver) for DEI & Talent Champion of the Year, and Brittany Katalenas (Konnected Technologies, Inc.) for Emerging Leader of the Year.
Ibotta was recognized as this year’s Company of the Year, Elevate Quantum received the Advocate of the Year Award, and Project of the Year went to the Colorado Department of Early Childhood (CDEC).
Sponsors of the 2025 Colorado Tech Summit + APEX Awards included Slalom, DaVita, EPAM, Google Cloud, Workday, 5280 PMO, Arrow Electronics, Comcast Business, Flexential, Pax8, United Airlines, Echostar| Boost Mobile, Colorado Chamber of Commerce, Colorado Office of Economic Development & International Trade, Metro Denver EDC, Moss Adams, Wells Fargo, Azul and Iterate.ai.
Comments on the 2024 Colorado Tech Industry Report from Report Partners:
“The Colorado Chamber is proud to partner with the Colorado Technology Association on their 2024 Colorado Tech Industry Report, highlighting the critical role of the tech sector in driving our state’s economy,” said Colorado Chamber President and CEO, Loren Furman. “A thriving tech industry is essential to Colorado’s economic competitiveness, driving job creation and a strong workforce. This report underscores the vital role of technology in shaping our state’s future and ensuring Colorado remains a top destination for business and talent.”
“Moss Adams is excited to sponsor the CTA 2024 Colorado Tech Industry Report highlighting the innovation and growth of technology in our state. Congratulations to CTA for this extraordinary effort,” said Michelle Carr, Partner, Moss Adams.
“Our Wells Fargo Technology Banking team is beyond proud to support Colorado’s tech ecosystem. From early-to-growth stage and mature tech companies, we are grateful to be connected to some of the nation’s most innovative founders and entrepreneurs,” said Matt Servatius, Wells Fargo Technology Banking Central Region Executive. “We expect 2025 to be a strong year and are pleased to support the development of Colorado Technology Association’s Tech Industry Report.”
Access the full report at: https://coloradotechnology.org/cotechreport/